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ISM Leadership and Transformation in Supply Management Sample Questions (Q75-Q80):

NEW QUESTION # 75
A supply manager is concerned that not all procurement employees are following the newly released policies and procedures. Which of the following would be MOST helpful in ensuring that the policies and procedures are being followed?

A. Develop metrics with a standard method for monitoring
B. Feature the policies and procedures in a monthly newsletter with a communication plan
C. Conduct general training so that employees are aware of the policies and procedures
D. Require that the head of procurement address the policies and procedures in an upcoming staff meeting

Answer: A

Explanation:
To ensure that procurement employees follow the newly released policies and procedures, developing metrics with a standard method for monitoring is the most helpful approach. Leadership and transformation management documents emphasize the importance of establishing clear, measurable standards and monitoring compliance. This approach provides objective data on adherence to policies and procedures, allowing for timely identification and correction of any deviations. Reference highlight that effective monitoring and metrics are critical for maintaining accountability and continuous improvement in organizational processes.

NEW QUESTION # 76
A manufacturing company tasks supply management with implementing a risk management program for its enterprise resource planning (ERP) system, which impacts several departments. In this situation, which of the following is the FIRST step supply management should take?

A. Identify the sources of the ERP system's risk
B. Assess the impact of ERP's risks on company goals
C. Determine benchmarks for the ERP program's success
D. Compare the ERP system's risk to others in the marketplace

Answer: A

Explanation:
* Risk Management Program: Implementing a risk management program for the ERP system is crucial due to its impact on multiple departments within the company.
* First Step - Risk Identification: The first step in any risk management process is to identify the sources of risk. This involves understanding what could go wrong, potential vulnerabilities, and areas of exposure.
* Comprehensive Assessment: Identifying risks allows the company to develop a comprehensive understanding of the ERP system's weaknesses and potential threats.
* Reference: Risk management frameworks, such as ISO 31000 and the Project Management Institute's (PMI) guidelines, emphasize risk identification as the foundational step in developing an effective risk management strategy.

NEW QUESTION # 77
A company sales director reports that profits have been declining for mature but successful product offerings. The CEO asks for recommendations to address this issue. The firm's supply manager and sales director have had a strained working relationship in the past, but the supply manager believes supply management could make valuable contributions toward improving profitability. Given this situation, which of the following should be the supply manager's FIRST course of action?

A. Offer to work with the sales director to identify possible joint solutions
B. Talk with the CEO about supply management's role
C. Develop a new policy to correct the problem
D. Meet with board members to discuss a results-driven strategy to the problem

Answer: A

Explanation:
* Understanding the Problem: The declining profits in mature product offerings indicate a potential issue that can be influenced by both sales and supply chain management. Effective collaboration is essential to identify and address the root causes.
* Relationship Dynamics: The strained relationship between the supply manager and the sales director needs to be addressed constructively. Offering to work together can help mend this relationship while focusing on the common goal of improving profitability.
* Collaboration Benefits: By working together, the sales director and supply manager can leverage each other's expertise. The supply manager can provide insights into cost reduction, supplier negotiation, and inventory management, while the sales director can focus on market strategies and customer needs.
* Strategy Alignment: Joint solutions ensure that the strategies developed are aligned and integrated, leading to more coherent and effective implementation.
* Reference: Effective leadership and transformation management practices emphasize collaboration and relationship building. This approach aligns with best practices as outlined in various leadership and management frameworks, such as Kotter's Change Management Model and the principles of Transformational Leadership.

NEW QUESTION # 78
A supply manager attends a professional association conference and meets with several supply management colleagues working in related industries. The discussion turns to specific suppliers they have in common, including prices and negotiation experiences. Which of the following is the MOST important reason the supply manager should refrain from this discussion?

A. Giving away negotiation tactics could adversely affect the organization.
B. Topics may violate anti-trust laws or be considered restraint of trade.
C. Corporate ethics policies could be compromised.
D. Revealing supplier information might damage relationships.

Answer: B

Explanation:
The most important reason the supply manager should refrain from discussing specific suppliers, prices, and negotiation experiences is that these topics may violate anti-trust laws or be considered restraint of trade.
Anti-Trust Laws: These laws are designed to prevent anti-competitive practices and promote fair competition. Discussing prices and negotiation experiences with colleagues from related industries can be seen as collusion, which is illegal under anti-trust regulations.
Restraint of Trade: Such discussions can lead to agreements that restrict competition, such as price-fixing or bid-rigging, which are considered illegal restraints of trade.
Legal Implications: Engaging in these discussions can expose the supply manager and their organization to severe legal consequences, including fines, penalties, and damage to reputation.
Reference:
United States Department of Justice. (2021). Antitrust Laws and You. [Online]. Available: https://www.justice.gov/atr/antitrust-laws-and-you Kolasky, W.J. (2002). Coordinated Effects in Merger Review: From Dead Frenchmen to Beautiful Minds and Mavericks. Antitrust Law Journal, 69(1), 43-74.

NEW QUESTION # 79
A water bottling company pays a third party $0.05 each for its tamper-evident bottle closures. This cost can BEST be described as

A. fixed and direct
B. variable and indirect
C. variable and direct
D. fixed and indirect

Answer: C

Explanation:
The cost of $0.05 each for tamper-evident bottle closures is best described as variable and direct.
Variable Cost: This cost varies with the production volume. As the number of bottles produced increases, the total cost of closures increases proportionally.
Direct Cost: This cost can be directly attributed to the production of each bottle. It is a specific, identifiable expense that is incurred per unit of output.
Reference:
Horngren, C.T., Datar, S.M., & Rajan, M. (2014). Cost Accounting: A Managerial Emphasis. Pearson.
Drury, C. (2018). Management and Cost Accounting. Cengage Learning.

NEW QUESTION # 80
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