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Assume you calculate a selling price by adding a profit element onto costs. Assume the profit ele-ment is equivalent to 100% of costs.
Is mark-up or margin being described here?
When price is discussed as a % of costs to be added on, the term is 'mark-up'.
The letters 'MEAT' stand for:
MEAT: Most economically advantageous tender
An approach to tendering which takes account not only of the selling price, but also other relevant factors.
Which STEEPLE factor deals with issues of foreign exchange rates, inflation, consumer spending, labour costs and unemployment levels?
Economic.
I think foreign exchange at least couldn't fit into any other STEEPLE factor, so that's a clincher and it has to be 'economic'.
In which year did the United Nations issue the Universal Declaration of Human Rights?
1948 is the correct answer: the UN issued the UDHR in 1948, three years after the end of World War 2.
More than 70 years later, we know that in many supply chains, there are individuals' human rights being breached, for example, in modern slavery.
CIPS is strongly opposed to modern slavery, and we should do our utmost to eradicate such prac-tices within our supply chains.
Looking specifically at how a quoted price compares to the cost of production is called:
Comparison of prices across different suppliers would be called 'price analysis'; drilling down into costs of making or doing something would be called 'cost analysis'.
