CIPS Level 4 Diploma in Procurement and Supply L4M5 Question # 23 Topic 3 Discussion
L4M5 Exam Topic 3 Question 23 Discussion:
Question #: 23
Topic #: 3
A procurement professional is preparing for a negotiation with supplier. She is setting targets for price which her company is seeking to achieve. Which of the following acronyms can help her identify limits before engaging in the negotiation?
MIL criteria indicate 3 limits that negotiator should establish:
M - Must achieve: minimum target/maximum you can concede on this point; the mandatory requirement or fall back position
I - Intend to achieve: realistic target you are aiming for on this point
L – Like to achieve: stretch target to achieve on this point.
PPCA is purchase cost analysis
TIMWOOD indicates 7 types of waste in Lean principles
The RAQSCI model is a mnemonic summary of a business model used to define and structure business requirements
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