MRP Procurement & Vendor Management 3

Question 1

What is the three-way match process in accounts payable and procurement?

Accepted Answer

Matching the purchase order, goods receipt, and supplier invoice before approving payment

Answer

Three-way matching verifies that the purchase order, goods receipt, and supplier invoice all agree on quantity and price before authorizing payment, reducing payment errors and fraud.

Question 2

In supplier relationship management, what distinguishes a strategic supplier from a transactional supplier?

Accepted Answer

Strategic suppliers are critical to operations and warrant long-term collaboration and development

Answer

Strategic suppliers provide critical or unique components, and the buyer invests in collaboration, joint improvement, and long-term contracts rather than purely arm's-length transactions.

Question 3

Which term describes a purchasing technique where orders are placed frequently in small quantities to synchronize supply closely with MRP requirements?

Accepted Answer

Lot-for-lot ordering

Answer

Lot-for-lot ordering matches the order quantity exactly to the net requirement for each period, minimizing inventory by synchronizing supply precisely with MRP's planned requirements.

Question 4

What is a supplier development program designed to accomplish?

Accepted Answer

Work collaboratively with suppliers to improve their capabilities, quality, and delivery performance

Answer

Supplier development programs involve the buyer providing resources, training, or technical assistance to help suppliers improve performance metrics that directly affect the buyer's operations.

Question 5

When MRP generates a 'reschedule out' action message for an existing purchase order, what should the procurement team do?

Accepted Answer

Request the supplier delay delivery to a later date aligned with the new MRP need date

Answer

A 'reschedule out' action message indicates the current need date has moved later, so procurement should contact the supplier to push the delivery date out to match revised MRP requirements.

(MRP) MRP Certified Agents Practice Test

(MRP) MRP Certified Agents Practice Test

MRP Procurement & Vendor Management 3