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NEW QUESTION 23
What is the output of regression analysis?

• A. Forecasting process
• B. Line of best fit
• C. Dependent variables
• D. Independent variables

Answer: B

Explanation:
Regression refers to a quantitative measure of the relationship between one or more independent variables and a resulting dependent variable. Regression is of use to professionals in a wide range of fields from science and public service to financial analysis.
To perform a regression analysis, a statistician collects a set of data points, each including a com-plete set of dependent and independent variables. For example, the dependent variable could be a firm's stock price and the independent variables could be the Standard and Poor's 500 index and the national unemployment rate, assuming that the stock is not listed in the S&P 500. The sample set could be each of these three data sets for the past 20 years.
On a chart, these data points would appear as scatter plot, a set of points that may or may not appear to be organized along any line. If a linear pattern is apparent, it may be possible to sketch a line of best fit that minimizes the distance of those points from that line. If no organizing axis is visually apparent, regression analysis can generate a line based on the least squares method. This method builds the line which minimizes the squared distance of each point from the line of best fit.
Line of best fit is one of the most important outputs of regression analysis.
Reference:
- CIPS study guide page 99-100
- Line Of Best Fit (investopedia.com)
LO 2, AC 2.3

NEW QUESTION 24
A procurement manager includes provision on recovery from natural disaster into a through-life specification. Some suppliers suppose that provision is unnecessary. Is procurement manager's action justified?

• A. Yes, because natural disaster may cause risks in organisation's supply chain
• B. No, because this provision will incur unnecessary cost to supplier
• C. No, because with current technology, natural disaster can't disrupt supply chain.
• D. Yes, because the regulations require contract to have recovery provision

Answer: A

Explanation:
Risks like natural disasters - fire, flood, or weather-related event, and cyber-attacks can disrupt the supply chain seriously. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. Risks must be identified early and supplier should have a plan that ensures continuous operations during disasters.
There are several steps many companies must follow to develop a solid business continuity plan. They include:
- Business Impact Analysis: Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
- Recovery: In this portion, the business must identify and implement steps to recover critical business functions.
- Organization: A continuity team must be created. This team will devise a plan to manage the disruption.
- Training: The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.
Reference:
LO 3, AC 3.2

NEW QUESTION 25
Buyers are more powerful than the supplier when they are purchasing from monopoly market. Is this statement true?

• A. True, suppliers in monopoly market produce homogenous products
• B. False, buyer will lack negotiating power on cost if the supplier has a monopoly in the market
• C. True, in monopoly market, buyer's switching costs from the incumbent supplier to an-other are relatively low
• D. False, the buyer will be unable to track and manage supplier's performance

Answer: B

Explanation:
A monopoly is a market with a single seller (called the monopolist) but with many buyers. In this market, the bargaining power of supplier is higher than of buyer since the supplier is the only seller.
Reference:
- CIPS study guide page 88-92
- Bargaining Power of Suppliers - Factors that Give Suppliers Power (corporatefinanceinsti-tute.com)
- Monopoly - Understanding How Monopolies Impact Markets (corporatefinanceinstitute.com) LO 2, AC 2.2

NEW QUESTION 26
When analyzing direct and indirect costs of potential suppliers for negotiations and planning pur-chasing budget, the procurement manager collects reports from specialist organisations like Mintel, Gartner and Forrester. Which kind of information source is used by the procurement manager?

• A. Company annual report
• B. RFI
• C. Technical data
• D. Market data

Answer: D

Explanation:
Using Porter's value chain helps procurement professionals know what are direct and indirect costs of supplier. Information on direct and indirect costs will have been collected as part of the market analysis. Information sources that may help include the following:
- Company annual reports
- Market data
- Technical data
- Request for information
- Plan visits
- Discount lists
Market data is the information that is collected and analysed by specialist organisations like Mintel, Gartner, Forrester,...
Reference:
LO 2, AC 2.3

NEW QUESTION 27
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