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CIPS L4M8 (Procurement and Supply in Practice) Certification Exam is a professional certification exam that tests the knowledge and expertise of procurement and supply chain professionals. L4M8 Exam is designed for individuals who have completed the CIPS Level 4 Diploma in Procurement and Supply and wish to further their learning and career prospects.
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CIPS L4M8 Certification Exam is recognized globally and is highly valued by employers in the procurement and supply chain industry. It demonstrates the candidate's commitment to their profession and their willingness to stay up-to-date with the latest industry trends and best practices. Procurement and Supply in Practice certification also sets the candidate apart from their peers, giving them a competitive edge in the job market.
NEW QUESTION # 162
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 # 163
What Incoterm applies here?
The supplier is responsible for delivering the goods to a carrier or to an intermediate agreed place. From this point, the buyer is responsible for ensuring these goods reach their named destination.
Answer: D
NEW QUESTION # 164
Explain which company you would award the contract to base on the weighted score card in table below.
Answer:
Explanation:
A weighted score card is a tool with a systematic and a fair process for selecting supplier, based on predetermined criteria. This tool can help make the decision by presenting a fair display of how all suppliers did in the process. The values of these weights are based on their importance. The supplier with the highest score card is considered the most suitable to be awarded the contract.
In the table above, cost is considered more than all other criteria. Contract length is the lowest which is weighted 2 Base on the weighted score card as presented above, company B scored 78 while company A and company C scored 65 and 63 respectively.
Company A, having scored the highest (78) should be awarded the contract.
* Refer to the question column for response
NEW QUESTION # 165
Describe three benefits of working cross-functionally
Answer:
Explanation:
See the answer in explanation.
Explanation:
Working cross-functionally is the involvement of all departments involved in an organization to contribute knowledge, skills and innovation towards adding value of achieving the organization's strategic goal. All functions may include; procurement, maintenance, marketing, finance, human resources working together in procurement activity to come up with the best strategy or selecting the supplier that best suit the organization.
When working cross functionally, members of the organization gives support by believing in the end goal, assist during difficult time, help troubleshoot any issue, providing the required resources and sharing information.
* Refer to the question column for response
NEW QUESTION # 166
When benchmarking what other factors, apart from price should be considered to find the total cost of acquisition?
Answer:
Explanation:
See the answer in explanation.
Explanation:
When evaluating potential suppliers, procurement professionals can carry out bench-marking. Benchmarking is the process of comparing a function, a process performance with another which is best in-class.
Other factors, apart from price that can be considered to find the total cost of acquisi-tion include the product or service quality, lead time, supplier culture, its environmental awareness and sustainability.
NEW QUESTION # 167
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