Explanation:
A cost/benefit analysis evaluates the costs and benefits associated with different options to determine which one provides the best overall value. In this scenario, comparing the costs and benefits of using solar-generated lighting versus LED lighting for outdoor lighting in the new central services building would help in advising the decision. This analysis considers factors such as initial costs, operating costs, environmental impact, energy efficiency, and potential savings over the long term.
Explanation:
The attribute missing in the described plan is realism. While the plan outlines the objective in detail, and specifies the outcome, deadline, and responsible party, it may not consider whether the objective is achievable given the available resources, constraints, and circumstances. Realistic objectives should be feasible and attainable within the given context.
Explanation:
Given the accurate monthly records of paper purchases over the past 108 months, the weighted moving average method would be more appropriate than a simple moving average. Weighted moving average assigns different weights to each historical data point, giving more importance to recent data while still considering older data. This method can better capture trends and patterns in the data, making it suitable for forecasting printer paper inventory levels.
Explanation:
The term "obsolete" best describes the computer equipment in this scenario. Although the equipment still has some remaining useful life, it is no longer compatible with new upgrades to current programs, making it outdated and unable to meet current needs or technological standards.
Explanation:
Mean Absolute Deviation (MAD) is a calculation used to measure the average magnitude of errors in forecasting. It provides a measure of how far off the forecasts are from the actual values, regardless of whether the errors are positive or negative. MAD is a commonly used metric to assess forecasting accuracy, making option c the most appropriate choice in this context.
Explanation:
Supply positioning involves assessing and strategizing the placement of resources, including staff, in alignment with procurement needs. By analyzing the demand for procurement services and the availability of resources, an entity can strategically position its staff to efficiently address procurement requirements. Therefore, option d is the most suitable approach to support the strategy of allocating staff based on the time and effort required for various procurements.
Explanation:
When a buyer intends to spot-buy propane, the analysis process that should be primarily used to determine when to buy revolves around assessing market conditions. This involves understanding factors such as current propane prices, supply availability, demand fluctuations, and market trends. Analyzing the market enables buyers to make informed decisions about the timing of their propane purchases based on prevailing market conditions.
Explanation:
For the Procurement Services' Continuity of Operations Plan (COOP) to be effective, it must align with the broader Emergency Operations Plan (EOP) of the entity. The EOP outlines the overall framework and procedures for responding to emergencies and ensuring the continuity of essential services, including procurement activities. Therefore, option c is the most appropriate choice as it ensures coordination and integration of procurement continuity efforts with the entity's broader emergency response and continuity planning.
Explanation:
The economic order quantity (EOQ) calculation is used to determine the most cost-effective quantity of an item to keep in stock. EOQ considers factors such as inventory carrying costs and acquisition costs per order to find the optimal order quantity that minimizes total inventory costs. By balancing the costs associated with holding inventory and the costs of ordering, EOQ helps organizations make informed decisions about inventory management.
Explanation:
In the context of continuity of operations planning, especially for an entity located in a vulnerable area like the Gulf of Mexico, having alternate procurement operations locations is crucial. This ensures that procurement activities can continue even in the event of disruptions or emergencies such as natural disasters.
Explanation:
Developing a mission statement is often one of the initial steps in the strategic planning process. It articulates the organization's purpose, values, and primary objectives, providing a guiding framework for decision-making and goal-setting. While identifying strategies to achieve goals and objectives is a crucial step in strategic planning, drafting a mission statement typically precedes the formulation of specific strategies. Therefore, option b is the appropriate next step after conducting a SWOT analysis and identifying stakeholders.
