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NEW QUESTION # 12
SIMULATION
Banana Ltd is a international manufacturer and retailer of mobile telephones. It has a complex supply chain, which sources materials such as plastic and rare metals. These rare metals are mined in developing countries. Explain how Banana Ltd can develop a culture to achieve ethical practices (25 points)
Answer:
Explanation:
See the Answer is the explanation
Explanation:
Overall explanation
Below you will find how you can plan and draft the essay. Remember this is an example of one way you could approach the question. At Level 6 the questions are much more open so your response may be completely different and that's okay.
Essay Plan
Intro - what is an ethical culture?
P1 - create values and principles - put into writing
P2 - Lead by example
P3 - Transparency, whistleblowing
P4 - Decision making
P5 - Laws
P6 - having consequences for failing to follow the culture
Conclusion - culture isn't static, Banana Ltd needs to constantly update and review Example Essay An ethical culture in the workplace refers to the prevailing set of values, norms, principles, and practices within an organization that prioritize and promote ethical behaviour and decision-making among employees and stakeholders. It represents the collective commitment of an organization to conduct its business in a manner that is morally responsible, socially acceptable, and legally compliant. An ethical culture sets the tone for how employees interact with each other, make decisions, and engage with customers, suppliers, and the broader community. Banana Ltd can achieve this in the following ways:
Ethical Values and Principles: An ethical culture is built on a foundation of clear and well-defined ethical values and principles. These values guide employees in their actions and decisions, helping them distinguish between right and wrong. Banana Ltd should engrain these values and principles in writing by creating a vision statement and creating a formal CSR policy detailing expected behaviour from all employees and stakeholders.
Leadership and Accountability: Ethical leaders play a crucial role in fostering an ethical culture. They set an example by consistently demonstrating ethical behaviour and holding themselves accountable for their actions. Leaders also ensure that ethical standards are consistently applied throughout the organization. Therefore the leaders of Banana Ltd should lead by example. This may be in gaining MCIPS qualifications and other certifications that prove their loyalty to ethical issues.
Transparency and Open Communication: Ethical cultures encourage open and transparent communication. Employees are encouraged to speak up about ethical concerns or violations without fear of retaliation. Transparent processes and reporting mechanisms promote accountability. Banana Ltd could implement a Whistleblowing policy for example, so that if any employee knows of areas of concern, they can escalate this to management, without fear of repercussions.
Ethical Decision-Making: Ethical decision-making is central to an ethical culture. Employees are encouraged to consider the ethical implications of their choices, even when faced with challenging decisions that may have financial or competitive implications. For example with Banana Ltd, this may be actively severing ties with suppliers who are known to employ child labour in the mining of rare metals.
Compliance with Laws and Regulations: Ethical cultures emphasize strict adherence to laws and regulations. Banana Ltd should ensure that all activities are carried out within the boundaries of legal requirements, and violations are not tolerated. For example they should ensure that their HR policies are in line with the Equalities Act. As a large organisation they should also publish a statement about removing Modern Slavery from their supply chain, as per the Modern Slavery Act.
Accountability and Consequences: There are clear consequences for unethical behaviour. Banana Ltd should ensure that accountability mechanisms are in place to address ethical violations, and individuals who breach ethical standards may face disciplinary actions. For example if a supply chain manager is caught accepting an 'acceleration payment' or ' kickback' they should be fired.
An ethical culture in the workplace is essential not only for maintaining a positive organizational reputation but also for fostering a healthy, inclusive, and socially responsible work environment. It contributes to employee morale, customer trust, and long-term business sustainability. It is important for Banana Ltd to not only implement this culture, but to maintain it and constantly review it. The area of ethics and sustainability is constantly evolving so Banana Ltd should look to reassess its policies and processes regularly, and continue to strive to achieve more.
Tutor Notes
- You may have guessed that this question was loosely based on Apple. Apple is a good example of ethics and supply chain issues and is worth looking into as it's an excellent example to bring into an essay on the subject. Here are some links:
- Apple's Supply Chain Is on a Collision Course With Climate Change (bloomberg.com)
- Apple sees bigger supply problems after strong start to year | Reuters
- Will Supply-Chain Issues Kill the Low-Cost Apple Vision Pro? (pcmag.com)
- Other areas you could have mentioned include: cultures are not static; they are constantly evolving and improving. So Banana Ltd needs to regularly assess and refine their ethical practices to stay aligned with changing societal norms and expectations (I.e. what is ethically acceptable one day, may not be the next). You could have also talked about Banana Ltd's responsibility to the environment and local communities (particularly concerning the mining of metals). Mining is a really bad industry for Child Labour.
