Under a XXXX contract, the buyer does commit to purchase a given quantity over a given period of time, but the precise number of orders and their quantities is unknown at the start of the period. What expression has been replaced by XXXX?
Correct Answer: A
The fact that the time period and the total quantity is known means it is a ‘call-off’ contract. The volumes of product are ‘called off’ from the contract as required by the buying organisation.
Make sure you understand the difference between a call-off contract and a framework arrangement.
Under a framework arrangement, there is no obligation on the part of the buyer to use the goods / services specified.
‘Profit is not a cost’. True or false?
Correct Answer: A
This is true. Profit is what is left over after you’ve covered all your costs. In simple terms.
Which one of the following could not be classed as a form of performance specification?
Correct Answer: D
Since performance specifications are all to do with outputs, ‘input-driven’ leaps out as being the cor-rect answer here.
Which one of the following is from the STEEPLE framework?
Correct Answer: C
Socio-cultural. The only ‘S’ in the framework.
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