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Exam Code: 630-008 C.P.M. Module 4: Management basics January 2024 by Killexams.com team
C.P.M. Module 4: Management
ISM Management basics

Other ISM exams

630-005 C.P.M. Module 1: Purchasing Process
630-006 C.P.M. Module 2: Supply Environment
630-007 C.P.M. Module 3: Value Enhancement Strategies
630-008 C.P.M. Module 4: Management
CPSM Certified Professional in Supply Management (CPSM)(Foundation)
CPSM1 Foundation of Supply Management

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B. Provide immediate feedback, focusing on tasks.
C. Allow the employee time to correct the problem.
D. Advise the employee of the organization's disciplinary process.
Answer: A
QUESTION 234
Which of the following is MOST likely to be included in a corrective action plan that
results from an audit of the purchasing process?
A. Established timeframes, prioritization, and cost/benefit analyses.
B. Recommendations for improvement and penalties for failure.
C. A statement of facts and a response from purchasing.
D. An analysis of costs related to problem resolution.
Answer: A
QUESTION 235
Which of the following was the first to declare discrimination on the basis of race, color,
or sex in hiring, firing, or promotion as being illegal?
A. The 1972 Equal Employment Opportunity Act.
B. The 1971 Griggs vs. Duke Power Decision.
C. The 1964 Civil Rights Act.
D. Executive Order 11246.
Answer: C
QUESTION 236
Which of the following would generally NOT be included in strategic conditions that
imply high risk and the importance of contingency planning?
A. Extensive customer influence on purchasing.
B. Numerous purchasers for provider products.
C. Numerous substitute products.
78
D. Extensive provider power.
Answer: C
QUESTION 237
Which of the following do NOT use past experience to determine future needs in the
establishment of operating budgets?
A. Budgeting accountability.
B. Decentralized budgets.
C. Zero-based budgets.
D. Line item budgets.
Answer: C
QUESTION 238
Why is managing and evaluating a buyer's performance especially difficult?
A. Buyers usually resist controls.
B. Buyers change jobs frequently.
C. Buyers can exert little influence on prices.
D. Buyers have responsibilities that are difficult to measure.
Answer: D
QUESTION 239
You work as a purchasing manager at . A buyer who has been at
for the past 12 years, the last five of which were spent in purchasing,
confronts you, and states that she believes her pay raises have not reflected her
work performance. The buyer blames the problem on her immediate supervisor, the
Senior Buyer, whom she believes is acting out of racial prejudice. Which of the
following would be your BEST course of action at this point?
A. Confront the Senior Buyer and determine if he indeed has such prejudices.
B. Request that the human resources department review the situation.
79
C. Review the buyer's performance reports and pay increase history.
D. Process a 10% pay increase for the buyer.
Answer: B
QUESTION 240
"Gifts, loans, unusual hospitality, or any other item of monetary value that could
influence actions, or supply the appearance of being capable of influencing actions,
should not be accepted or solicited, even indirectly." What is the above statement an
example of?
A. A rule.
B. A policy.
C. A procedure.
D. An objective.
Answer: B
QUESTION 241
Which of the following is NOT would not be reviewed in a typical procedure for
effective invoice auditing?
A. Invoice.
B. Purchase order.
C. Bill of materials.
D. Receiving report.
Answer: C
QUESTION 242
Which of the following represents the LEAST appropriate use of the Internet by a
buying organization?
A. Publishing bid requests.
B. Providing copies of forms.
80
C. Providing objective ratings of suppliers.
D. Publishing the organization's purchasing policies.
Answer: C
QUESTION 243
Which of the following is MOST likely to be reduced by downsizing and rightsizing the
organization?
A. Promotions.
B. Salary increases.
C. Employee morale.
D. Career development opportunities.
Answer: C
QUESTION 244
Which of the following is a record of all the components of an item?
A. Return material authorization.
B. Bill of materials.
C. Purchase order.
D. Change order.
Answer: B
QUESTION 245
Which of the following should be the first step in hiring the right person for a
purchasing job?
A. Decision to recruit internally or externally.
B. Review of applicant qualifications.
C. Development of a job description.
D. Checking of applicant references.
81
Answer: C
QUESTION 246
Which of the following departments can BEST evaluate purchasing department
performance?
A. Quality assurance department.
B. Accounting department.
C. Legal department.
D. User department.
Answer: D
82
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Sherrie Scott is a freelance writer in Las Vegas with articles appearing on various websites. She studied political science at Arizona State University and her education has inspired her to write with integrity and seek precision in all that she does.

