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Pass Guaranteed Valid ISM - LEAD - Accurate Leadership and Transformation in Supply Management Prep Material

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ISM LEAD Exam Syllabus Topics:

Topic
Details

Topic 1

Strategy Development: This section covers creating and carrying out long-term supply management plans to meet organisational objectives.

Topic 2

Risk and Compliance: This domain covers identifying, assessing, and mitigating potential threats while ensuring adherence to regulations in supply management.

Topic 3

Stakeholder Engagement: The section covers cooperating and communicating effectively with internal and external stakeholders impacted by supply chain choices.

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ISM Leadership and Transformation in Supply Management Sample Questions (Q34-Q39):

NEW QUESTION # 34
A supply manager conducts an audit of a supplier for a proprietary material and finds safety deficiencies in the supplier's plant. Which of the following is the FIRST course of action the supply manager should take?

A. Notify the supplier of the contract breach and provide a thirty day period to cure
B. Work with the supplier to improve working conditions
C. Qualify an alternate supplier to manufacture the proprietary material
D. Source a substitute product for the proprietary material

Answer: B

Explanation:
When safety deficiencies are found in a supplier's plant, the first course of action should be to work with the supplier to improve working conditions. This collaborative approach helps address safety issues while maintaining the supplier relationship and ensuring continuity of supply. Leadership and transformation management principles advocate for working with suppliers to achieve mutual improvements and fostering long-term partnerships. This approach not only helps rectify the immediate issues but also strengthens the overall supply chain by promoting better practices and compliance with safety standards. Reference from transformation management documents highlight the importance of cooperation and continuous improvement in supplier management to enhance overall supply chain resilience and performance.
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NEW QUESTION # 35
A company determines it may be subject to potential loss of intellectual property in several supplier contracts. This can be BEST described as what type of risk?

A. Legal
B. Financial
C. Operational
D. Brand

Answer: A

Explanation:
The potential loss of intellectual property in supplier contracts is a legal risk. Legal risks involve potential losses that arise from legal constraints, breaches of contract, or non-compliance with regulations. Intellectual property (IP) protection is a critical aspect of legal risk management in supply chain contracts, as it involves safeguarding proprietary information and technologies that give a company its competitive edge. Leadership in supply chain management involves ensuring that contracts are meticulously designed to protect IP and mitigate legal risks. Reference from leadership and transformation management documents stress the importance of robust legal frameworks and risk mitigation strategies to protect intellectual property in supplier relationships.

NEW QUESTION # 36
Which of the following is an example of an organization mission statement?

A. "Enhance our reputation in a demanding and rapidly changing field"
B. "Hire, train and retain skilled staff members to represent us"
C. "Offer innovative customer service responsive to our market's needs"
D. "Update procedure manuals and reference materials for all divisions"

Answer: C

Explanation:
* Understanding Mission Statements: A mission statement defines the organization's purpose, core values, and primary objectives, providing direction and guiding decision-making processes.
* Relevance to Mission Statements: The statement "Offer innovative customer service responsive to our market's needs" clearly outlines the organization's commitment to providing excellent customer service and adapting to market demands, aligning with the purpose and values of the company.
* Comparison with Other Options:
Option A is more about enhancing reputation, which is an outcome rather than a mission.
Option C focuses on internal procedures rather than the overall purpose.
Option D is related to HR functions, not the broader organizational mission.
* Effectiveness: A good mission statement is clear, concise, and focuses on the organization's key objectives and values, as seen in the correct answer.
* Reference: The principles of crafting effective mission statements are discussed in strategic management and organizational behavior literature, including "Strategic Management: Concepts and Cases" by Fred R. David and resources from the Balanced Scorecard Institute.

NEW QUESTION # 37
As an initiative to support environmental sustainability, a bank's supply manager wants to change to buying recycled paper. How can supply management ensure that the recycled paper is produced sustainably?

A. By using the Global Reporting Initiative (GRI) to identify responsible sources of recycled paper
B. By sourcing recycled paper that is Forest Stewardship Council (FSC) certified
C. As recycled paper is environmentally sustainable by definition, no further action needs to be taken
D. By sourcing from suppliers that are ISO 14001:2015 certified

Answer: B

Explanation:
To ensure that the recycled paper is produced sustainably, the supply manager should source paper that is Forest Stewardship Council (FSC) certified. FSC certification guarantees that the paper comes from responsibly managed forests and verified recycled sources. Leadership and transformation management documents highlight the importance of certification in verifying sustainable practices and ensuring environmental responsibility. By choosing FSC-certified products, the bank can be confident that its procurement practices support environmental sustainability. Reference emphasize that FSC certification is widely recognized and trusted as a benchmark for sustainable forest management and recycled products.

NEW QUESTION # 38
The compliance division within EFG, Inc. is reviewing the company's procedures for monitoring and addressing employee fraud. The current system involves employees who suspect fraud reporting their concerns to an internal company email mailbox. Many of the firm's employees are concerned about the confidentiality of this process. Which of the following would be the BEST course of action for EFG to take in order to reduce this concern?

A. Explore opportunities to outsource the reporting function to an independent third party
B. Change the reporting policy and have employees report concerns directly to their individual managers
C. Develop a training program that emphasizes the risks caused by employee fraud and the importance of proper reporting
D. Announce through the intranet the company's commitment to non-retaliation in fraud reporting

Answer: A

Explanation:
* Confidentiality Concerns: Employees are worried about the confidentiality of the current fraud reporting process. Addressing these concerns is crucial to ensure that employees feel safe reporting potential fraud.
* Independent Reporting: Outsourcing the reporting function to an independent third party can enhance confidentiality and impartiality, making employees more comfortable reporting fraud.
* Credibility and Trust: An independent third party can provide a neutral and trusted channel for reporting, which can increase the credibility of the fraud reporting system.
* Best Practices: Using third-party services for reporting fraud is a common best practice in compliance and risk management to ensure anonymity and reduce the fear of retaliation.
* Reference: This approach is supported by guidelines from the Association of Certified Fraud Examiners (ACFE) and best practices in corporate governance and compliance management.

NEW QUESTION # 39
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Harry Shaw Harry Shaw

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