HomeHere’s a Quizlet-style flashcard set based on the PowerPoint topics, using information from your study guides: ⸻ Title: Global Procurement Exam 2 Review Capital Purchases & Procurement Q: Why do companies make capital purchases? A: To expand capacity, improve productivity, save costs, enhance quality, and ensure durability. Q: How do capital goods purchases differ from other items? A: They have higher costs, longer life cycles, require technology forecasting, involve integration challenges, and have a total cost of ownership (TCO) consideration. ⸻ Quality & Six Sigma Q: What are the eight dimensions of quality? A: Performance, Features, Reliability, Durability, Conformance, Serviceability, Aesthetics, Perceived Quality. Q: How does quality control for services differ from goods? A: • Services: Intangible, perishable, customized, difficult to measure quality. • Goods: Physical, measurable, defined by conformance to specifications. Q: What are the challenges of procuring services? A: Complexity in specification, reliance on personal relationships, unpredictable demand, and difficulty in measuring quality. Q: What is Six Sigma? A: A data-driven quality improvement approach that reduces defects to 3.4 per million opportunities using the DMAIC process (Define, Measure, Analyze, Improve, Control). Q: What is Total Quality Management (TQM)? A: A management approach focusing on customer satisfaction, continuous improvement, and supplier partnerships. ⸻ ISO Standards & Process Capability Q: What is the difference between ISO 9000 and ISO 14000? A: • ISO 9000: Focuses on quality management and process control. • ISO 14000: Focuses on environmental management. Q: What does it mean for outputs to be “within tolerances”? A: It means the product meets acceptable variation limits within a given specification. Q: When is a process considered “capable”? A: When it consistently produces outputs within the specification limits with minimal variation. ⸻ Inventory & Material Planning Q: What is Material Requirements Planning (MRP)? A: A system that ensures materials are available for production at the right time and quantity. Q: What are the key inputs to an MRP system? A: Master Production Schedule, Inventory Records, Bill of Materials. Q: What are the Just-in-Time (JIT) requirements for a supplier? A: Reliable delivery, high quality, short lead times, and low inventory levels. Q: What is the Economic Order Quantity (EOQ) model? A: A formula that balances order costs and holding costs to determine the optimal order quantity. ⸻ Inventory Management Q: What are the differences between fixed quantity and fixed period inventory models? A: • Fixed Quantity: Orders are triggered when stock reaches a reorder point. • Fixed Period: Inventory is reviewed at set intervals and replenished as needed. Q: How are ABC inventory classifications determined? A: • A Items: High-value, strict control. • B Items: Moderate-value, periodic monitoring. • C Items: Low-value, minimal oversight. ⸻ Logistics & Transportation Q: What are the primary modes of transportation and their pros/cons? A: 1. Air: Fast but expensive. 2. Truck: Flexible and common (80% of transport). 3. Rail: Slower, higher risk of damage. 4. Marine: Slow but essential for global trade. 5. Pipeline: Limited to liquids/gases. 6. Intermodal: Combines multiple modes for efficiency. Q: What does FOB (Freight on Board) determine? A: 1. Who pays the carrier. 2. When legal title transfers to the buyer. 3. Who files freight claims. 4. Who routes the shipment. ⸻ Pricing & Supplier Costs Q: What are the components of price? A: Fixed Costs, Variable Costs, Direct Costs, Indirect Costs. Q: What are the differences between fixed, variable, direct, and indirect costs? A: • Fixed Costs: Do not change with output (e.g., rent). • Variable Costs: Change with production volume (e.g., materials). • Direct Costs: Assigned to a specific product (e.g., raw materials). • Indirect Costs: Cannot be directly assigned (e.g., overhead). Q: What are the different contract pricing options? A: • Firm-Fixed-Price (FFP): Price remains unchanged. • Cost-Plus-Fixed-Fee (CPFF): Reimbursed costs + fixed fee. • Cost-No-Fee (CNF): Only costs are reimbursed. • Cost-Plus-Incentive-Fee (CPIF): Shared cost overruns/underruns. Q: What are the best conditions for competitive bidding? A: Clear specifications, multiple qualified bidders, no collusion, buyer’s market. ⸻ To upload to Quizlet: 1. Copy and paste this set into a text file (.txt). 2. Go to Quizlet.com and select Create a new study set. 3. Click Import from Word, Excel, Google Docs, etc. 4. Upload the file and review the formatting before saving. Let me know if you need any modifications!

