EXAM TOPICS L4M2 PDF - NEW L4M2 DUMPS PPT

Exam Topics L4M2 Pdf - New L4M2 Dumps Ppt

Exam Topics L4M2 Pdf - New L4M2 Dumps Ppt

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The Chartered Institute of Procurement and Supply (CIPS) is a globally recognized professional body that provides training and certification in the field of procurement and supply chain management. One of the certifications offered by CIPS is the Level 4 Managing Procurement and Supply qualification. Within this qualification, one of the modules that professionals can take is Defining Business Needs (L4M2).

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CIPS Defining Business Needs Sample Questions (Q152-Q157):

NEW QUESTION # 152
Builder Inc is a rapidly expanding business in construction sector. Due to an increase in projects, it cannot manage the flow of materials by Excel spreadsheets but by more dedicated software. Who would be a key internal stakeholder in defining software compatibility with company's current system?

  • A. IT team
  • B. Finance team
  • C. Executive team
  • D. Procurement team

Answer: A

Explanation:
Internal stakeholders may contribute to defining needs and drafting the specification by using their technical expertise. In this scenario, IT team may consult procurement team on the technical specification of the software, including compatibility with company's current IT system.
Reference:
LO 3, AC 3.4


NEW QUESTION # 153
Which of the following is a risk to buying organization when using conformance specification?

  • A. Buyer is responsible for product failure
  • B. Buyer cannot control the inputs
  • C. Time to produce specification is shortened
  • D. Buyer may face liquidity risks

Answer: A

Explanation:
When using conformance specification, the buying organisation is responsible for the performance of the purchase. If the product fails due to poorly designed specification, the buyer is wholly responsible for it. It cannot blame the supplier for the failure because they still provided 'fit for purpose' product.
'Time to produce specification is shortened': Conformance specification requires details on dimen-sion, materials, design, etc. With such requirements, time to produce a complete conformance specification is often longer than producing performance specification.
'Buyer cannot control the inputs': Conformance specification is a list of inputs from buyer, so buyer has control over the inputs that will make the product. It also means that buyer is responsible for any product failure.
'Buyer may face liquidity risks': Liquidity means that how quick a business turns its assets into cash. This is a financial term, it does not link directly with specification failure.
Reference:
LO 3, AC 3.1


NEW QUESTION # 154
The procurement team of an IT hardware manufacturer has been set a target by senior management to reduce the rates paid to the sole supplier of a new and innovative power-saving battery. Which action should the procurement team first consider?

  • A. Offering economies of scale
  • B. Offering a framework agreement
  • C. Dual or multiple sourcing
  • D. Agreeing rebate thresholds

Answer: C

Explanation:
Detailed Explanation:Dual or multiple sourcing introduces competition, reducing the sole supplier's bargaining power and leading to cost reductions. Framework agreements (A) or economies of scale (D) may not address the immediate need to reduce rates. Reference: CIPS Level 4, Sourcing Strategies.


NEW QUESTION # 155
Interserve is a construction contractor in UK. When receiving a huge and complex project, Inter-serve's procurement manager assesses the risks by quantifying them and recommends other stake-holders to plan mitigating actions. Is the procurement manager's action justified?

  • A. Yes, because procurement manager needs to assess the risks to prioritise and mitigate any potential risks
  • B. No, because no risks can be quantified, therefore the procurement manager's action is impossible.
  • C. No, because embedding the risk into pricing will decrease the company's competitiveness
  • D. Yes, because all the risks should be quantified and eliminated completely before they happen

Answer: A

Explanation:
Assessing the risks by quantifying them should be done. Even with qualitative risk assessment, quantifying is still important since risks need to be prioritised.
Risk assessment can be qualitative or quantitative. Perform qualitative and perform quantitative risk analysis are two processes within the project risk management knowledge area, in the planning process group. While qualitative risk analysis should generally be performed on all risks, for all projects, quantitative risk analysis has a more limited use, based on the type of project, the project risks, and the availability of data to use to conduct the quantitative analysis.
Qualitative Risk Analysis
A qualitative risk analysis prioritises the identified project risks using a pre-defined rating scale. Risks will be scored based on their probability or likelihood of occurring and the impact on project objectives should they occur.
Probability/likelihood is commonly ranked on a zero to one scale (for example, .3 equating to a 30% probability of the risk event occurring).
The impact scale is organizationally defined (for example, a one to five scale, with five being the highest impact on project objectives - such as budget, schedule, or quality).
A qualitative risk analysis will also include the appropriate categorization of the risks, either source-based or effect-based.
Quantitative Risk Analysis
A quantitative risk analysis is a further analysis of the highest priority risks during a which a numerical or quantitative rating is assigned in order to develop a probabilistic analysis of the project.
A quantitative analysis:
- Quantifies the possible outcomes for the project and assesses the probability of achieving specific project objectives
- Provides a quantitative approach to making decisions when there is uncertainty
- Creates realistic and achievable cost, schedule or scope targets
In order to conduct a quantitative risk analysis, you will need high-quality data, a well-developed project model, and a prioritized lists of project risks (usually from performing a qualitative risk analysis).
Reference:
LO 3, AC 3.3


NEW QUESTION # 156
Which of the following standards specifies requirements for a quality management system?

  • A. ISO 9001:2015
  • B. ISO 22000:2018
  • C. ISO 27001
  • D. ISO 14001:2015

Answer: A

Explanation:
ISO 9001:2015 specifies requirements for a quality management system.
ISO 14001:2015 specifies the requirements for an environmental management system that an or-ganization can use to enhance its environmental performance. ISO 14001:2015 is intended for use by an organization seeking to manage its environmental responsibilities in a systematic manner that contributes to the environmental pillar of sustainability.
ISO 22000:2018 specifies food safety management systems - Requirements for any organization in the food chain ISO 27001 provides requirements for an information security management system.
LO 3, AC 3.1


NEW QUESTION # 157
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