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ISM LEAD Exam Syllabus Topics:

Topic
Details

Topic 1

Stakeholder Engagement: The section covers cooperating and communicating effectively with internal and external stakeholders impacted by supply chain choices.

Topic 2

Strategy Development: This section covers creating and carrying out long-term supply management plans to meet organisational objectives.

Topic 3

Systems Capability and Technology: This domain covers developing talent and expanding skill sets among the supply management group members.

Topic 4

Corporate Social Responsibility and Ethics: This domain covers incorporating ethical and sustainable practices into decision-making and supply chain processes.

Topic 5

People Development and Coaching: In this section, focus is on nurturing talent and fostering skills growth within the supply management team.

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ISM Leadership and Transformation in Supply Management Sample Questions (Q115-Q120):

NEW QUESTION # 115
The possibility that purchased software will not function as planned or that new software will emerge making existing software obsolete can be described as which of the following types of risks?

A. Data security
B. Operational
C. Environmental
D. Technical

Answer: D

Explanation:
* Risk Categorization: Technical risks are associated with the technology itself, including the possibility of malfunction or obsolescence.
* Software Risks: The risk that software will not function as planned or become obsolete falls squarely within the realm of technical risks. This includes compatibility issues, performance problems, and the emergence of superior alternatives.
* Mitigation Strategies: Addressing technical risks involves thorough testing, staying updated with technology trends, and having contingency plans in place.
* Reference: The categorization of risks into technical, operational, environmental, and data security is widely recognized in risk management frameworks such as ISO 31000 and the Project Management Body of Knowledge (PMBOK).

NEW QUESTION # 116
A manufacturer of multi-media equipment plans to expand into new product areas requiring materials and components the firm has not previously purchased, as well as greater reliance upon global suppliers. The timeline for the project will be very demanding. The firm's supply manager has experience with enterprise resource planning (ERP) and believes ERP will be helpful for the new project. The firm has never before invested in such technology and does not have the resources to do so. Given this situation, which of the following actions should the supply manager take?

A. Hire additional staff with ERP expertise
B. Manage the project using the firm's current process
C. Present top management with justification for the cost of the new system
D. Train supply management staff in material optimization concepts

Answer: C

Explanation:
* Project Demands: The expansion into new product areas with global suppliers and demanding timelines requires robust and integrated management tools.
* ERP Benefits: Enterprise Resource Planning (ERP) systems offer comprehensive solutions for managing complex supply chains, improving efficiency, and providing real-time data.
* Justification: The supply manager should present a business case to top management, detailing the benefits of ERP, such as improved coordination, cost savings, and enhanced decision-making capabilities.
* Cost-Benefit Analysis: The presentation should include a cost-benefit analysis, demonstrating the long-term value and return on investment of implementing an ERP system.
* Strategic Alignment: Emphasizing how the ERP system aligns with the firm's strategic goals and growth plans can help secure management support.
* Reference: Industry case studies and ERP implementation frameworks (e.g., SAP, Oracle) provide evidence of the effectiveness of ERP systems in similar scenarios.

NEW QUESTION # 117
Supply management can track supplier performance, send alerts on important dates and generate reports for compliance officers through which of the following?

A. Performance management software
B. Contract management software
C. Spend analysis software
D. Business intelligence software

Answer: B

Explanation:
Contract management software is designed to handle all aspects of contract lifecycle management, including tracking supplier performance, sending alerts on important dates, and generating reports for compliance officers.
Tracking Supplier Performance: Contract management software provides tools to monitor and evaluate supplier performance against contract terms, ensuring that suppliers meet their obligations.
Alerts and Notifications: The software can send automatic alerts for important dates such as contract renewals, expirations, and compliance deadlines, helping supply managers stay on top of key milestones.
Reporting Capabilities: Contract management software includes reporting features that allow supply managers to generate detailed reports for compliance officers, ensuring that the organization adheres to regulatory and contractual requirements.
Reference:
Monczka, R.M., Handfield, R.B., Giunipero, L.C., & Patterson, J.L. (2015). Purchasing and Supply Chain Management. Cengage Learning.
Aberdeen Group. (2008). Contract Management: The Key to Strategic Supplier Relationships. Aberdeen Research Report.

NEW QUESTION # 118
MNO, Inc. is developing a five-year business plan. The organization's vision, mission and value statements have been established. Which of the following should the organization do NEXT?

A. Develop goals and objectives
B. Develop a communication plan for the statements
C. Develop plans to achieve goals and objectives
D. Develop pricing models for goods and/or services

Answer: A

Explanation:
* Strategic Planning Process: After establishing the vision, mission, and value statements, the next step in strategic planning is to develop specific goals and objectives. These goals and objectives translate the high-level vision and mission into actionable and measurable targets.
* Goals and Objectives Development: This process involves identifying the key areas where the organization wants to achieve results and setting specific, measurable, achievable, relevant, and time-bound (SMART) objectives.
* Importance: Developing goals and objectives provides a clear roadmap for the organization and aligns the efforts of all departments towards common strategic priorities.
* Reference: This step is emphasized in strategic planning frameworks such as those by the Balanced Scorecard Institute and strategic management textbooks like "Strategic Management: Concepts and Cases" by Fred R. David.

NEW QUESTION # 119
XYZ Inc. is seeking to expand its certified diverse supply base. XYZ locates a small local supplier who is capable of providing qualified materials. The ownership of the potential supplier is as follows:
20% ownership by a Caucasian female
25% ownership by a Caucasian male who is a veteran of the armed forces
24% ownership by an African-American female
31% ownership by an Caucasian male who is a disabled veteran of the armed forces By incorporating this supplier into XYZ's supply plan, what type of diverse supplier would XYZ be supporting?

A. Woman Business Enterprise (WBE)
B. Veteran-Owned Small Business (VOSB)
C. Service-Disabled Veteran Owned Small Business (SD-VOSB)
D. Minority Business Enterprise (MBE)

Answer: B

Explanation:
Understanding the Ownership Structure: The potential supplier's ownership breakdown is:
20% ownership by a Caucasian female
25% ownership by a Caucasian male who is a veteran of the armed forces
24% ownership by an African-American female
31% ownership by a Caucasian male who is a disabled veteran of the armed forces Criteria for Diverse Supplier Types:
Minority Business Enterprise (MBE): Typically requires at least 51% minority ownership. This supplier does not meet the threshold as the total minority ownership is only 24%.
Veteran-Owned Small Business (VOSB): Requires at least 51% veteran ownership. The supplier has 56% veteran ownership (25% + 31%).
Woman Business Enterprise (WBE): Requires at least 51% ownership by women. The supplier has 44% female ownership (20% + 24%).
Service-Disabled Veteran Owned Small Business (SD-VOSB): Requires at least 51% ownership by service-disabled veterans. The supplier has 31% ownership by a disabled veteran, which does not meet the 51% threshold.
Conclusion: The supplier qualifies as a Veteran-Owned Small Business (VOSB) due to having 56% veteran ownership.
Reference:
National Veteran-Owned Business Association (NaVOBA)
Small Business Administration (SBA) guidelines on Veteran-Owned Small Businesses

NEW QUESTION # 120
......

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