Certification in Supplier Diversity Practice Exam

How should supply management track and review program progress?

1. Excluding supplier diversity goals from appraisals

2. Reporting results periodically

3. Keeping reviews private

4. Removing management involvement

The correct answer is: Reporting results periodically

Tracking and reviewing program progress is crucial for maintaining the effectiveness of supplier diversity initiatives. Reporting results periodically allows supply management to assess the impact of its strategies, monitor advancement towards goals, and adjust actions based on performance data. This transparency ensures that all stakeholders are informed about progress and can engage in discussions about further improvements or necessary changes. Incorporating regular reporting fosters accountability within the organization, enabling supply management to highlight successes and identify areas needing attention. It can also facilitate better communication with suppliers and internal teams, thereby enhancing collaboration and commitment to diversity goals. When results are shared, it reinforces the importance of supplier diversity to the organization's objectives and can motivate teams to stay focused on achieving established targets. In contrast, other approaches such as excluding goals from appraisals, keeping reviews private, or removing management involvement would hinder progress tracking. They can lead to a lack of oversight and engagement, which can result in missed opportunities for improvement and collaboration.