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CIPS L4M8 exam, also known as Procurement and Supply in Practice, is a certification offered by the Chartered Institute of Procurement and Supply. L4M8 exam is designed for professionals who want to gain an in-depth understanding of procurement and supply chain management practices. L4M8 exam covers various topics such as procurement strategy, supplier management, contract management, risk management, and performance measurement.
CIPS L4M8 Certification Exam is an internationally recognized qualification, and is highly valued by employers across a range of industries. Successful candidates will be able to demonstrate their expertise in procurement and supply, and will be well-equipped to take on leadership roles within their organizations. L4M8 Exam is also an excellent way for professionals to demonstrate their commitment to ongoing learning and development, and to stay up-to-date with the latest trends and best practices in the field.
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CIPS L4M8 Exam is a certification exam in procurement and supply that covers a wide range of topics related to the practice of procurement. L4M8 exam is designed to test the knowledge and skills of professionals who are working in procurement and supply, and who are looking to advance their careers in this field. L4M8 Exam is administered by the Chartered Institute of Procurement and Supply (CIPS), which is the world's largest professional organization for procurement and supply management.
NEW QUESTION # 117
What Incoterm applies here?
The supplier is responsible of placing the goods in the hands of a chosen carrier by the buyer, at which point the buyer takes on the risk.
Answer: B
NEW QUESTION # 118
What is PQQ and what does it include?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Pre-qualification questionnaire (PQQ) is often standard forms that buyers send to potential suppli-ers. The purpose is to ensure that these potential suppliers could, if they win the contract, supply the product or service to the standard required. PQQ includes requesting details from the potential suppliers on the following information
1. Company Details
2. Environment policies
3. Trading history
4. Ethical policies
5. Financial information
6. Health and safety policies
7. Quality standards
8. References
9. Insurance.
NEW QUESTION # 119
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.
NEW QUESTION # 120
What is Decommissioning?
Answer:
Explanation:
When a fixed asset reaches the end of its life, it requires decommissioning before reconditioning or disposal.
Decommissioning is to observe all the safety measures and technical procedures and stop active machinery or an asset from operation (example; gas plant, power generator, transformer etc.
Decommissioning process include the following aspect
1) Preparation: Plan the process
2) Dismantle: Take the asset apart and remove hazardous waste
3) Processing: make safe any hazardous waste
4) Disposal: Ensure paper work is received to confirm removal and disposal
* Refer to the question column for response
NEW QUESTION # 121
What are the two types of damage clauses that can be created within a contract?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Damages are 'sum of money that the supplier pays if it fails to carry out its contractual obligation. Damages are categorized into two types; liquidated and un-liquidated.
Liquidate Damages are fixed amount of money agreed between the parties that is payable if a contract is breached. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device and going ahead to include a fee in the contract if the device was destroyed.
Un-liquidated damages are unfixed amount of money. It is used when the amount of money that will compensate the injured party cannot be known in advance. A court decides the amount when the damages occur. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device, other appliances and equipment unknown, cause the buyer delay in the process and reputational damage as in customer dissatisfaction. Yet, unquantifiable as both party are unable to fix a fee in advance on the damages and leaving it to the court to decide the damage if it may occur.
NEW QUESTION # 122
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