ISM CPSM1 CPM Exam Questions Instant Access

Question 1

What can be described as a precise and measurable variable that is inherently present inthe characteristics of a product or service?

AQuality

BCost

CTime

DEquipment

Answer : A

Question 2

According to the supply management, one of the most useful ways to develop_______________ is to begin with an inventory report listing all items in descendingorder of dollar spent.

ATop-down classification

BSlope classification

CGradient classification

DABC classification

Answer : D

Question 3

What involves taking out an investment that will specifically reduce or cancel out the riskin another investment?

AOperational strategy

BSituational factor

CHedging strategy

DOptimization strategy

Answer : C

Question 4

Forecasters also estimate bias by using a ______________, which is a ratio of therunning sum of forecast errors to the cumulative Mean Absolute Deviation (MAD).

AKey pointer

BSingle period method

CTracking signal

DMean square error method

Answer : C

Question 5

Postproduction inspections to ensure the quality of a good or service, and end of processactivity to control quality is referred to as:

AQuality management

BQuality assurance

CQuality control

DQuality improvement

Answer : C

Question 6

A solicitation document used to obtain price quotes for a specified product or serviceis known as:

ACost summons

BInvitation for bid

CTemptation for bid

DPrice Provocation

Answer : B

Question 7

By using which process, the financial services provider improved an established sourcingprocess to convey clear expectations to service providers?

ADMAIC (define, measure, analyze, improve, control)

BDMATM (define, manage, analyze, test, maintenance)

CDMADV (define, measure, analyze, design, verify)

DDMMDV (develop, measure, manage, distribute, maintenance)

Answer : A

ISM Foundation of Supply Management CPSM1 CPM Exam Questions