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| Certification Vendor: | CIPS |
|---|---|
| Exam Name: | Procurement and Supply in Practice |
| Exam Number: | L4M8 |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Available Languages: | English |
| Exam Duration: | 120 minutes |
| Exam Format: | Multiple choice questions, Computer-based exam, Objective test |
| Certificate Validity Period: | No expiry (qualification does not expire once awarded) |
| Recommended Training: | CIPS Study Resources CIPS Official Learning |
| Exam Registration: | CIPS Qualifications Page Pearson VUE CIPS Exams |
| Sample Questions: | CIPS L4M8 Sample Questions |
| Exam Way: | Computer-based exam delivered via Pearson VUE test centres or authorised CIPS assessment centres (some regions may offer remote proctoring) |
| Pre Condition: | No formal prerequisite; CIPS Level 3 Diploma (or equivalent experience) is recommended |
| Official Syllabus URL: | https://www.cips.org/qualifications/diploma-level-4-procurement-and-supply/ |
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The Chartered Institute of Procurement and Supply (CIPS) is a globally recognized professional body that provides training and qualifications for procurement and supply chain professionals. The CIPS L4M8 exam, also known as Procurement and Supply in Practice, is a critical exam for procurement and supply chain professionals. L4M8 exam aims to test the knowledge and skills of candidates in procurement and supply chain management, including sourcing, negotiation, contract management, and supplier relationship management.
The Procurement and Supply in Practice certification exam consists of multiple choice questions and is taken online or in-person at a CIPS exam center. Candidates are required to complete the exam within three hours and must achieve a minimum score of 70% to pass. Successful candidates will receive a certificate from CIPS, which demonstrates their expertise and commitment to the procurement profession. Overall, the CIPS L4M8 Certification Exam provides a valuable opportunity for procurement professionals to enhance their skills and advance their careers.
CIPS L4M8 exam covers a wide range of topics related to procurement and supply chain management. Some of the key topics covered in this certification include procurement strategy, supplier selection and management, contract management, negotiation, and risk management. L4M8 exam is designed to test a candidate's knowledge, understanding and application of these key topics.
NEW QUESTION # 163
Justify which of the five approaches to condition performance monitoring you think is the most cost effective within whole life asset management.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Condition performance monitoring is a surveillance system that is designed to get the maximum production uptime and availability out of an asset. And this can be achieved by timely monitoring and measuring of temperature, vibration, output, speed, noise, emissions and quality. With this, decision has to be made as to what, if any, action needs to be taken. The five approaches to condition performance monitoring are as follows:
1. Do nothing: Use like a commodity. This will bring worries later.
2. Reactive: Fix it when it breaks. This will run to failure.
3. Preventive: Scheduled maintenance.
4. Predictive: Fix it before it breaks. Predict faults.
5. Proactive: Continuous improvement defect elimination.
The most cost-effective approach is 'Proactive', because is the only approach that has continuous improvement in the process, people and policies to minimize downtime. Being proactive takes defect out f the system and continuously harness opportunity that will optimize the system
* Refer to the question column for response
NEW QUESTION # 164
Explain the difference between bonded and forced labor.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Bonded labour and forced labour are among the five types of modern slavery which is against ethical and responsible sourcing.
Bonded labour also known as debt bondage, this is an individual's promise to provide services through exploitation as repayment, or part of them, of a debt or other obligation whereas forced labour is work that people are forced to do with the heat of punishment if it is not carried out.
(Correct)
NEW QUESTION # 165
Describe three ways in which a supplier could improve the effect its company has on the environ-ment.
Answer:
Explanation:
Responsible and ethical sourcing promotes working with suppliers who want to have a positive effect on the environment or at least minimize the damage they cause. Suppliers can make effort to reduce their impact on the planet through reducing the pollution, taking steps to recycle or reuse products can improve on supplier's impact on the environment, also supplier can consider sustainability as another environmental factor. Suppliers with strong values on ethics will have a programme to return anything taken from nature in the form of replanting or replacing.
NEW QUESTION # 166
What is the retention of title clause also known as?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Retention of title (ROT) states when ownership transfers from supplier to buyer.
The retention of title terms also referred to as the Romalpa clause, which is related to a legal case from 1976 between Aluminum industries Vaassen BV and Romalpa Aluminum LTD
NEW QUESTION # 167
What are the definition of a new buy and a modified re-buy?
Answer:
Explanation:
See the answer in explanation.
Explanation:
A new buy is the purchase of goods and services by an organization or an individual for its first time. For example a transport organization for the very first time contracting the purchase of a Lorry out to an external supplier. In situations like this, it is advisable to start the procurement cycle from the very first stage. Which is understanding the need and developing high level specification.
Modified re-buy is the purchase of goods or services that an organization has bought before there was a need but with changes to the specification or supplier or quantity or quality. In carrying out modified re-buy, procurement professional should start from the very first stage of the procurement cycle to justify the added need and follow through. Not in all cases that buyer would have to start from understanding the need. In a situation where the changes required is a change of supplier, the organization will start from its preferred suppliers list and contract the next ranking supplier as the case may be.
* Refer to the question column for response
NEW QUESTION # 168
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