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CIPS Level 4M2 Defining Business Needs module is designed for procurement and supply professionals who are looking to enhance their skills in identifying and analyzing business needs. This module covers a range of topics, including stakeholder analysis, market analysis, and risk management. By taking this module, learners will be able to develop effective procurement strategies that meet the needs of their organization.
CIPS L4M2 (Defining Business Needs) Exam is a globally recognized certification exam offered by the Chartered Institute of Procurement and Supply (CIPS). It is designed to test the knowledge and skills of procurement professionals in identifying and defining business needs in order to develop effective procurement strategies. L4M2 Exam is suitable for procurement professionals who are involved in the procurement process from the initial stages of identifying business needs to the final stages of contract management.
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CIPS L4M2 Exam covers a broad range of topics, including the identification of business requirements, the development of business cases, the analysis of data, and the creation of effective procurement strategies. L4M2 course is interactive and designed to provide learners with hands-on experience in real-world scenarios. This approach ensures that learners are equipped with the practical skills required to apply the knowledge gained in their workplace.
NEW QUESTION # 228
A procurement manager includes provision on recovery from natural disaster into a through-life specification.
Some suppliers suppose that provision is unnecessary. Is procurement manager's action justified?
Answer: A
Explanation:
Risks like natural disasters - fire, flood, or weather-related event, and cyber-attacks can disrupt the supply chain seriously. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. Risks must be identified early and supplier should have a plan that ensures continuous operations during disasters.
There are several steps many companies must follow to develop a solid business continuity plan. They include:
- Business Impact Analysis: Here, the business will identify functions and related resources that are time- sensitive. (More on this below.)
- Recovery: In this portion, the business must identify and implement steps to recover critical business functions.
- Organization: A continuity team must be created. This team will devise a plan to manage the disruption.
- Training: The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.
Reference: CIPS study guide page 138.
LO 3, AC 3.2
NEW QUESTION # 229
In Kano model, which of the following types of requirement should be excluded from the product or service?
Answer: C
Explanation:
Kano model of excitement and basic quality (Kano et al, 1984; Berger et al, 1993; Matzler et al, 1996) brings a different perspective for the analysis of improvement opportunities in products and services because it takes in consideration the asymmetrical and non-linear relationship between performance and satisfaction. The Kano model classifies customers requirements in three categories (figure 3):
a) Basic Requirements (or Must-be requirement). The basic requirements fulfill the basic func-tions of a product. If they are not present or their performance is insufficient, customers will be extremely dissatisfied.
On the other hand, if they are present or have sufficient performance, they don't bring satisfaction. Customers see them as prerequisites. For instance, for luxury automobiles, "air bags" are considered basic. A customer won't feel satisfied if the automobile has "air bag", however he/she will not buy it if "air bag" is not present.
b) Performance Requirements (or One-dimensional requirements). As for these requirements, satisfaction is proportional to the performance level - the higher the performance, the higher the customer's satisfaction will be and vice-versa. Gas consumption in automobiles is an example of these requirements. Usually customers explicitly demand performance requirements.
c) Excitement Requirements (or Attractive requirements). These requirements are key to cus-tomer satisfaction. If they are present or have sufficient performance, they will bring superior satisfaction. On the other hand, if they are not present or their performance is insufficient, customers will not get dissatisfied. For instance, a surprise gift at the end of a dinner in a restaurant will certainly bring satisfaction, but it will not cause dissatisfaction if not offered. These requirements are not demanded nor expected by customers.
Two other types of requirements may be identified in the Kano model: neutral and reverse ones. Neutral requirements do not bring either satisfaction or dissatisfaction. Reverse require-ments bring more satisfaction if absent than if present.
Diagram Description automatically generated
NEW QUESTION # 230
A company is evaluating two investment projects: Project A and Project B. Project A has a high initial cost but generates substantial cash flows over time. Project B has a lower initial cost but generates modest cash flows consistently. The company's cost model indicates a payback period of three years for Project A and a payback of four years for Project B. Which of the following statements is correct regarding the cost models and cash flow profiling for these projects?
Answer: C
Explanation:
Detailed Explanation:
Project A's shorter payback period means the initial investment is recovered more quickly, which is often preferred in cost models. The higher initial cost is offset by substantial cash flows, making it the more viable option based on ROI. Reference: CIPS Level 4, Investment Appraisal Techniques.
NEW QUESTION # 231
Which of the following are advantages of zero-based financial budgeting?
* Use of previous year figures
* Emphasis on short-term planning
* Budget treated as flexible
* Focus on operational issues
Answer: C
Explanation:
Detailed Explanation:
Zero-based budgeting emphasizes starting from scratch and justifying all expenses.
* 3 (Budget flexibility): Ensures resources are allocated dynamically based on needs.
* 4 (Focus on operational issues): Encourages alignment with operational priorities rather than historical trends.Using prior figures (1) is contrary to zero-based budgeting principles. Reference: CIPS Level 4, Financial Planning and Budgeting.
NEW QUESTION # 232
Thani Ltd is a fast growing logistics company with a fleet of 20 tractors. To meet Net Zero objec-tive, the company needs to electrify its fleet. Angelica is assigned to investigate the market price of electrifying services. After the investigation, she realises that the current market price is very expensive and unsustainable for her company. She decides to break down the costs before negotiating with the suppliers. Which internal stakeholders may help Angelica estimate the breakdown of costs? Select TWO that apply.
Answer: B,C
Explanation:
Despite of its importance, cost analysis is often a daunting task for procurement professionals. In order to analyse supplier's costs effectively, procurement may need the input from other depart-ments. Normally, technical (or engineering) department may help them to identify the direct costs of the product/service (how much material is required to make the product, or how many people are needed to perform the job, etc), while finance (or accounting) department may have ideas on the overheads of the supplier.
In this scenario, engineering department may provide insights on the components needed and the tasks to perform. Similarly, finance may know how much supplier pays for the overheads.
On the other hand, while commercial agency and suppliers are external stakeholders, Sales and marketing is unlikely to provide valuable information in this case.
NEW QUESTION # 233
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