Sat, 21 Jun 2014 03:21:00 -0500 en-US text/html https://smallbusiness.chron.com/business-management-basics-1792.html
Supply Chain Management Basics

The 100% online, self-paced course introduces the core concepts and components of supply chain management, including provider evaluation, logistics, inventory management, and other supply chain practices. As a supply chain grows in complexity, and companies increasingly source products and services from a more diverse and global set of suppliers, the job of managing the processes that ensures the steady and reliable flow of components and inputs has never been more difficult.

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Fri, 28 Jul 2023 04:56:00 -0500 en-gb text/html https://www.uab.edu/business/home/?view=article&id=654:supply-chain-management-basics&catid=96
Contract Management Basics

Business owners have important functions to play when it comes to managing the contracts they enter into with vendors, customers and employees. The field of contract management seeks to provide a skeleton outline of tips and tools to assist managers in negotiating terms, writing contracts, ensuring compliance and reporting on outcomes. There are nine steps in the contract management process.

Invitation to Treat

  1. The contract management process begins when businesses issue an "invitation to treat." This legal term simply means that the business is willing to receive offers on products or services, that it is looking to hire a new employee or that it wants to enter into an agreement with a vendor. In other words, the business is ready to enter into a contract for a specific reason.

Authoring the Contract

  1. Once an invitation to treat is apparent, the business may accept bids on the potential contract. An employee may enter for an available position, or a vendor may submit a bid to provide a service to the business, for example. The business now can begin to write the contract based on terms and conditions suitable for the arrangement. These terms may be dictated by law, and they sometimes are specific to the situation. The law requires that employees be paid a minimum wage, for instance, and this must be reflected in the contract. While contracts also can be made verbally, most businesses enter into authored or written contracts to avoid legal pitfalls that can arise with verbal agreements. Your business might consider seeking the advice of a lawyer in authoring a contract to ensure that the legal language is legitimate and accurate.

Negotiation

  1. Negotiation often occurs simultaneously with authoring the contract. Both sides of the agreement discuss the terms and conditions and decide on a mutually agreeable set of promises and obligations. Contract law requires that there be a bargain between the parties of a contract. This means each side must supply or exchange something for the benefit of the other. When you sell a product to a customer, for instance, the customer is getting the benefit of the item and you're getting the benefit of the revenue.

Acceptance

  1. The acceptance stage of the contract management process often is the most frustrating as one or both parties may not be happy with the terms and conditions outlined in the contract. If you're selling products or services, you may not experience this sort of issue, as the customer will either buy the product or not. However, if you're dealing with vendors or with hiring employees, you may have to revert to the negotiations stage before the contract is accepted.

Execution

  1. Parties that accept a contract typically do something to signify the acceptance. This is called execution. In a written contract, execution happens as both parties sign the contract, often in front of a witness. In verbal contracts, execution normally happens when one party gives money in exchange for a product or service from the other. In a service-based contract, execution also entails carrying out the duties or obligations outlined in the contract. If you hire someone to paint your office, for instance, he must do so within the terms and limits implied in the contract.

Ensuring Compliance

  1. The contract manager or business owner must concern herself with making sure that all of the terms and conditions in the contract are being met by both parties. If one party fails to live up to her side of the bargain, the other party can sue for breach of contract, which can be costly. This step of the process is perhaps the most important to key an eye on.

Amending the Contract

  1. Sometimes, one or both parties to the contract deem it necessary to change its terms or conditions. The painter you hired might need a few extra days to complete the job, or you might decide to supply your employees a raise. In these instances, a new contract typically is issued.

Auditing and Reporting

  1. Most businesses engage in quarterly, semiannual or annual audits. These audits supply the business a chance to make sure that all contracts for that time period have been completed properly and that all outstanding debts are taken care of. Your board of directors, investors or other key stakeholders also may want a report of your completed and ongoing contractual commitments; the auditing process gives you the chance to gather the documents to prove how you've spent money and allocated resources.

Renewing the Contract

  1. If you wish to keep using a particular vendor, you need to periodically review and renew the contract. You may need to repeat the contract process to ensure that everyone is on the same page about compensation, terms and conditions.

Thu, 19 Jul 2018 22:16:00 -0500 en-US text/html https://smallbusiness.chron.com/contract-management-basics-59993.html
Stage Management

Student stage managers are the backbone of theater production at BC. This essential role familiarizes students with all aspects of theatrical production and helps to develop leadership, communication, and project management skills. Listed below are multiple ways to get involved in stage management at Boston College.

