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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | Procurement and Supply in Practice |
| Exam Number: | L4M8 |
| Exam Price: | £150 / €155 / $190 approx |
| Real Exam Qty: | 4 scenario-based questions |
| Available Languages: | English |
| Exam Format: | Scenario-based questions, Constructed Response, Essay / short answer style |
| Related Certifications: | CIPS Level 6 Professional Diploma in Procurement and Supply CIPS Level 5 Advanced Diploma in Procurement and Supply CIPS Level 4 Diploma in Procurement and Supply |
| Exam Duration: | 180 minutes |
| Passing Score: | 50/100 |
| Certificate Validity Period: | Valid for life; certification does not expire |
| Recommended Training: | CIPS Official Study Materials CIPS Business Training |
| Exam Registration: | CIPS Official Exam Booking |
| Sample Questions: | CIPS L4M8 Sample Questions |
| Exam Way: | Computer-based exam; available online remote or at approved test centres |
| Pre Condition: | Recommended completion of all prior Level 4 modules (L4M1–L4M7); no strict mandatory requirement |
| Official Syllabus URL: | https://www.cips.org/exam-booking/l4m8-procurement-and-supply-in-practice-core |
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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.
NEW QUESTION # 22
Describe five types of contract terms that a procurement professional should create with a supplier when forming an agreement.
Answer:
Explanation:
Terms are the right and duties agreed which are then documented in a contract. Five types of con-tract terms that a procurement professional should create with a supplier when forming an agree-ment includes; Price term is when the buying organization wants to protect its budged and spending, it include price terms in the contract, for the buyer to buy goods or services in response to a need they some-time enshrine a bespoke specification in the contract.
Payment Term is to specify when and how the buyer will pay the supplier. The buyer may include a payment term in the contract.
Warrantee is when the buyer requires a promise from the supplier that the product or service will meet the specified need in the contract.
Time is of the essence term is included in the contract to detail when a product or service should be delivered and explains the potential losses of business if time is not observed.
* Refer to the question column for response
NEW QUESTION # 23
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.
NEW QUESTION # 24
Describe three ways that hidden cost could present themselves within the logistics operation
Answer:
Explanation:
See the answer in explanation.
Explanation:
Hidden costs are costs that do not always present themselves at the onset of the project.
Logistics can provide a hidden cost within global sourcing. The movement of goods can generate risk within a localized supply chain, but the risk is greater within global sourcing. Within global sourcing there are usually many more aspects to the logistics operation, hidden cost associated with the logistics process includes,;1) delays that can be experienced after placing orders, 2) unclear and poor/incorrect communication that might affect the successes of the transaction, also 3) goods could be confiscated by customs for unseen reasons.
* Refer to the question column for response
NEW QUESTION # 25
How does positive social impact present itself?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Organizations which display good behavior create a positive social impact. The community in which they are based and to which they supply will benefit from the following.
1. High employment
2. Fair wages
3. low pollution
4. sustainable resources
5. Engagement and movement with local organization
NEW QUESTION # 26
Describe the seven stages of the Tender Process and explain the reasons why the stages must be followed.
Answer:
Explanation:
The purpose of the tendering process is to invite potential suppliers to bid to supply a product or service to the buying organization. Then buying organization select suitable suppliers, award con-tract and manage. The process is selected mostly when the need is a large or complex project or the law mandates it or it is in the company's policies to do so. The stages of the tendering process includes; Stage 1: decide which style of tender to use. There are four types of tendering used within pro-curement and this include; 1) open 2) Restricted 3) Negotiated 4) Competitive Dialogue Stage 2: Prepare invitation to tender (ITT): this stage is to prepare the document that will be made available to potential supplier. It should contain everything potential bidders will need to know to fully understand the need and to prepare and send a suitable RESPONSE it may likely in-clude; open letter, company details, overview of a project, evaluation criteria, submission date and so on.
Stage 3: send ITT: With fairness, transparency and equality, buyer will provide the documents to all potential suppliers at the same time and also provide exactly the same information/documents to all suppliers. If after receiving the ITT and some suppliers seek clarifications on anything in the documentation, buyers must give same response to identical questions to keep the process transparent and fair. Also, the response to each query to all bidders in the process.
Failure to this may result in bidders who feel disadvantaged or discriminated in any form to submit a legal challenge. Supplier submitting a Legal challenge may cause delay in the process and eventually increase administrative cost for the buyer.
Stage 4: Buying organization receives responses to the Invitation to tender from suppliers (bids). Suppliers must adhere to the bid submission dead line included in the invitation to tender document. Any bid that arrives after the deadline must be left out of the process, or else this may result to other suppliers legally challenging the process.
Stage 5: Evaluate bid. The buying organization can now evaluate the bids based on the criteria in the ITT document. It is always thorough that cross-functional team evaluates the bids to guarantee complete fairness and ensure that the chosen bid is fit for purpose. In evaluating the bids, the cross-functional team will consider the bids in the following areas; supplier organization, ethics, price, sustainability, quality, payment, disposal, service level, location, warranty and risk.
Stage 6: Award contract and give feedback hence the buying organization wards the contract to the winning supplier. This can take place by a formal communication like a letter or an e-mail.
Stage 7: Contract management. Contracts must be evaluated against the criteria in the invitation to tender.
The reasons why these stages must be followed includes;
1. Knowing the right TYPE of tender to use, reduces administration cost, for example, deciding to do restricted tendering to reduce the interest that are going to be sent in have already cut down on administrative cost.
2. The supplier can know what exactly the buyer's intentions are by developing description and the required specification.
3. To ensure that objectives of resorting to use the tendering style and the tendering process is achieved
4. To ensure that the organization generates added value by going through the stages.
5. To ensure that there are none unethical issues like fraud, bribes etc are not part of the system.
6. To ensure that the tendering process becomes transparent to all suppliers. These stages must be followed for transparency and fairness. Just like in stage 3: buyer send out the ITT to potential suppliers at the same time and providing them same information. Failure to this and bidders who feel disadvantaged or discriminated in any form may submit a legal challenge. Supplier submitting a Legal challenge may cause delay in the process and eventually increase administrative cost for the buyer.
* Refer to the question column for response
NEW QUESTION # 27
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