CIPS L3M2 Questions Answers

Explanation

While one can take the view that your weekend is yours and nothing to do with your main employ-er, many contracts of employment prohibit extra work unless pre-agreed. In any event, it is likely to be seen as polite and respectful to seek permission from your main employer. The point about need-ing to rest at weekends (and during annual holidays) is a serious point: we should be able to func-tion effectively during normal working hours.

If your main employer does not give consent, you may wish to ask for a pay rise. :)

Explanation

Pareto Analysis is sometimes known as the 80-20 Rule. It is the basis of ABC Analysis.

'in any series of elements to be controlled, a selected small factor [say 20%] in terms of number of elements almost always accounts for a large factor [say 80%] in terms of effort'. The figures in square brackets are illustrative - Pareto did not include these numbers and the % can be otherwise. The principle that a small percentage of 'things' will soak up a large amount of resource is what actu-ally matters.

For example, if you have 100 suppliers, a disproportionate amount of energy / time / spend will be devoted to a small number of them. Similarly if you have 100 staff members. Or a stock range of thousands. Similarly for customers. And so on.

A relatively simple concept, worth it's weight in gold in my opinion - my favourite management concept.

Explanation

This is the Pareto Principle, which can be invaluable as a guide for any procurement person, or any manager.

The other names shown here are those of other well-known thinkers, all much earlier than Pareto.

Explanation

The price / cost iceberg.

The notion that when you buy something for a price, only part of the total cost has been exposed. a potentially very significant chunk of cost remains unseen, 'below the waterline'.