Courses

Stage Management Basics

Offered in the fall semester, this is a one-credit, pass/fail course that meets once a week. Stage Management Basics introduces students to the responsibilities and characteristics of stage management, both in the context of theatre at Boston College and on a professional level. Students study production preparation, rehearsal management, union rules, working relationships, and performance practices. Using a combination of discussion, hands-on training, memorizing analysis, and professional observation, students will develop the essential skills of a stage manager.
 

Labs

The ASM and SM labs supply students hands-on stage management experience by working on one of the six Theatre department productions.

Assistant Stage Management (ASM) Lab

Every department production has two or more assistant stage managers. These students help the stage manager to run rehearsals and are in charge of backstage during performances. ASMs must be at many of the regular rehearsals and at all of the technical and dress rehearsals and performances for the show that they are assigned.

ASMing counts as a one-credit lab. While it takes a little more time than other labs, you learn how all the theatrical pieces of a show fit together. Unlike our other labs the ASM Lab uses traditional letter grading.This lab requires department permission, however, there are no ‘majors only’ restrictions and no experience is necessary to assistant stage manage a show.

Stage Management (SM) Lab

Once students gain experience as an ASM, they may advance to the 2-credit Stage Management lab.

The stage manger works alongside the director on a production and is in charge of organizing rehearsals, communicating with the production team, and running performances. Stage managers at BC work alongside students and professionals alike and are considered leaders within the department. Stage managers plan each rehearsal with the show’s director, create rehearsal schedules, keep track of blocking, costume and prop needs, and distribute rehearsal reports to theatre staff and designers.

The stage management lab is graded A, B, C, D or F and counts towards two of the theater lab credits.

Stage managers are assigned at the end of the previous academic school year to stage manage one of the six Theatre department productions. This lab requires department permission and significant production experience.
 

Other Opportunities on Campus

In addition to courses and labs within the theater department, there are also student groups on campus where students can get involved as an assistant stage manager or stage manager. These groups include Dramatics Society, Contemporary Theatre, and dance groups. Students can also work with BC’s Annual Arts Festival, which happens every spring.
 

Questions?

If you are interested in becoming involved in stage management, want to sign up for an ASM lab, or have additional questions, please contact Adele Traub, Lecturer in Stage Management, at trauba@bc.edu.
 

Rehearsal Guidelines

Rehearsal guidelines should be made available to directors and stage managers when putting together a rehearsal schedule for their production. It should also be made available to cast members at the first rehearsal. View a PDF version of the latest version of rehearsal guidelines.

Thu, 20 Jul 2017 09:57:00 -0500 en text/html https://www.bc.edu/bc-web/schools/mcas/departments/theatre/get-involved/stage-management.html
Manufacturing Output Flat Month-to-Month, But Positive Signs Emerge By ·

November manufacturing output was flat in November, according to the new edition of the Manufacturing Report on Business, which was issued last week by the Institute for Supply Management (ISM).

The report’s benchmark metric, the PMI, matched October’s reading, at 46.7 (a memorizing of 50 or higher indicates growth), and contracting at the same rate for the 13th consecutive month. The past 13 months of contraction were preceded by a stretch of 28 consecutive months of growth. ISM also said that the overall economy contracted in November at the same rate for the second consecutive month, which was preceded by 30 consecutive months of growth.

The November PMI is 0.5% below the 12-month average of 47.2, with September 2023 marking the high for that period, at 49.0, and June 2023, at 46.0, marking the lowest.

ISM reported that three manufacturing sectors grew in November—food, beverage & tobacco products, nonmetallic mineral products, and transportation equipment. The 14 sectors contracting included paper products; printing & related support activities; electrical equipment, appliances & components; computer & electronic products; apparel, leather & allied products; textile mills; machinery; primary metals; furniture & related products; miscellaneous manufacturing; chemical products; fabricated metal products; wood products; and plastics & rubber products.

