Topic: Procurement 1

Choose the best response to complete each of the sentences below.

1. P1: What does Martin do at work? P2: He works ____________________.
  in procurement
  on procurement
  with procurement

2. We don't have a lot of money to spend. = We have a ____________________ budget.
  limitation
  limited
  limit

3. Lynne taught me how to develop a good acquisition ____________________. ( = how to determine the most appropriate means of procuring something)
  strategy
  status
  strategic

4. A bidding process, one where several businesses/individuals bid on a contract, is sometimes referred to as ____________________.
  tenderizing
  legal tender
  tendering

5. Our company has determined that any product/service desired that is over $1,000 __________________ a bidding process.
  takes
  wants
  requires

6. We're interested in finding a __________________ partner ( = not short-term).
  long
  long time
  long-term

7. One of the key elements of successful procurement is good __________________. ( = doing something at the right time)
  timing
  time
  time skills

8. Sometimes a complex __________________ assessment is required for every service that is being considered.
  risk taking
  risk management
  risky management

9. What does the term "economies of scale" refer to?
  The more you buy, the more you spend.
  The less you buy, the less you spend.
  The more you buy, the less each unit costs.

10. Bill's team ____________________ a 5 million dollar reduction in the total cost of the machinery.
  negotiated
  nagged
  negative


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