SRP Final Exam
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1. A centralized platform where businesses can provide their information, certifications, and other relevant details to become eligible for consideration as diverse suppliers in the procurement process is known as a:
2. True or False: Once registered, the diverse supplier’s information is typically stored in a database that can be accessed by procurement professionals within the organization.
3. True or False: Procuring Organizations are NOT allowed to request a diverse supplier’s financial information since this is deemed private and confidential.
4. As a diverse supplier, you may need to provide all of the information below, except for which item? Choose the correct answer.
5. What does the term Competitive advantage refer to?
6. True or false: One’s competitive advantage can be the distinctive edge that enables their company to offer superior value to customers, achieve higher profitability, and gain a stronger market position.
7. Lesson 3 mentioned that Diverse Suppliers like you, should identify and re-evaluate their diverse supplier goals early and often. What was the reason given for this?
8. In Lesson 3, Butter Cup Bakery wanted to expand their supplier networks and work with other diverse business owners. What was their main reason given for this?
9. What is a diverse supplier as described in this lesson, The Supplier Readiness Mindset?
10. In this lesson, The Supplier Readiness Mindset, there were 4 mutual benefits mentioned of being a diverse supplier. Which option below was NOT a benefit mentioned.
11. True or False: The term mindset refers to: A collection of attitudes, beliefs, and perspectives that shape an individual’s thoughts, behaviors, and responses to different situations.
12. In the The Supplier Readiness Mindset lesson, we provided 7- key aspects of the supplier ready mindset, which one mentioned… “maintaining a strong focus on delivering high-quality products or services?”
13. When a diverse supplier is awarded a major contract, celebrating and promoting the announcement is a recommended next step for the following reasons…
14. Timely and transparent reporting was one of the top-10 steps and best practices for delivering a quality experience. Some examples provided in Lesson 7, included maintaining accurate and up-to-date project reporting, using progress reports where necessary and….
15. Once a project has completed, there were 2-best practices from the top-10 steps, designed to help diverse suppliers identify areas for improvement and implement corrective measures for future efforts. One was Continuous improvement and the other was…
16. What is a diverse supplier’s role in a supply chain?
17. These are provided by recognized third-party organizations to verify and validate a supplier’s diverse ownership status.
18. This Process refers to the series of steps and activities that an organization follows to acquire goods, services, or works from external or 3rd party suppliers.
19. A performance measurement tool used by sourcing companies to assess and track the performance of their suppliers might be known as a:
20. True or False: One of the unique aspects of a diverse supplier’s role is to promote and contribute to supplier diversity initiatives.
21. True or False: Lesson 4 mentions Rigorous supplier requirements as one of the common challenges that catch diverse suppliers off guard, and an example provided were requirements around a diverse supplier’s health & fitness regime.
22. Streamlining operations and internal processes to improve efficiency and productivity, was listed as a way to mitigate which common challenge faced by Suppliers?
23. Invoice factoring or financing options to bridge the cash flow gap was listed as a way to mitigate which common challenge faced by Suppliers?
24. Mitigating pricing negotiations when working with major companies is essential for small business suppliers to ensure fair and sustainable pricing for their products or services. Which option below is NOT a way to do so.
25. Which one is most likely to come last in the procurement process?
26. True or False: The RFQ process is often a precursor to the more formal RFI stage.
27. True or False: During the RFI stage you should tailor your response and customize it to align with the organization’s specific requirements and objectives.
28. Forming strategic partnerships or collaborations when the project or contract requires expertise or resources beyond their own capabilities, is something diverse suppliers can demonstrate in which of the 3 response phases?
29. A document that provides a concise overview of your company’s capabilities, qualifications, and experience and is typically used to showcase the strengths and competencies of your business to potential clients, partners, or contracting agencies, is known as a….
30. As a diverse supplier, when it comes to your relationship with the procuring organization, it is critical you promptly address any questions, concerns, or feedback they may have. You should also maintain a professional and service-oriented approach throughout the engagement. This best-practice was mentioned in your final lesson, and specifically called out as…