The report’s key metrics were mostly down in November, including:

• New orders, which are considered the engine that drives manufacturing, rose 2.8%, to 48.3, contracting at a faster rate for the 13th consecutive month with two sectors reporting growth;

• Production fell 1.9%, to 48.5, contracting after two months of growth with five sectors reporting growth;

• Employment was down 1%, to 45.8, contracting at a faster rate for the second consecutive month with three sectors reporting growth;

• provider deliveries, at 46.2 (a memorizing above 50 indicates contraction), grew at a faster rate for the 14th consecutive month with three sectors reporting slower deliveries;

• Backlog of orders, at 39.3, decreased 2.9%, contracting at a faster rate for the 14th consecutive month with no industries reporting growth;

• Inventories, at 44.8, were up 1.5%, contracting at a slower rate for the ninth consecutive month with three sectors reporting higher inventories;

• Customer inventories, at 50.8, were up 2.2%, moving “too high” after heading “too low,” at a slower rate for the fifth straight month in October with eight sectors reporting customers’ inventories as too high; and

• Prices, at 49.9, were up 4.8%, decreasing at a slower rate for the seventh consecutive month with seven sectors reporting growth

Comments submitted by the ISM member respondents again highlighted various themes related to the economy and market conditions.

A chemical products shipper said his company is starting to feel softening in the economy, with labor still a challenge to backfill critical roles, adding that the 2024 forecast looks challenging, especially from a cost perspective. And a miscellaneous manufacturing respondent observed that customer orders have pushed into the first quarter of 2024, resulting in inflated end-of-year inventory.

In an interview, Tim Fiore, chair of ISM’s Manufacturing Business Survey Committee, said that while the PMI memorizing was flat sequentially, the fundamentals that make up the number shifted for the positive.

“I look at [the PMI reading] from a demand (new orders, new export orders, and backlog of orders), output (production and employment) and input (supplier deliveries, inventories, prices, and imports) standpoint,” he said. “The input side was flat. The output number in production came down and employment came down and were offset by the new order number going up. The two of those offset each other. That’s why we ended up with a 47.6 reading. It has shifted for the positive, meaning that the new order level almost went into expansion territory, not far from a memorizing of 50…to try to get the backlog up, which would supply our panelists companies confidence they can start to invest in the future.”

And he explained that serves as a sign that maybe things are starting to come back towards growth, as evidenced by lead times coming down, as well as fairly stable prices, with an uncertain future, which would cause buyers to re-enter the market.

On the negative side, Fiore explained that was evidenced on the output side, with production down 1.9%, and employment down 1.0%.

“We expected production to come down and right-size itself with the forward forecast, which is much less than it had been before June,” he said. “It is not a dramatic step down for output; it is a moderate step down consistent with what we believed months ago, which was a planned step down in output.”

Addressing manufacturing employment, Fiore said that the hire-to-fire ratio came in at nearly 1:1, which he said is the best-performing number, or the lowest number, since he has tracked that data.

“We’re continuing to shed headcount and are stepping production down consistent with the forward forecast,” he said. “The new order level is not sagging as much as it was, which would indicate at some point we will get above that 50 mark. And the input side is sleeping, but it all represents upside for the future. That’s a provider delivery number that will eventually get above 50 when demand gets to a level where suppliers get stressed. And inventory will eventually get above 48 when people are more confident about the future. On the manufacturing inventory number, we probably won’t see it break 50 before 2024. But I have a feeling that by the time we hit March, you’re going to see that number in the city to rain. So, all in all, we had a rejiggering of the five subindexes, all for the positive. Even though the PMI number was south of 47, it was the same as last month, while the fundamentals have shifted for the positive.”




Sun, 03 Dec 2023 10:00:00 -0600 text/html https://www.scmr.com/article/manufacturing-output-flat-month-to-month-but-positive-signs-emerge
ISM Manufacturing Index holds steady in November
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November ISM Manufacturing PMI was unchanged at 46.7, falling short of the 47.6 consensus and holding steady from October. The latest memorizing signals that manufacturing activity contracted for the 13th straight month after a 28-month period of expansion.

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Fri, 01 Dec 2023 01:03:00 -0600 en text/html https://seekingalpha.com/news/4042244-ism-manufacturing-index-holds-steady-in-november
Key Inflation Figures From The Institute For Supply Management (ISM) That Investors Need To See

Key takeaways

  • The ISM Manufacturing Index is a leading indicator that shows the health of the manufacturing industry.
  • Current signs are pointing to inflation beginning to ease slowly.
  • Investors should pay attention to key economic indicators to gauge inflation, future interest rates, and adjust their portfolios accordingly.

Many investors know about reports that help the Federal Reserve shape interest rates. The most prominent is the U.S. Consumer Price Index (CPI), but not many investors know there are additional reports available. These reports don't get much news coverage, but they are just as important.

The ISM Manufacturing Index is one such report. It offers a wealth of knowledge when it comes to the health of the manufacturing industry in the U.S. Let’s explore who generates this report, as well as the data it contains and what that signifies for inflation and the economy at large.

What is the Institute for Supply Management?

