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| Section | Objectives |
|---|---|
| Topic 1: Risk, sustainability, and compliance considerations | - Managing procurement and supply risks - Sustainability and ethical sourcing requirements - Legal and regulatory constraints affecting specifications |
| Topic 2: Understanding and defining business needs | - Alignment of procurement with organisational objectives - Role of procurement in identifying and defining needs |
| Topic 3: Demand management and value for money | - Balancing cost, quality, and risk - Whole life costing and total cost of ownership - Demand analysis and forecasting |
| Topic 4: Specification development | - Key performance indicators and measurable requirements - Stakeholder engagement in requirements definition - Types of specifications (input, output, conformance) |
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NEW QUESTION # 259
When should procurement professional tolerate a risk?
Answer: B
Explanation:
Risk control is the process by which an organization reduces the likelihood of a risk event occurring or mitigates the effects that risk should it occur. Our preferred way to determine your risk control strategy is to use the four T's Process:
Transferring Risk can be achieved through the use of various forms of insurance, or the payment to third parties who are prepared to take the risk on behalf of the organization Tolerating Risk is where no action is taken to mitigate or reduce a risk. This may be because the cost of instituting risk reduction or mitigation activity is not cost-effective or the risks of impact are at so low that they are deemed acceptable to the business (such as some trivial annoyance). Even when these risks are tolerated they should be monitored because future changes may make it no longer tolerable.
Treating Risk is a method of controlling risk through actions that reduce the likelihood of the risk occurring or minimize its impact prior to its occurrence. Also, there are contingent measures that can be developed to reduce the impact of an event once it has occurred.
Terminating Risk is the simplest and most often ignored method of dealing with risk. It is the ap-proach that should be most favored where possible and simply involves risk elimination. This can be done by altering an inherently risky process or practice to remove the risk. The same can be used when reviewing practices and processes in all areas of the business.
If an item presents a risk and can be changed or removed without it materially affecting the busi-ness, then removing the risk should be the first option considered; rather than attempting the treat, tolerate or transfer it.
Reference:
LO 3, AC 3.3
NEW QUESTION # 260
Which of the following are typical examples of secondary sources of market data? Select TWO that apply.
Answer: B,C
NEW QUESTION # 261
A company is planning the procurement of an IT system and wants to agree a through-life contract with the supplier to ensure ongoing system support. The first step in producing that specification should be to:
Answer: C
Explanation:
Writing a high-quality specification is very crucial in every purchase. In through-life management, it is even more important since the assets often have very high value. Defining user requirement is the first step to write a specification. Without doing this right, many problems may arise in later stages.
Reference:
LO 3, AC 3.2
NEW QUESTION # 262
One of the disadvantages of using standards in specification is that...
Answer: C
Explanation:
Using standards in specification is very convenient. They reduce the time and effort to produce. They tend to be very accurate with correct technical terminologies. They are well recognised and accepted by a wide range of suppliers and buyers. However, since a standard is very specific, complex and lengthy, it requires a lot of time to be drafted and approved. Therefore, standard tends to be static and don't encourage innovation. It may also not accommodate latest technology and trends.
Reference:
LO 3, AC 3.1
NEW QUESTION # 263
Over the life of a product, which of the following would be considered non-value-adding costs?
* Rework costs
* Production costs
* Maintenance costs
* Waste disposal costs
Answer: A
NEW QUESTION # 264
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L4M2 Standard Answers: https://www.passleadervce.com/CIPS-Level-4-Diploma-in-Procurement-and-Supply/reliable-L4M2-exam-learning-guide.html
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