NEW QUESTION # 13
SIMULATION
What is meant by the 'Contingency Model' of Organisation? What factors should be considered?
Answer:
Explanation:
See the Answer is the explanation
Explanation:
Overall explanation
Below you will find how you can plan and draft the essay. Remember this is an example of one way you could approach the question. At Level 6 the questions are much more open so your response may be completely different and that's okay.
Essay Plan
Intro - what is contingency theory?
Each factor in a paragraph: external environment, technology, size, culture, goals, leader style, the people Conclusion - there is no universally 'right' way to structure an organisation, and it can change over time.
Example Essay
The Contingency Model of organization is a management and organizational theory that suggests there is no one-size-fits-all approach to organizing and managing a company. Instead, it proposes that the most effective organizational structure and management style depend on various external and internal factors, often referred to as contingencies. The core idea behind this model is that the optimal way to organize and manage an organization is contingent upon the unique circumstances or contingencies it faces.
Key factors that should be considered in the Contingency Model of Organization include:
Environmental Factors: The external environment, including factors like the industry in which the organization operates, economic conditions, competition, and legal and regulatory requirements, can greatly influence the organization's structure and strategy. An organisation should consider STEEPLED factors and Porter's 5 Forces when deciding which company structure would be most appropriate.
Technology: The nature of the organization's technology and the rate of technological change can impact its structure and processes. Some organizations may need to be more flexible and adaptive due to rapidly changing technologies, while others may rely on stable and proven technologies. For example, does the organisational structure allow people to work remotely from home?
Organizational Size: The size of the organization can affect its structure and management practices. Smaller organizations might have a more informal structure, while larger ones may require more formal hierarchies. For example a small organisation would not benefit from a bureaucratic structure, but a large organisation may need several levels of management and a degree of bureaucracy.
Organizational Culture: The culture of the organization, including its values, norms, and beliefs, can influence how it is structured and managed. For instance, an innovative and entrepreneurial culture may lead to a flatter, more decentralized structure.
Goals and Strategy: The goals and strategy of the organization play a crucial role in determining its structure and management style. Different strategies, such as cost leadership, differentiation, or innovation, may require different organizational structures and approaches.
Leadership Style: The leadership style of top management can impact the organization's structure and culture. Leaders with a preference for centralization may create a more hierarchical structure, while those who favour decentralization may opt for a flatter structure.
Human Resources: The skills, abilities, and motivation of the workforce can influence how an organization is structured and managed. A highly skilled and motivated workforce may require less supervision and a more decentralized structure.
The important thing to note with the Contingency Theory is that the organization's needs and circumstances can change over time, so what works best today may not be suitable in the future. Organizations must continuously assess and adapt their structures and management practices as contingencies evolve.
In essence, the Contingency Model recognizes that there is no universally optimal way to organize and manage an organization. Instead, managers must carefully assess and consider the various contingencies that affect their organization and make decisions accordingly. This approach promotes flexibility and adaptability in organizational design and management, allowing companies to better respond to changing circumstances and maximize their effectiveness.
Tutor Notes
- Another way this could come up as a question is related to a case study. You may be asked to pick out factors which would effect the way an organisation is structured.
- You could also be asked pros and cons of the contingency theory (pro: very flexible, highly responsive to changes con: people don't know where they stand, harder to find accountability)
- It's covered in detail in the studyguide but it's quite a simple concept - the best structure for an organisation depends on lots of different factors.
NEW QUESTION # 14
SIMULATION
Mark is the Head of IT at Squirrel Incorporated and has been asked to join a cross-functional team including staff from the procurement and finance departments. The team is tasked with looking into the procurement of a new IT system. Explain some of the different roles that Mark could play in this newly formed team and discuss how Mark can influence the outcome of decisions made. (25 points)
Answer:
Explanation:
See the Answer is the explanation
Explanation:
Mark's Role and Influence in a Cross-Functional Procurement Team
As Head of IT at Squirrel Incorporated, Mark has been asked to join a cross-functional team to evaluate and procure a new IT system. This team includes representatives from procurement and finance, meaning each member will have a distinct perspective. Given Mark's technical expertise, he can play multiple roles in the decision-making process. This essay explores key roles Mark could play and how he can influence the outcome of decisions.
