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Guide for L5M2: CIPS Managing Supply Chain Risk

Quiz L5M2: CIPS Managing Supply Chain Risk

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/ 10

Quiz

1/10
Which of the following statements are true about risk management? Select TWO.
Select the answer
2 correct answers
A.
the goal of risk management is to reduce risks to 0
B.
risk management is a continuous process
C.
risk management is an activity that is conducted by a business once a year
D.
risk management can help companies ensure the smooth and successful running of purchase and
supply operations
E.
risk management is the process by which all risks are either treated or transferred

Quiz

2/10
A company with a large risk appetite would do which of the following?
Select the answer
1 correct answer
A.
take all risks
B.
take risks where it feels it will win more than it loses
C.
take few, well calculated risks
D.
avoid taking risks

Quiz

3/10
Chloe is a procurement manager at Ruby Company. She has been asked to join a cross-functional
team to review the company's risk appetite, potential risks within the supply chain and brainstorm
mitigating actions. Chloe has suggested that the cross-functional team should first draw up a list of
potential supply chain risks and potential strategies to overcome the risks. Is Chloe correct?
Select the answer
1 correct answer
A.
yes- the first thing the team should look at are the risks and categorise these by topic
B.
yes- the team should focus on creating a risk register and strategies for mitigating risks as quickly
as possible
C.
no- the team should review the company's risk appetite before creating a risk register
D.
no- Chloe should first speak with suppliers before drawing up the list of potential supply chain
risks

Quiz

4/10
John is a mid-level manager and has created a risk / reward matrix about four potential opportunities
at his company White Ducky Limited. He will present his research to a board meeting next week. He
has categorised the four opportunities as the following. Which of these opportunities should John
recommend the board 'consider'? Select TWO.
Select the answer
2 correct answers
A.
low risk / high reward
B.
high risk/ high reward
C.
low risk/ low reward
D.
high risk/ low reward

Quiz

5/10
Company DDD has recently seen a drop in share price and has high levels of Work-in-Progress (WIP)
due to late supplier deliveries. Which of the following is the type of risk the business facing?
Select the answer
1 correct answer
A.
financial
B.
logistical
C.
opportunity
D.
reputation

Quiz

6/10
Which of the following models would be used to explore internal and external risks to a business?
Select the answer
1 correct answer
A.
Porter's 5 Forces
B.
STEEPLE
C.
SWOT
D.
Poisson Distribution

Quiz

7/10
Dave is a procurement manager for a chocolate factory who is running a tender to source cocoa from
a new supplier. The tender is a huge opportunity for suppliers and the contract would be worth
millions of pounds. Dave has passed some information about the tender to one of the bidders in
exchange for a free holiday to Barbados. Which of the following types of fraud has Dave committed?
Select the answer
1 correct answer
A.
holiday fraud
B.
accepting a kick-back
C.
counterfeiting
D.
bribery

Quiz

8/10
Risk should be a 'golden thread' that links all of the organisation's strategies, communications,
policies and training. The LILAC model describes how a risk-aware culture can be created. Which of
the following form part of the LILAC model?
Select the answer
1 correct answer
A.
Leadership and Learning
B.
Investment and Accountability
C.
Appraisal and Communication
D.
Learning and Information

Quiz

9/10
Which of the following are technological risks to an organisation? Select TWO
Select the answer
2 correct answers
A.
cyber-security issue
B.
supply chain security issue
C.
supplier management issue
D.
network failure
E.
quality failure

Quiz

10/10
Maple Tree Limited is a Canadian company who has recently signed a new contract with a supplier
who is based in Chin
a. Maple Tree Limited will be buying a raw material with a reputation for severe price fluctuations.
Which of the following would help mitigate the risk that this poses? Select TWO options
Select the answer
2 correct answers
A.
quote in the supplier's currency
B.
quote in the buyer's currency
C.
use a forward exchange contract
D.
fix the exchange rate at the current rate
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Info quiz:

  • Quiz name:L5M2: CIPS Managing Supply Chain Risk
  • Total number of questions:120
  • Number of questions for the test:50
  • Pass score:80%

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