Here’s a Quizlet-style flashcard set based on the PowerPoint topics, using information from your study guides: ⸻ Title: Global Procurement Exam 2 Review Capital Purchases & Procurement Q: Why do companies make capital purchases? A: To expand capacity, improve productivity, save costs, enhance quality, and ensure durability. Q: How do capital goods purchases differ from other items? A: They have higher costs, longer life cycles, require technology forecasting, involve integration challenges, and have a total cost of ownership (TCO) consideration. ⸻ Quality & Six Sigma Q: What are the eight dimensions of quality? A: Performance, Features, Reliability, Durability, Conformance, Serviceability, Aesthetics, Perceived Quality. Q: How does quality control for services differ from goods? A: • Services: Intangible, perishable, customized, difficult to measure quality. • Goods: Physical, measurable, defined by conformance to specifications. Q: What are the challenges of procuring services? A: Complexity in specification, reliance on personal relationships, unpredictable demand, and difficulty in measuring quality. Q: What is Six Sigma? A: A data-driven quality improvement approach that reduces defects to 3.4 per million opportunities using the DMAIC process (Define, Measure, Analyze, Improve, Control). Q: What is Total Quality Management (TQM)? A: A management approach focusing on customer satisfaction, continuous improvement, and supplier partnerships. ⸻ ISO Standards & Process Capability Q: What is the difference between ISO 9000 and ISO 14000? A: • ISO 9000: Focuses on quality management and process control. • ISO 14000: Focuses on environmental management. Q: What does it mean for outputs to be “within tolerances”? A: It means the product meets acceptable variation limits within a given specification. Q: When is a process considered “capable”? A: When it consistently produces outputs within the specification limits with minimal variation. ⸻ Inventory & Material Planning Q: What is Material Requirements Planning (MRP)? A: A system that ensures materials are available for production at the right time and quantity. Q: What are the key inputs to an MRP system? A: Master Production Schedule, Inventory Records, Bill of Materials. Q: What are the Just-in-Time (JIT) requirements for a supplier? A: Reliable delivery, high quality, short lead times, and low inventory levels. Q: What is the Economic Order Quantity (EOQ) model? A: A formula that balances order costs and holding costs to determine the optimal order quantity. ⸻ Inventory Management Q: What are the differences between fixed quantity and fixed period inventory models? A: • Fixed Quantity: Orders are triggered when stock reaches a reorder point. • Fixed Period: Inventory is reviewed at set intervals and replenished as needed. Q: How are ABC inventory classifications determined? A: • A Items: High-value, strict control. • B Items: Moderate-value, periodic monitoring. • C Items: Low-value, minimal oversight. ⸻ Logistics & Transportation Q: What are the primary modes of transportation and their pros/cons? A: 1. Air: Fast but expensive. 2. Truck: Flexible and common (80% of transport). 3. Rail: Slower, higher risk of damage. 4. Marine: Slow but essential for global trade. 5. Pipeline: Limited to liquids/gases. 6. Intermodal: Combines multiple modes for efficiency. Q: What does FOB (Freight on Board) determine? A: 1. Who pays the carrier. 2. When legal title transfers to the buyer. 3. Who files freight claims. 4. Who routes the shipment. ⸻ Pricing & Supplier Costs Q: What are the components of price? A: Fixed Costs, Variable Costs, Direct Costs, Indirect Costs. Q: What are the differences between fixed, variable, direct, and indirect costs? A: • Fixed Costs: Do not change with output (e.g., rent). • Variable Costs: Change with production volume (e.g., materials). • Direct Costs: Assigned to a specific product (e.g., raw materials). • Indirect Costs: Cannot be directly assigned (e.g., overhead). Q: What are the different contract pricing options? A: • Firm-Fixed-Price (FFP): Price remains unchanged. • Cost-Plus-Fixed-Fee (CPFF): Reimbursed costs + fixed fee. • Cost-No-Fee (CNF): Only costs are reimbursed. • Cost-Plus-Incentive-Fee (CPIF): Shared cost overruns/underruns. Q: What are the best conditions for competitive bidding? A: Clear specifications, multiple qualified bidders, no collusion, buyer’s market. ⸻ To upload to Quizlet: 1. Copy and paste this set into a text file (.txt). 2. Go to Quizlet.com and select Create a new study set. 3. Click Import from Word, Excel, Google Docs, etc. 4. Upload the file and review the formatting before saving. Let me know if you need any modifications!