Roles Mark Could Play in the Team
1. Technical Expert
Since the procurement involves an IT system, Mark's primary role is to provide technical expertise on system requirements, compatibility, and security.
Responsibilities:
Define the technical specifications for the new system.
Ensure the system is compatible with existing infrastructure.
Evaluate vendors' technical capabilities and cybersecurity compliance.
Influence on Outcome:
✔ Ensures only technically viable solutions are considered.
✔ Prevents the company from investing in obsolete or incompatible technology.
2. Liaison Between IT and Other Departments
Since procurement and finance teams may not have deep technical knowledge, Mark can act as a translator, ensuring IT needs are understood and integrated into procurement decisions.
Responsibilities:
Explain technical jargon in business-friendly terms.
Align IT system selection with business objectives.
Address concerns from finance (budget) and procurement (supplier contracts).
Influence on Outcome:
✔ Ensures the new system meets business and IT needs.
✔ Helps non-technical team members make informed decisions.
3. Risk Assessor
IT systems carry risks related to cybersecurity, compliance, and implementation challenges. Mark can lead in risk assessment and mitigation.
Responsibilities:
Identify potential security vulnerabilities.
Ensure compliance with data protection laws (e.g., GDPR, CCPA).
Evaluate risks related to system downtime and integration failures.
Influence on Outcome:
✔ Reduces the risk of costly data breaches or compliance violations.
✔ Helps select vendors with strong security measures.
4. Change Management Facilitator
Implementing a new IT system requires user training and adaptation. Mark can anticipate resistance to change and help ensure smooth adoption.
Responsibilities:
Assess potential user resistance and develop a training plan.
Work with HR and department heads to facilitate smooth transition.
Provide input on user experience (UX) and ease of use.
Influence on Outcome:
✔ Increases the likelihood of successful system adoption.
✔ Reduces productivity losses due to poor training or resistance.
5. Budget and Cost Advisor
Although finance oversees budget approvals, Mark can help justify IT-related expenses and ensure the team gets the best value for the investment.
Responsibilities:
Identify hidden costs (e.g., licensing fees, maintenance, upgrades).
Compare on-premise vs. cloud-based solutions for cost-effectiveness.
Negotiate with vendors for best pricing and support packages.
Influence on Outcome:
✔ Ensures long-term cost savings by choosing a scalable, efficient system.
✔ Prevents overspending on unnecessary features.
How Mark Can Influence Decision-Making
Mark's technical knowledge, risk assessment skills, and financial awareness give him significant influence over the team's decisions. Here's how he can maximize his impact:
Providing Data-Driven Insights
Use comparative analysis to show which IT system performs best.
Present case studies or industry benchmarks to support recommendations.
Building Consensus Among Team Members
Address concerns of procurement (vendor selection) and finance (cost control).
Act as a neutral party balancing IT needs with business constraints.
Advocating for Long-Term Strategy Over Short-Term Cost Savings
Highlight scalability and future-proofing rather than just upfront costs.
Explain the total cost of ownership (TCO), including maintenance and upgrades.
Engaging with Vendors and Negotiating Best Terms
Participate in vendor meetings to ensure IT concerns are properly addressed.
Suggest contractual terms that provide flexibility and service guarantees.
Conclusion
Mark's role in this cross-functional team is critical to ensuring a successful IT system procurement. By acting as a technical expert, liaison, risk assessor, change manager, and budget advisor, he can ensure that business needs, security, and cost-effectiveness are balanced. His ability to communicate effectively, present data-driven insights, and align stakeholders will significantly influence the final decision. Through strategic engagement, Mark can help the team select the best IT system that supports Squirrel Incorporated's long-term success.
NEW QUESTION # 15
SIMULATION
Discuss the role that independent organisations in the third sector can play with regards to ethical business practices. Your answer may make reference to one or more of the following: United Nations, Tradecraft UK, Walk Free Foundation, IMF, ILO. (25 points)
Answer:
Explanation:
See the Answer is the explanation
Explanation:
Overall explanation
Below you will find how you can plan and draft the essay. Remember this is an example of one way you could approach the question. At Level 6 the questions are much more open so your response may be completely different and that's okay.
Essay Plan
Introduction - what is the 3rd sector?
