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Which STEEPLE factor deals with issues of import taxes, rising home labour costs, regional grants, stability of governing regimes?
See the explanation below.
Political.
It's a close-run thing with economic, but the reference to 'stability of governing regimes' clinches if for 'political'.
'Because they are set up for a specified duration, XXX contracts are subject to expiry rather than completion, unless they are renewed or extended.'
See the explanation below.
Term contracts are set up for a period of time, or a 'term'.
The other answer options shown here are the subject of other QUESTION NO : s within this test.
'When the best XXX is selected, a formal YYY ZZZ is prepared and sent to the supplier. Choose the most likely words to replace XXX, YYY and ZZZ.
See the explanation below.
The best quotation is selected, which would meet the specification as well as meeting the other re-quired criteria; and in order to progress things round the procurement cycle, a purchase order would be issued.
Which two of the following constitute part of a common risk assessment or risk evaluation formula?
See the explanation below.
What is the likelihood of an event occurring?
What will be the impact of that event occurring?
This is the basis of almost all modern risk management.
CIPS has good content at Advanced Diploma level on the subject of Risk Management, and I have prepared tests for the two subjects in this area. :)
Sadgrove's book on business risk, in my view, is excellent; and NN Taleb's work (eg 'Antifragile') on risk, although difficult is, in my opinion, fascinating.
Where the supplier guarantees to make good any losses suffered by the buyer as a result of product defects, for example
See the explanation below.
Indemnity.
As in 'an indemnity clause'.
'The supplier hereby indemnifies the buyer against / in the event of...'
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