CPSM Supplier Relationship Management 5

Question 1

What is the key difference between a Supplier Development program and a standard supplier audit?

Accepted Answer

Supplier development focuses on improving supplier capabilities, while audits assess compliance

Answer

Supplier development is a proactive investment in building a supplier's capabilities, whereas audits primarily measure current compliance or performance.

Question 2

When managing a sole-source supplier relationship, which risk mitigation strategy is MOST practical?

Accepted Answer

Develop a qualified backup supplier while maintaining the sole-source relationship

Answer

Developing a qualified backup supplier reduces sole-source risk without disrupting the existing relationship or supply continuity.

Question 3

Which of the following is an example of a 'voice of the supplier' practice?

Accepted Answer

Conducting supplier satisfaction surveys to gather their feedback on the buyer relationship

Answer

Voice of the supplier practices actively solicit supplier input and feedback to improve the buyer-supplier relationship from both sides.

Question 4

In a supplier partnership, joint business planning sessions are PRIMARILY intended to:

Accepted Answer

Align buyer and supplier strategies, goals, and resources for mutual benefit

Answer

Joint business planning aligns both organizations' strategies and identifies shared opportunities to create value for both parties.

Question 5

A buyer wants to reward a high-performing supplier. Which approach BEST reinforces a strategic partnership?

Accepted Answer

Providing preferred supplier status with increased business opportunities and early access to new projects

Answer

Preferred supplier status and increased business opportunities align the supplier's success with the buyer's growth, reinforcing the strategic nature of the relationship.

(CPSM) Certified Professional in Supply Management Practice Test

(CPSM) Certified Professional in Supply Management Practice Test

CPSM Supplier Relationship Management 5