P1 - role of advocate - promoting ethical business practices
P2 - role of watchdog
P3 - role of researcher - example of UNICEF and Cocoa
P4 - role of influencing global policies e.g. ILO Decent Work Agenda
P5 - Decent Work Agenda - explanation
Conclusion - work of third sector is critical to support advances in ethical business practices Example Essay Independent organizations in the third sector, also known as non-governmental organizations (NGOs) and civil society groups, play a crucial role in promoting ethical business practices on a global scale. This essay explores the multifaceted role of independent organizations in advancing ethical business practices and will focus on the work of the United Nations and the International Labour Organization (ILO).
Independent organizations in the third sector serve as advocates for ethical business practices. They raise awareness about ethical issues, such as fair labour practices, environmental sustainability, and responsible supply chain management. By conducting research, publishing reports, and engaging in public discourse, these organizations bring attention to areas where ethical improvements are needed.
Moreover, independent organizations often act as watchdogs, monitoring the actions of businesses and governments to ensure adherence to ethical standards. They use tools like corporate social responsibility (CSR) evaluations and human rights impact assessments to hold organizations accountable for their practices. For instance, NGOs may investigate and expose cases of labour exploitation or environmental violations in global supply chains.
For example, the International Labour Organization (ILO), a specialized agency of the United Nations, initiated efforts to combat child labour and forced labour in the cocoa industry. Children, often working in hazardous conditions, were involved in harvesting cocoa beans, which raised serious ethical and human rights concerns . The ILO along with UNICEF (United Nations Children's Fund) conducted studies, surveys, and assessments to gather data on child labour and forced labour. This resulted in the creation of the Harkin-Engel Protocol. Under the protocol, the chocolate and cocoa industry committed to taking specific actions to eliminate the worst forms of child labour and forced labour from cocoa production, encouraging businesses to adopt responsible sourcing practices, implement traceability measures, and invest in community development programs. While challenges persist, ILO/ UNICEF's efforts have contributed to significant improvements in labour conditions and a greater emphasis on ethical practices in the cocoa supply chain.
Furthermore, the United Nations, particularly the Economic and Social Council (ECOSOC), provides a platform for independent organizations to engage with governments and international institutions on ethical business practices. ECOSOC consults with NGOs, enabling them to contribute to discussions on sustainable development goals, human rights, and economic policies. This engagement ensures that ethical considerations are integrated into global policymaking.
Another example of how third sector organisations contribute to ethical business practices is the International Labour Organization (ILO) conventions, such as the 2018 Decent Work Agend a. This framework encompasses four main pillars
1) Employment: creating jobs and expanding opportunities for all. The goal is to promote full and productive employment, ensure equal pay for equal work, and reduce informal employment. It also emphasizes the importance of addressing unemployment, underemployment, and vulnerable employment, particularly in developing countries.
2) Social Protection: it highlights the need for comprehensive social protection systems. This includes access to essential health services, maternity protection, unemployment benefits, disability benefits, and pensions. Social protection helps individuals and families cope with various economic and social risks.
3) Social Dialogue: the active participation of workers, employers, and governments in decision-making processes related to labour policies and regulations. Social dialogue is essential for achieving fair and equitable labour practices, including collective bargaining and labour rights.
4) Rights at Work: the right to freedom of association, the right to collective bargaining, the elimination of forced labour and child labour, and the elimination of discrimination in the workplace. Ensuring these rights helps create a fair and just work environment.
The Decent Work Agenda represents a comprehensive and integrated approach to labour and employment issues, aiming to improve the well-being of workers and their families while fostering economic growth and development. It addresses the challenges and opportunities arising from changes in the world of work, such as globalization, technological advancements, and demographic shifts.
In conclusion, independent organizations in the third sector are instrumental in advancing ethical business practices globally. Their roles as advocates, monitors, collaborators, and educators are essential in holding businesses and governments accountable for their actions. Through engagement with institutions like the United Nations and initiatives like the ILO's Decent Work Agenda, these organizations contribute to the promotion of ethical practices in business, fostering a more just and sustainable global economy. Their efforts complement the broader goals of achieving social responsibility, human rights, and environmental sustainability in the business world.
Tutor Notes
- Out of those listed, you could get a lot of content out of the UN and ILO (remember the ILO is part of the UN). These would be my personal choice to pick and learn about because there are lots of examples you could talk about. I chose Cocoa and Child Labour. Other things you could have wrote about include:
- ILO Convention No. 29 (Forced Labour Convention, 1930): This convention requires member states to suppress the use of forced labour in all its forms, including slavery, debt bondage, and forced or compulsory labour.
