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The budget for procurement staff costs is 100,000 but only 90,000 has been spent in the period. This has resulted in substantial further work for procurement staff members, sometimes working into the evening or at weekends.
As less has been spent than budgeted, the variance is favourable.
The time between recognition / origin of the need; through to usage or consumption is described as:
There are different views of 'lead time'; in part depending on where you are standing. The QUESTION NO : refers to total lead time, sometimes referred to as 'true' lead time.
The other lead times all exist, in the eyes of the various parties to any particular transaction.
One should note that the internal lead time (ie within the buying organisation) is often much longer than the external lead time. The idea that 'procurement' or suppliers take a long time to process a re-quirement can be illusory.
The Profex textbook for this subject, states that 'specifications are said to be 'the heart of the con-tract'. The book then goes on to state that goods supplied must be 'fit for...'
'Fit for purpose'.
This expression is used as / in definitions of quality, as well as being included in parts of UK legisla-tion (Sale of Goods Act).
An effective specification is one that is (select all that apply):
A specification should be all of the above.
Imagine that the Chief Executive of a UK bank attempted to learn the name of a whistleblower within the bank - the whistleblower had earlier reported wrongdoing within the bank to the state banking authorities anonymously. Trying to find the name of the whistleblower was a breach of the organisation's internal protocol which guaranteed anonymity to whistleblowers. Imagine the regula-tory authorities in both the UK and the US took action as a result. What is the most likely action which would be taken by the authorities?
This actually happened and the banking authorities in both the UK and the US fined the bank heavily.
Closing the bank down would be too Draconian a step; imprisoning the Chief Executive could hap-pen and others in the banking sector have been imprisoned for wrongdoing - a famous case of 'The NatWest Three' saw three managers of a UK bank extradited and imprisoned in the US.
