Procurement Analyst
A procurement Analyst is a professional responsible for sourcing, evaluating, and purchasing the goods, services, and materials an organization needs to operate while managing supplier relationships and controlling costs
Quiz Questions
Q862: The standard price is 120 per unit and the actual price paid is 115 per unit for 40 units. What is the purchase price variance?
Unfavorable variance of 200
Favorable variance of 5
Favorable variance of 4,600
Favorable variance of 200
Unfavorable variance of 5
Q863: Which procurement term best matches this description: using financial tools to reduce exposure to price or currency changes?
Progress payment
Hedging
Related-party transaction
Entire agreement clause
Governing law
Q864: An officer realizes the cost estimate was based on outdated prices. What should be done?
Waive the requirement because the supplier is well known
Give the preferred supplier a private advantage
Decide alone without informing anyone
Negotiate secretly with only one supplier
Update the estimate with current market data and document the change
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