- ILO Convention No. 105 (Abolition of Forced Labour Convention, 1957): This convention complements Convention No. 29 and aims to abolish forced labour through measures such as effective enforcement of laws and policies.
- Goal 8 of the United Nations Sustainable Development Goals (SDGs) specifically targets decent work and economic growth. Target 8.7 within this goal calls for the "immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour." The UN promotes the SDGs as a framework for addressing forced labour and related issues.
- The UN provides technical assistance to countries, helping them develop and implement legislation and policies to combat forced labour. This assistance includes capacity building, training, and sharing best practices.
- Tradecraft UK, Walk Free and IMF are also mentioned in the study guide. Here's some info you could have included if you wished to talk about them in your essay:
- Tradecraft = IMPORTANT - as of 2023 this organisation is in Administration. The study guide and exam questions were written before this happened, so may refer to it in the present tense. Your response should mention it in the past tense. Tradecraft was a UK-based Fair Trade Organisation that sold products that were traded fairly in the UK. Their mission was to fight poverty through promoting approaches to trade that will help people in developing countries change their lives. It developed programmes working with poor producers in Africa and Asia. E.g. helped small Indian tea producers negotiate higher prices and get representation on the Tea Board of India. Also helped African Framers negotiate for better PPE and provided training to them so they're more confident to negotiate contract terms such as not allowing late changes to quantities. Traidcraft goes into Administration - One World Shop
- Walk Free Foundation = Aim is to eliminate modern slavery- publishes the Global Slavery Index. They engage in research, advocacy, and awareness-raising activities. Walk Free Foundation Official Website
NEW QUESTION # 16
SIMULATION
Assess the suitability of the Visionary leadership style in relation to the procurement function of an organisation (25 points)
Answer:
Explanation:
See the Answer is the explanation
Explanation:
Introduction
Leadership plays a crucial role in shaping the procurement function within an organization, influencing strategic decisions, supplier relationships, and overall operational efficiency. One of the most impactful leadership styles is Visionary Leadership, characterized by the ability to inspire, motivate, and guide an organization toward a long-term strategic vision. In the context of procurement, where efficiency, cost management, ethical sourcing, and supplier collaboration are critical, the suitability of a visionary leader can significantly impact the success of procurement strategies.
This essay assesses the suitability of the Visionary Leadership Style in procurement by exploring its characteristics, advantages, challenges, and its impact on various aspects of procurement functions.
Understanding Visionary Leadership
A visionary leader is someone who has a clear and compelling vision of the future and possesses the ability to motivate teams and stakeholders to work towards achieving that vision. This leadership style is associated with strategic foresight, innovation, adaptability, and strong communication skills. Visionary leaders focus on long-term goals rather than short-term fixes and inspire procurement teams to align their objectives with the broader mission of the organization.
Key Characteristics of Visionary Leadership
Strategic Foresight - The ability to anticipate future trends, risks, and opportunities in procurement and supply chain management.
Inspirational Communication - The ability to effectively convey a vision, ensuring team members and stakeholders are aligned with procurement strategies.
Adaptability and Innovation - Encouraging new technologies, digital procurement solutions, and sustainable sourcing practices.
People-Centric Approach - Focusing on team empowerment, supplier collaboration, and ethical procurement practices.
Long-Term Focus - Prioritizing sustainability, strategic supplier partnerships, and risk mitigation over short-term cost-cutting measures.
The Suitability of Visionary Leadership in Procurement
1. Enhancing Strategic Procurement Planning
Procurement is not just about purchasing goods and services; it is a strategic function that directly impacts an organization's cost efficiency, risk management, and competitive advantage. A visionary leader ensures that procurement aligns with the organization's long-term business goals, such as:
Sustainable sourcing to meet corporate social responsibility (CSR) objectives.
Digital transformation in procurement (e.g., AI-driven supplier selection, blockchain for transparency).
Supplier diversification to mitigate geopolitical and supply chain risks.
By setting a clear strategic direction, a visionary leader ensures procurement teams focus on innovation, risk mitigation, and value creation rather than just cost-cutting.
