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LEAD Vce Exam Pass Certify| Efficient Reliable LEAD Exam Bootcamp: Leadership and Transformation in Supply Management
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ISM Leadership and Transformation in Supply Management Sample Questions (Q85-Q90):
NEW QUESTION # 85
TUV, Ltd. is a firm based in the United Kingdom. TUV engages a contractor in Malaysia to construct new production and testing facilities located within Malaysia's capital city. Midway through the project, TUV's supply manager realizes that there is no formal retention policy in place for safety records. Given this situation, which of the following is the MOST appropriate course of action for the supply manager to take?
Answer: C
Explanation:
* Stakeholder Engagement: Developing a joint records retention program ensures that both parties have a say in the process, leading to better alignment and adherence to the agreed standards.
* Custom Solution: A joint program can be tailored to the specific needs of the project, considering the regulatory requirements of Malaysia and the operational practices of TUV.
* Risk Management: Ensuring proper retention of safety records is crucial for compliance and risk management. A collaborative approach ensures comprehensive coverage of all necessary aspects.
* Building Partnerships: Engaging the contractor in developing the program fosters a collaborative working relationship, which can be beneficial for the project and future engagements.
* Reference: This approach is supported by project management and supply chain best practices, such as those outlined by the Project Management Institute (PMI) and the International Association for Contract and Commercial Management (IACCM).
NEW QUESTION # 86
Which of the following will MOST likely be impacted by the use of standard costs?
Answer: D
Explanation:
The use of standard costs will most likely impact the projection of the gross margin for a manufactured item.
Standard Costs: These are predetermined costs based on the estimated costs of materials, labor, and overhead for a product. They serve as a benchmark for measuring performance and controlling costs.
Gross Margin Projection: By using standard costs, companies can more accurately project the gross margin of manufactured items. Gross margin is calculated by subtracting the cost of goods sold from sales revenue, and standard costs help in estimating the cost of goods sold more reliably.
Cost Control: Standard costs facilitate better cost control and variance analysis, allowing companies to identify deviations from expected costs and take corrective actions.
Reference:
Horngren, C.T., Datar, S.M., & Rajan, M. (2014). Cost Accounting: A Managerial Emphasis. Pearson.
Drury, C. (2018). Management and Cost Accounting. Cengage Learning.
NEW QUESTION # 87
A company establishes a standard cost of $2.50 for aluminum widgets used in various production processes. The firm experiences a purchase price variance of $30,000 on 200,000 units purchased during the quarter. What was the average price paid for each widget?
Answer: A
Explanation:
To calculate the average price paid for each widget, we use the purchase price variance and the standard cost. The purchase price variance (PPV) is calculated as follows:
PPV=Actual Cost-Standard Cost ext{PPV} = ext{Actual Cost} - ext{Standard Cost}PPV=Actual Cost-Standard Cost 30,000=200,000×(Actual Price-2.50)30,000 = 200,000 imes ( ext{Actual Price} - 2.50)30,000=200,000×(Actual Price-2.50) 30,000=200,000×Actual Price-500,00030,000 = 200,000 imes ext{Actual Price} - 500,00030,000=200,000×Actual Price-500,000 530,000=200,000×Actual Price530,000 = 200,000 imes ext{Actual Price}530,000=200,000×Actual Price Actual Price=530,000200,000=2.65 ext{Actual Price} = rac{530,000}{200,000} = 2.65Actual Price=200,000530,000=2.65 The average price paid for each widget is $2.65. Leadership and transformation management documents stress the importance of accurate cost analysis in supply chain management to ensure effective budgeting and cost control. Reference from these documents highlight the use of standard costing and variance analysis to monitor and manage purchase costs effectively.
NEW QUESTION # 88
A category manager for an electronics firm is tasked with building a strategy for wiring harnesses for the coming year. Which of the following is the BEST course of action for the category manager to take?
Answer: B
Explanation:
Task Definition: Building a strategy for wiring harnesses requires a comprehensive approach that considers multiple factors and perspectives.
Importance of Stakeholder Engagement:
Ensures the strategy is aligned with the overall business objectives and meets the needs of all departments.
Involves input from those directly affected by or involved in the procurement and usage of wiring harnesses, leading to a more informed and effective strategy.
Best Course of Action:
Engaging Relevant Stakeholders: Gathering input from engineering, production, quality control, and other relevant departments ensures the strategy is robust and addresses all critical aspects.
Creates a sense of ownership and commitment among stakeholders, facilitating smoother implementation.
Outcome:
A well-rounded strategy that considers all necessary viewpoints, leading to better decision-making and successful implementation.
Reference:
Stakeholder engagement practices from PMI's "A Guide to the Project Management Body of Knowledge (PMBOK Guide)" Best practices in category management from the Chartered Institute of Procurement & Supply (CIPS)
NEW QUESTION # 89
Two gourmet food companies merge, and the combined entity attains an increase in its market share. The firm is considering an expansion of its product line, but material costs have risen and stock shortages are creating problems which need to be resolved before any expansion takes place. The firm's supply managers find that no clear definition of responsibilities was outlined during the merger process for several commodity categories. Which of the following did executive management fail to address?
Answer: A
Explanation:
Understanding the Situation:
Two gourmet food companies have merged, leading to increased market share and the potential for product line expansion.
Challenges: Rising material costs, stock shortages, and unclear responsibilities for commodity categories.
Key Considerations in a Merger:
Competitive Trends: Monitoring the market to understand competitive positioning.
Scope of Business: Changes due to the merger, including product lines and market coverage.
Internal Customer Needs: Ensuring that internal stakeholders are satisfied with the new operations.
Supply Chain Configuration: Defining roles, responsibilities, and processes within the supply chain to ensure efficient operations.
What Was Missed:
Executive management failed to address Supply Chain Configuration: Properly defining responsibilities, roles, and processes within the new combined supply chain structure.
Conclusion: Addressing supply chain configuration is crucial for resolving material costs and stock shortage issues, ensuring a smooth integration and efficient operation post-merger.
Reference:
"Supply Chain Management: Strategy, Planning, and Operation" by Sunil Chopra and Peter Meindl Articles on post-merger integration from Harvard Business Review and McKinsey & Company
NEW QUESTION # 90
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