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| Certification Vendor: | CIPS (Chartered Institute of Procurement and Supply) |
|---|---|
| Exam Name: | Defining Business Needs |
| Exam Number: | L4M2 |
| Certificate Validity Period: | 3 years |
| Passing Score: | 60% |
| Related Certifications: | L4M6 Supplier Relationships L4M3 Commercial Contracting L4M8 Procurement and Supply in Practice L4M5 Commercial Negotiation L4M1 Scope and Influence of Procurement and Supply L4M4 Ethical and Responsible Sourcing L4M7 Whole Life Asset Management |
| Exam Format: | Multiple-choice questions, Objective response format |
| Available Languages: | English |
| Exam Price: | ยฃ199 / $250 USD |
| Exam Duration: | 90 minutes |
| Real Exam Qty: | 55-65 |
| Recommended Training: | Official CIPS Online Learning L4M2 Defining Business Needs Study Guide |
| Exam Registration: | CIPS Official Registration |
| Sample Questions: | CIPS L4M2 Sample Questions |
| Exam Way: | Computer-based; online remote proctored or in-person at authorised test centres |
| Pre Condition: | No mandatory prerequisites; recommended: relevant work experience or completion of Level 3 Certificate |
| Official Syllabus URL: | https://www.cips.org/qualifications/level-4-diploma/l4m2-defining-business-need/ |
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Defining Business Needs is a crucial module in the Level 4 Diploma in Procurement and Supply. This module focuses on the importance of identifying and analyzing business needs to ensure that procurement and supply chain activities are aligned with organizational goals. The module covers topics such as stakeholder analysis, requirements gathering, and market analysis. The goal of this module is to equip procurement and supply chain professionals with the skills and knowledge needed to effectively identify and analyze business needs.
CIPS L4M2 exam is designed to test the candidate's understanding of how to define and analyze business needs effectively. L4M2 Exam covers topics such as identifying internal and external stakeholders, understanding business processes and requirements, developing procurement strategies based on business needs, and evaluating procurement options. Passing L4M2 exam is crucial for anyone who wants to advance their career in procurement and supply chain management. It shows that the candidate has the necessary skills and knowledge to analyze business needs and develop procurement strategies that align with the organization's objectives.
NEW QUESTION # 283
A buyer is reviewing the difference between the direct and indirect costs of a supplier's production costs The buyer is unable to reduce the supplier's indirect cost for production. Is this statement true?
Answer: B
NEW QUESTION # 284
Company A sells a product for $100. The total unit variable costs are $60. Fixed costs as in its ac-count are
$20,000. How many products does the company have to sell to achieve break-even point?
Answer: B
Explanation:
Break even point = Fixed costs/(Price-variable cost). In this case, break even point = 20,000/(100-60) = 500 Reference: CIPS study guide page 28-29 LO 1, AC 1.2
NEW QUESTION # 285
Sealines Inc is developing its fleet of cargo ships. The company is planning to build a new ship powered by natural gas. Brian, the procurement manager at Sealines, suggests the project team to develop a through-life specification before engaging with the supplier. Is this a correct approach?
Answer: D
Explanation:
Through-life management is a approach applied to capital asset. According to Ward and Graves, Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer. According to CIPS study guide, through-life management comprises of 6 parts:
1. Design
2. Manufacture
3. Installation
4. In-service support
5. Decommission and disposal
6. Customer support
In this scenario, the company is planning to procure a ship, which is a capital asset. Through life management is a good approach. Sealines can start with developing through-life specification. This approach may have several benefits:
- It lowers the costs over the whole life of the asset
- It lowers the risks as there is a single company accountable for costs and service over the life of the asset
- A closer match between the asset delivered and the users' needs
- Development of capability over the life of the asset as the supplier continues to get experience of the users' needs and can adapt services to meet them.
NEW QUESTION # 286
Which of the following agencies can produce a technical standard?
Answer: A
Explanation:
Technical standards are often produced by a national or international body such as British Standard Institute (BSI) LO 3, AC 3.1
NEW QUESTION # 287
GSC Ltd is a manufacturer of car parts. To accommodate growing demands of electric cars, the company is developing a new component which requires different type of steel. The project team estimates that the component will be ready for production in 1.5 years. Until then, they need to keep the production busy.
After checking the inventory records, the production team sees that the company has 3 months of stock. The lead time for each batch is two months. Which of the following should be a priority ac-tion of the company?
Answer: A
Explanation:
The scenario is very long with many distracting data. Students need to read carefully and use their experience to solve this problem.
The company is developing a new component which requires different type of material. But this component will not be available for mass production in 1.5 years. This means the company still needs to produce the current components with current materials until the development is finished. They must continue purchase the materials from current supplier through call-off orders. This situation is an example of straight re-buy.
NEW QUESTION # 288
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