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| Certification Vendor: | CIPS |
|---|---|
| Exam Name: | Defining Business Need |
| Exam Number: | L4M2 |
| Available Languages: | English |
| Exam Duration: | 90 minutes |
| Passing Score: | 70% |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Exam Format: | Objective Response (Multiple Choice) |
| Real Exam Qty: | 60 |
| Sample Questions: | CIPS L4M2 Sample Questions |
| Exam Way: | Computer-based exam at accredited centres |
| Pre Condition: | Recommended 2+ years relevant business experience |
| Official Syllabus URL: | https://www.cips.org/qualifications/diploma-in-procurement-supply/defining-business-need |
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The Chartered Institute of Procurement and Supply (CIPS) Level 4 Management Module 2 (L4M2) certification exam is designed to test the ability of professionals to identify and define business needs. L4M2 exam is ideal for procurement and supply chain professionals who want to improve their skills and knowledge in identifying the needs of their organizations. CIPS L4M2 is a globally recognized qualification that demonstrates an individual's competence and expertise in analyzing business requirements.
CIPS L4M2 course is suitable for procurement professionals who are responsible for defining business needs within their organization. It is also suitable for those who are looking to develop their knowledge and skills in procurement and supply chain management. L4M2 course is designed to be flexible, allowing candidates to study at their own pace and in their own time.
NEW QUESTION # 193
A consulting firm in London had previously had static budgets. They were set once and locked in for the year. This resulted in departments meeting their budgets early and doing virtually nothing the rest of the accounting period. To address this imbalance, the company tossed out the static budget and developed a new one for each department of the next 18 months. And each month, real sales figures are analyzed against the plan and the budget is adjusted accordingly. Then the company adds another month into the budgeting plan. What type of budget this company is using?
Answer: B
Explanation:
A rolling budget is continually updated to add a new budget period as the most recent budget period is completed. Thus, the rolling budget involves the incremental extension of the existing budget model. By doing so, a business always has a budget that extends one year into the future.
Think of continuous (rolling) budgets as waves rolling ashore on the beach. A new wave comes in each time, replacing the one that was there before. From a financial perspective, the wave is your budget, and the time between waves is longer! These reporting time frames can be monthly, quar-terly, yearly, etc.
An incremental budget is a budget prepared using a previous period's budget or actual performance as a basis with incremental amounts added for the new budget period.
Zero-based budgeting (ZBB) is a method of budgeting in which all expenses must be justified for each new period. The process of zero-based budgeting starts from a "zero base," and every function within an organization is analyzed for its needs and costs. Budgets are then built around what is needed for the upcoming period, regardless of whether each budget is higher or lower than the previous one.
Activity-based budgeting (ABB) is a system that records, researches, and analyzes activities that lead to costs for a company. Every activity in an organization that incurs a cost is scrutinized for potential ways to create efficiencies. Budgets are then developed based on these results.
Reference:
LO 1, AC 1.4
NEW QUESTION # 194
Which of the following are typically reasons why an organisation implements value analysis? Select TWO that apply:
Answer: D
Explanation:
Value analysis is a systematic review of the production, purchasing and product design processes to reduce overall product costs. This can be accomplished through a variety of activities, including the following:
- Designing products to use lower-tolerance parts that are less expensive
- Switching to lower-cost components
- Standardizing parts across product platforms in order to achieve volume discounts
- Altering production processes to minimize the amount of production cycle time, thereby reducing labor costs
- Introducing automation to strip labor costs out of the production process
- Altering product packaging to lower its cost while still protecting the product The process is not a wholesale attack on costs. Costs are only reduced when the result will not im-pact the perceived level of quality experienced by customers, or the level of customer satisfaction.
NEW QUESTION # 195
When analysing a market, the availability of substitute products or suppliers is the only competitive force to consider. Is this statement correct?
Answer: B
Explanation:
Detailed Explanation:
While substitute products are an important factor, other forces such as new entrants, buyer and supplier bargaining power, and industry rivalry also significantly influence market dynamics. These forces are part of frameworks like Porter's Five Forces used in market analysis. Reference: CIPS Level 4, Market Environment Analysis.
NEW QUESTION # 196
Apple's CPO is planning a budget for purchasing carbon-free aluminium next year. There are 27.4 tonnes of aluminum in stock, while Apple will need 200 tonnes for production next year and double inventory for production in the following year. How much aluminum will Apple need to purchase in next year?
Answer: C
Explanation:
The quantity of aluminium Apple needs to buy is calculated as follows:
Quantity needed for production + the inventory needed at the end of the year - inventory at start of the year That formula is quantified as: 200 + 54.8 - 27.4 = 227.4
NEW QUESTION # 197
Which of the following is a challenge of making a business case for straight re-buys?
Answer: D
Explanation:
For straight re-buy, the specifications for the products are known. Generally, there will be an existing contract with supplier in place. The business need is challenged annually, only on the annual demand. So effective inventory control will help procurement successfully manage straight re-buy.
Reference: CIPS study guide page 7
LO 1, AC 1.1
NEW QUESTION # 198
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