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CIPS L4M8: Procurement and Supply in Practice is an essential certification for any procurement and supply chain professional. It provides individuals with practical skills and knowledge to manage procurement and supply chain operations efficiently. L4M8 Exam covers a wide range of topics that are crucial for professionals in this field, and it is internationally recognized, making it a valuable asset for individuals who wish to advance their careers.
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CIPS L4M8 (Procurement and Supply in Practice) Certification Exam is a professional certification program offered by the Chartered Institute of Procurement and Supply (CIPS). The program is designed to validate the knowledge, skills, and abilities of procurement and supply professionals at a level 4 standard. Procurement and Supply in Practice certification exam is an internationally recognized standard that demonstrates a high level of expertise in the procurement and supply field.
NEW QUESTION # 105
What information should be included on a purchase requisition?
Answer:
Explanation:
RESPONSE
A purchase requisition should contain the following information
1) Date of the requisition
2) Description of what is required
3) Supplier if known
4) The quantity
5) when the need is required
6) why the need is required
7) who identified the need
8) who approved the need
9) if it's a re-buy
NEW QUESTION # 106
Describe a situation where amendment or an addendum would need to be created
Answer:
Explanation:
After all the due diligence is carried out, before awarding contract to the best supplier, sometimes procurement professionals find themselves in some problem solving situation; this might have been emanated from supplier facing a financial challenge or problems from external environment. Responding to this might require an amendment or an addendum, depending on the case in hand.
An amendment is for a physical change in the existing contract for example; if a contract contains a negotiated and agreed fixed price for the period of the contract but unexpected market forces such as an economic down turn or force majeure occur, the supplier may have to request an amendment order to continue to make a profit.
An addendum is when an additional document is added to the existing contract for example, If a contract have a schedule of rates and the market forces prices up, an addendum can be added to an existing contract with a revised schedule. Once accepted, the addendum becomes part of the con-tract. Addendum are physically used when the forecasted cost of a project rises and approval is needed to increase the contract spend.
NEW QUESTION # 107
What are the ILO and ETI?
Answer:
Explanation:
See the answer in explanation.
Explanation:
ILO stands for International Labour Organization- It is a United Nations agency whose mandate is to advance justice and promote decent work by setting international labor standard.
ETI is Ethical Trading Initiative: It is a leading alliance of companies, trade unions and NGOs that promote respect for workers right around the globe. Its vision is a world where all workers are free from exploitation and discrimination and enjoys condition of freedom, security and equity.
NEW QUESTION # 108
What is contract performance review and continuous improvement?
Answer:
Explanation:
Contract performance review and continuous improvement is the stage 11 of the CIPS procurement and supply cycle.
In order to effectively manage supplier performance and contractual obligations, the suppliers per-formance against key performance indicators (KPI) should be reviewed regularly. This KPI should have been agreed doing the post contract award negotiation. In addition to review KPIs suppliers and the procurement team should work towards continuous improvement. This is a continuous ef-fort to improve product or services within an organization. This may involve improving quality, reducing waste in the supply chain and focusing on innovation. It is an ongoing process that works toward perfection.
NEW QUESTION # 109
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 # 110
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