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ISM Supply Management Core Exam Sample Questions (Q29-Q34):

NEW QUESTION # 29
Which of the following is the PRIMARY reason an organization's executive team and internal stakeholders should be aligned on the definitions of cost savings reporting?

A. To ensure price baselines can be adjusted for comparison purposes overtime
B. To ensure appropriate risk management strategies are being adopted
C. To ensure financial professionals can audit the cost savings reporting process
D. To ensure supply management is adding value

Answer: D

Explanation:
* Cost Savings Reporting: Accurate cost savings reporting is essential for demonstrating the value that supply management brings to the organization.
* Alignment on Definitions: When the executive team and internal stakeholders are aligned on the definitions of cost savings, it ensures that the reported savings are understood and accepted across the organization.
* Value Demonstration: This alignment shows that supply management is effectively contributing to the
* company's financial performance and strategic goals.
* Other Considerations: While auditability, baseline adjustments, and risk management are important, the primary reason for alignment is to clearly demonstrate the value added by supply management.
References
* ISM Professional Series: Cost Management
* CIPS Knowledge on Financial Management in Procurement

NEW QUESTION # 30
Which of the following is the PRIMARY reason for holding a business review with a supplier?

A. To ensure that senior executives from both companies meet on a recurring basis
B. To strengthen the business relationship and to promote collaboration
C. To review the supplier's cost performance relative to goals set for the year
D. To determine whether the supplier should be moved to the strategic engagement tier

Answer: B

Explanation:
* Purpose of Business Review: Regular reviews are meant to foster collaboration, ensure alignment on goals, and address any issues proactively.
* Relationship Building: Strengthening the business relationship helps in fostering trust and long-term cooperation.
* Strategic Collaboration: By promoting collaboration, both parties can work together more effectively, potentially leading to innovation and continuous improvement.
References
* Monczka, R. M., Handfield, R. B., Giunipero, L. C., & Patterson, J. L. (2016). Purchasing and Supply Chain Management. Cengage Learning.
* Burt, D. N., Petcavage, S. D., & Pinkerton, R. L. (2010). Supply Management. McGraw-Hill Education.

NEW QUESTION # 31
At the end of the accounting period, nominal accounts on the income statement close out to which real account on the balance sheet?

A. Dividends payable
B. Cash
C. Common stock
D. Retained earnings

Answer: D

NEW QUESTION # 32
RST, Inc. has been purchasing custom parts from Supplier X for a number of years. RST wishes to exit from its relationship with Supplier X and switch to another supplier. In this situation, which of the following is the BEST course of action for RST to take?

A. Stop purchasing from Supplier X Immediately
B. Purchase items from a new supplier while continuing to buy from Supplier X
C. Wait until demand is lower to exit from Supplier X
D. Require that a new supplier provide sample items prior to purchasing from them

Answer: B

NEW QUESTION # 33
A supply management department is asked to obtain lower prices from suppliers. Through its efforts, the department manages to achieve a 5% reduction in indirect spend categories. However, some stakeholders request more items, keeping total expenditures about the same despite lower per-item costs.
Which of the following will be the BEST long-term approach for supply management to improve upon this situation?

A. Report the problem to top management, citing the departments with the poorest records
B. Accept additional orders only if the requesting department has at least a 5% overall reduction in spend
C. Work with leadership to implement a more effective demand management program
D. Refrain from processing orders for additional items unless there is a compelling justification

Answer: C

Explanation:
To improve the situation where stakeholders request more items despite achieving lower per-item costs, the best long-term approach is to work with leadership to implement a more effective demand management program. This program would help in managing and controlling the demand for items, ensuring that the total expenditures do not increase unnecessarily. It involves planning, monitoring, and controlling the usage and requisition of goods and services to align with organizational goals and budgets.
References
* CIPS (Chartered Institute of Procurement & Supply). Demand Management in Procurement.
* ISM (Institute for Supply Management). Strategies for Effective Demand Management.

NEW QUESTION # 34
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