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ISM Supply Management Core Exam Sample Questions (Q206-Q211):

NEW QUESTION # 206
MNO, Inc. purchases benchmarking data services from Supplier X, which is the sole source for data relevant to MNO's industry. In recent months, Supplier X's pricing has increased and its technical support has worsened. MNO's supply manager is preparing to negotiate for contract renewal with Supplier X and needs to resolve these concerns. Which of the following is the BEST course action for the supply manager to take before conducting negotiations?

A. Revise the Service Level Agreement (SLA) with Supplier X, with penalties for non-performance
B. Compare Supplier X's rates against similar services to establish reasonable costs
C. Develop win-win scenarios to add long-term value in a collaborative relationship
D. Determine whether data can be collected from other sources, to bring the services in-house

Answer: C

Explanation:
* Identify the Issues: The supply manager should first clearly outline the specific issues with Supplier X, such as the price increases and declining technical support.
* Develop Win-Win Scenarios: Before entering negotiations, it is essential to develop scenarios that can
* create mutual benefits for both MNO, Inc. and Supplier X. This approach fosters a collaborative relationship rather than an adversarial one.
* Long-term Value: By focusing on long-term value, the supply manager can address the current issues and also set a precedent for future interactions. This may involve proposing solutions like better support mechanisms or more favorable pricing structures in exchange for commitments from MNO.
* Collaborative Relationship: Building a collaborative relationship helps in negotiating terms that are beneficial and sustainable for both parties. This includes working together to find efficiencies or improvements that can lead to cost savings or enhanced service levels.
References:
* CIPS: "Guide to Supplier Relationship Management"
* ISM: "Negotiation Strategies for Long-Term Supplier Relationships"

NEW QUESTION # 207
A student is deciding whether to attend a two-year graduate school program. The tuition is $12,500 per year and the cost of books and supplies is an additional $1,000 per year. The studentcould work instead of going to graduate school and earn $50,000 per year. What is the economic cost of attending graduate school for the student?

A. $127,000
B. $63,500
C. $73,000
D. $27,000

Answer: A

NEW QUESTION # 208
During a business downturn, a supply manager for RST, Inc. learns that its key supplier is becoming concerned about the firm's unpaid invoices. In this situation, the BEST course of action for the supply manager to take would be to

A. notify the supplier that future orders will likely be at risk without extended payment terms
B. negotiate a payment plan that accommodates RST's situation but still incentivizes the supplier to do business with RST
C. renegotiate the supplier's contract to include a clause that allows RST the option of returning unused goods for a full refund
D. find another supplier with more favorable payment terms

Answer: B

Explanation:
The firm initially agreed to buy ethylene at $1000 per metric ton but renegotiated to $890 per metric ton after
3 months. For the first three months, the price difference is cost avoidance because the market price was $900 per metric ton, and the firm avoided paying this price. For the remaining nine months, the difference between the original contract price ($1000) and the renegotiated price ($890) represents a cost reduction.
* Cost avoidance: (900 - 890) * 200 * 9 = $180,000
* Cost reduction: (1000 - 890) * 200 * 9 = $198,000 Total savings: $264,000 cost reduction + $240,000
* cost avoidance. References: Cost management principles in procurement, cost avoidance vs. cost reduction strategies.

NEW QUESTION # 209
JKL, Inc. outsources its event services for large group training sessions and annual meetings. The contract requires the supplier to report program metrics, including cost savings. The savings method employed compares the hotel's initial bid to the final negotiated price. The first report shows significant hard savings on the average nightly rate for hotel rooms. JKL's category manager would like to claim the hard savings. Which of the following BEST describes why the finance department should deny this request?

A. Savings from outsourcing are subject to a higher level of governance.
B. Unless there is a year-over-year reduction, the savings is cost containment.
C. Unless there is a year-over-year reduction, the savings is cost avoidance.
D. Further data is required from the supplier to sufficiently support the savings.

Answer: B

NEW QUESTION # 210
If demand for cigarettes is relatively inelastic, how should a government implement a $1 per pack excise tax on cigarettes if the government's goal is to minimize cigarette consumption?

A. The government should levy the tax on cigarette consumers.
B. The tax will have no impact on consumption in either case.
C. The tax will have the same impact whether it is levied on consumers or producers.
D. The government should levy the tax on cigarette producers.

Answer: C

NEW QUESTION # 211
......

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