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| Section | Objectives |
|---|---|
| Understand market management in procurement and supply | - Contrast direct costs and indirect costs
|
| Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
| Understand the use of specifications in procurement and supply |
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NEW QUESTION # 289
Which of the following factors should be assessed to understand the competitiveness of a supply market?
Answer: D
NEW QUESTION # 290
Which of the following are the causes of material cost variance?
1. The buyer updates purchase-to-pay system to track payment and delivery
2. An unprocessed goods received note is missing
3. The employees must work overtime to catch up with the customers' orders
4. The purchase is made in emergency
Answer: C
Explanation:
The difference between the standard cost of direct materials specified for production and the actual cost of direct materials used in production is known as Direct Material Cost Variance. Material Cost Variance gives an idea of how much more or less cost has been incurred when compared with the standard cost. Thus, Variance Analysis is an important tool to keep a tab on the deviations from the standard set by a company.
Material Cost Variance can be due to less purchase price being paid than the standard or because of change in the quantity of material used. Thus, Material Cost Variance is made up of two components namely; Material Price Variance and Material Usage Variance.
Among the 4 options:
- 'The buyer updates purchase-to-pay system to track payment and delivery': The use of e-procurement system can increase the productivity and create labour cost variance, not material cost variance.
- 'An unprocessed goods received note is missing': If a goods received note is missing, the buyer won't pay for that batch, which create quantity variance.
- 'The employees must work overtime to catch up with the customers' orders': Overtime salary can cause labour variance, not material cost variance.
- 'The purchase is made in emergency': Normally, the price in emergency situation is higher than usual. This can cause price variance.
NEW QUESTION # 291
Outcome specifications should be used when:
Answer: C
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Specification Types) Outcome (or output) specifications define what outcome must be achieved, leaving suppliers freedom to decide how.
They are appropriate when multiple solutions can deliver the same performance.
* Option C directly reflects this.
* Options A, B, and D contradict the flexibility principle.
Relevant L4M2 references:
* "Performance and outcome-based specifications"
* "Encouraging innovation through output requirements"
NEW QUESTION # 292
When analysing competitive forces in a market, which of the following can be seen as a supplier having low bargaining power?
Select TWO that apply:
Answer: B,E
Explanation:
Supplier bargaining power is reduced when buyers have more choices and the cost of changing suppliers is low.
According to the CIPS L4M2 Study Guide, Chapter 2: Market Analysis (Porter ' s Five Forces), it states:
"Suppliers have low bargaining power when buyers can switch easily between suppliers, when there are many substitute products, or when suppliers are not differentiated by innovation or quality." Let's evaluate each option:
* A. Low switching costs between products - This reduces supplier power, as buyers can move to competitors easily.
* B. A high number of substitutes available - This weakens supplier control, as buyers are not dependent on any single provider.
* C. Low competition in the marketplace - This actually increases supplier power.
* D. High quality products - If a supplier offers superior quality, it typically increases their bargaining power.
* E. Low levels of innovation - This can reduce supplier attractiveness but does not directly increase buyer leverage unless combined with other factors.
The correct answers are A (Low switching costs) and B (Many substitutes).
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 2: Market Management
* Section: Porter ' s Five Forces - Supplier Bargaining Power
NEW QUESTION # 293
Which type of specification is less time-consuming to develop?
Answer: A
Explanation:
There are two major types of specification: conformance and performance specifications. They have the following characteristics:
Table Description automatically generated
Since performance specification is often a list of outputs or outcomes, it usually takes less time to develop than conformance specification.
Reference: CIPS study guide page 116-124
NEW QUESTION # 294
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