The Institute for Supply Management is the world's largest non-profit professional supply management organization. It was founded in 1915 and certifies, educates, and develops leaders for the supply chain industry. It also surveys purchasing managers and releases the ISM Manufacturing Index.

What is the ISM Manufacturing Index?

The ISM Manufacturing Index is a leading economic indicator for the level of economic activity in the manufacturing sector in the United States. This means the results of this report indicate or predict what will happen in the economy in the future.

The stock market is another leading economic indicator. The market can rally if investors expect positive economic times ahead. On the other hand, it can sink into a bear market if they expect the economy to sour in the near term.

There are also lagging indicators, which reveal trends in hindsight. These are reports that come out after the boom or bust cycle of the economy has begun. For example, the National Bureau of Economic Research will formally state the U.S. economy is in a recession a few months after the economy enters the recession.

Overall, there are a handful of leading and lagging indicators that, when put together, supply analysts a more complete picture of the economy's health.

Are we moving in the right direction?

The latest collection of data from the PMI from August 2022 are a mixed bag. On the positive front, the prices paid component of the ISM Manufacturing Index is moving sharply lower, which is a good sign. It points to a stronger balance between supply and demand, which benefits consumers by slowing the rise in prices.

During the inflationary spikes in the 1970s and 1980s, a downturn in prices paid was a leading indicator of lower inflation rates. If the same holds true today, we might see an easing on the inflation front in the coming months.

The negative side of the report’s findings is that factory growth remains slow and production has slowed. There is still a dark cloud looming over the outlook for the economy, and experts continue to debate whether the U.S. will end up in a recession. While the consumer continues to remain strong, businesses are being cautious.

Gas prices

Gas prices in the U.S. have dropped to an average of $3.677/gallon, a decline of more than 25% from their all-time high in mid-June; prices are at their lowest levels in six months. This is another good sign for both the consumer and the economy.

As it becomes more affordable to drive, people can travel more and have more money to spend on things other than gas. However, the question is whether the low prices will last. While the fall driving season brings a cheaper blend of gas to manufacture, there will colder weather to deal with soon enough.

Freight rates

Global container freight rates have hit a 16-month low, down 52% from their peak. This is still four times higher than pre-pandemic levels but moving in the right direction. For many months, demand outpaced supply as lockdowns and supply chain issues caused delays. Now that the supply of goods and demand for shipping them have evened out, prices have come down.

The supply chain still has a long way to go to catch up to demand entirely, but signs indicate it is heading in the right direction.

What indicators are investors watching?

As an investor, what indicators should you pay attention to for clues to the economy's health? There are a few key indicators to look at, both leading indicators and lagging indicators.

Pay attention to the stock market, retail sales, and manufacturing activity for leading indicators. While there are others, these three supply you a good baseline on how the economy is doing.

For lagging indicators, look at the U.S. Consumer Price Index, income and wages, and the unemployment rate. Again, there are others, but these will supply you the clearest picture.

The bottom line

Understanding the data that helps the Federal Reserve form an opinion about the economy's health is essential for investors. While it isn't foolproof, looking at leading indicators can help you review your investment plan and make necessary changes.

When you’re ready to adjust your portfolio to current market conditions, Q.ai makes this task easy with its Investment Kits. Instead buying multiple funds, you can pick a single, diversified Investment Kit without spending hours researching individual stocks. Our artificial intelligence scours the markets for the best investments for all manner of risk tolerances and economic situations.

Download Q.ai today for access to AI-powered investment strategies. When you deposit $100, we’ll add an additional $100 to your account.

Mon, 19 Sep 2022 03:51:00 -0500 Q.ai - Powering a Personal Wealth Movement en text/html https://www.forbes.com/sites/qai/2022/09/19/key-inflation-figures-from-the-institute-for-supply-management-ism-that-investors-need-to-see/
S&P, Nasdaq, Dow futures decline as market rethinks rate cut scenario No result found, try new keyword!Stock index futures pointed to further losses to start the year as rates moved higher again. S&P futures -0.2%, Nasdaq 100 futures -0.4% and Dow futures -0.2% were lo ... Tue, 02 Jan 2024 21:22:51 -0600 en-us text/html https://www.msn.com/ Analysis-Global banks see no recession, US companies are more circumspect No result found, try new keyword!Heading into 2024, analysts say the U.S. recession they'd been forecasting for two years isn't coming anymore. Everyone else, from companies to investors, is still bracing for a slowdown caused by ... Wed, 20 Dec 2023 07:06:03 -0600 en-us text/html https://www.msn.com/




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