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Download Managing Supply Chain Risk Exam Dumps
NEW QUESTION 44
The legal principle of insurable interest means which of the following statements are TRUE? Select TWO.
- A. it is possible to insure your supplier's factory
- B. it is not possible to insure someone else's factory
- C. it is not possible to insure your supplier's factory
- D. it is possible to insure someone else's factory
Answer: A,B
Explanation:
Explanation
Insurable Interest means that it is not possible to insure someone else's factory. The study guide explains that you can only take out insurance where you have at least partial ownership of that risk. Therefore option 3 is also correct as you have a partial risk if something were to happen to your supplier's factory. You can take out CBI insurance for this. see p.100-101 for further explanations of Legal Principles of Insurance
NEW QUESTION 45
Rabbit Manufacturing operates several factories which create stuffed animals. As these stuffed animals are mainly bought for children, it is extremely important that the quality of the product is assured, and there are no dangerous or small parts which could become choking hazards. Which of the following are appraisal costs that the company should undertake in order to mitigate the risk of poor quality products entering the market?
- A. introduce a 0 defect approach
- B. using a pro-active quality management system
- C. quality control inspections
- D. staff training to ensure higher quality products are made
Answer: C
Explanation:
Explanation
Of these four answers only one is an appraisal cost and that is answer 1. The other three options are prevention costs. There is a table of appraisal costs and prevention costs on p. 26 Appraisal costs are reactive- they're done after the product is manufactured. Preventative costs are actions taken in quality assurance.
NEW QUESTION 46
ISO 31000 is built on 11 guiding principles. Identify THREE of these.
- A. Risk Management should address uncertainty faced by the organisation
- B. Risk management can create value
- C. Risk Management should include only the Departments affected by risk
- D. Risk Management should be done annually
- E. Risk Management should take into account company culture
Answer: A,B,E
Explanation:
Explanation
The first three sentences are true about ISO 31000. The list of the 11 principles are from p. 140. ISO 3100 is a known exam topic.
NEW QUESTION 47
Zara is a procurement manager who is thinking about working with a new supplier to source buttons for her clothes manufacturing business. Her manager has asked her to do some due diligence on the supplier's financial stability. What should she do?
- A. use an outsourced third-party credit rating agency
- B. conduct a risk assessment based on the information provided by the supplier in the tender
- C. conduct a credit check on the supplier based on the information provided by them in the tender
- D. use an outsources third-party risk management consultant
Answer: A
Explanation:
Explanation
She should use a credit rating agency for this. She should not do this herself as she won't have access to accurate information like an agency will. The supplier may not have been truthful in their tender. For information on Credit Rating Agencies see p.79
NEW QUESTION 48
There are three main areas where third party suppliers are used in risk management. What are they?
- A. supply chain management
- B. disaster recovery
- C. contract negotiations
- D. risk auditing
- E. credit ratings
Answer: B,D,E
Explanation:
Explanation
3 4 and 5 are the correct answers. This is from p. 79 of the textbook - each of these three areas is then covered in detail throughout chapter 2.2.
NEW QUESTION 49
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