2. Driving Supplier Relationship Management (SRM)
One of the most critical functions of procurement is managing supplier relationships effectively. Visionary leaders recognize that strong long-term partnerships with suppliers are more beneficial than short-term cost reductions. They emphasize:
Collaboration over transactional relationships - Developing mutually beneficial relationships with key suppliers.
Ethical and sustainable procurement - Ensuring suppliers adhere to fair labor practices, environmental sustainability, and legal compliance.
Innovation through supplier partnerships - Encouraging suppliers to introduce new technologies, automation, and process improvements.
A visionary leader in procurement fosters trust and cooperation with suppliers, ensuring that procurement decisions align with both business goals and ethical standards.
3. Encouraging Innovation and Technology Adoption in Procurement
The procurement function is evolving rapidly due to technological advancements. Visionary leaders drive the adoption of:
E-procurement systems to enhance efficiency and transparency.
Data analytics and AI for supplier evaluation and risk management.
Blockchain technology for improving supply chain traceability and contract enforcement.
Sustainability-focused procurement models, such as circular supply chains to reduce waste.
By embracing digital transformation, visionary leaders modernize procurement operations, making them more agile, cost-effective, and resilient.
4. Building an Agile and Motivated Procurement Team
A key responsibility of procurement leaders is to develop talent and foster a high-performance culture. Visionary leaders:
Empower procurement teams by promoting continuous learning and professional development.
Encourage innovation in procurement strategies.
Foster an inclusive and collaborative work culture, which increases motivation and efficiency.
For instance, a visionary procurement leader may encourage procurement professionals to develop negotiation skills, data analysis competencies, and sustainability knowledge, ensuring that the team is well-equipped for future challenges.
5. Managing Risks and Uncertainties in Procurement
Procurement leaders must deal with global supply chain disruptions, price fluctuations, and geopolitical risks. A visionary leader is proactive in identifying and mitigating risks by:
Developing a diversified supplier base to reduce dependency on a single source.
Implementing contingency planning and supply chain resilience strategies.
Using predictive analytics to anticipate market shifts and adjust procurement strategies accordingly.
For example, during the COVID-19 pandemic, visionary procurement leaders ensured supply chain continuity by quickly pivoting to alternative suppliers and leveraging digital procurement solutions.
Challenges of Visionary Leadership in Procurement
Despite its many advantages, visionary leadership also presents challenges in a procurement environment, including:
Slow Decision-Making in Urgent Situations
While visionary leaders focus on the long-term, procurement often requires quick decision-making during supply chain disruptions or urgent purchasing needs.
A balance between strategic foresight and operational efficiency is necessary.
Resistance to Change from Stakeholders
Employees and suppliers may resist new procurement technologies, sustainability policies, or process changes introduced by visionary leaders.
Effective change management and communication strategies are needed to overcome resistance.
High Implementation Costs
Digital transformation, supplier development programs, and sustainability initiatives require significant investment.
Organizations must evaluate the cost-benefit balance when adopting long-term procurement strategies.
Alignment with Organizational Priorities
Procurement is often seen as a cost-saving function, whereas visionary leadership focuses on long-term value creation.
Visionary leaders must align their strategies with C-suite expectations to gain executive support.
Conclusion
Visionary leadership is highly suitable for the procurement function of an organization, particularly in driving strategic planning, supplier collaboration, innovation, talent development, and risk management. By fostering a long-term, value-driven approach, visionary leaders transform procurement from a cost-centric function into a strategic asset.
However, visionary leadership must be balanced with operational agility, ensuring that procurement remains responsive to market conditions and business needs. While long-term strategic foresight is essential, procurement teams must also be equipped to handle immediate challenges efficiently.
Ultimately, the most effective procurement leaders integrate visionary thinking with pragmatic decision-making, ensuring that procurement delivers both short-term operational efficiency and long-term strategic value.
Final Answer Structure for Maximum Marks (25 Points)
Introduction (3 Points) - Importance of leadership in procurement, introduction to visionary leadership.
Key Characteristics of Visionary Leadership (4 Points) - Strategic foresight, innovation, adaptability, communication, and long-term focus.
Suitability in Procurement (12 Points) -
Enhancing strategic planning.
Strengthening supplier relationships.
Driving innovation and technology.
Developing a skilled procurement team.
Managing procurement risks.
Challenges of Visionary Leadership (4 Points) - Decision-making speed, stakeholder resistance, cost implications, organizational alignment.
Conclusion (2 Points) - Summary of benefits, need for a balanced approach.
NEW QUESTION # 17
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