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The Commercial Negotiation (L4M5) certification is a valuable credential that assists you to enhance your existing skills and experience. By doing this you can stay updated and competitive in the market and achieve your career objectives in a short time period. To do this you just need to pass the one Commercial Negotiation exam. Are you ready for this? If yes then enroll in CIPS L4M5 Exam Dumps and start this journey with Lead2Passed. The Lead2Passed offers real, valid, and updated L4M5 Questions that surely will help you in exam preparation and enable you to pass the challenging L4M5 exam with flying colors.
| Section | Objectives |
|---|---|
| Topic 1: Understand the interpersonal skills required for effective negotiation | - Analyze the interpersonal skills required for effective negotiation
|
| Topic 2: Understand the stages of commercial negotiations in procurement and supply | - Analyze the types of approaches that can be pursued in commercial negotiations
|
| Topic 3: Understand how to prepare for negotiations in procurement and supply | - Analyze the factors that impact on the approach to commercial negotiations
|
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NEW QUESTION # 113
Which of the following is the most appropriate approach to investors or shareholders who have high level of influence but low interest in the running of business?
Answer: D
Explanation:
Investors or shareholders who have high level of influence but low interest belong to 'Keep satisfied' quadrant of Mendelow's Stakeholder Matrix.
You may read 2 versions from L4M1 and L4M5 here:
Table Description automatically generated
LO 1, AC 1.1
NEW QUESTION # 114
Commercial negotiation ends at the award of a contract. Is this statement true?
Answer: D
Explanation:
Negotiation doesn't end after the contract is awarded. The needs for negotiation can arise in any post-award stages. For example, at supplier development and relationship management stage, improvement in supplier capability, capacity, and product/service range can be negotiated. Negotiations with long-term strategic critical suppliers should be carried out in a partnering style, with a win-win starting point assumed.
In some sectors such as transport, utilities and infrastructure, tenderers may 'bid low' or even make a loss to win major contracts with a view to negotiating lucrative changes, variations and 'add-ons' over the life of the contract when the supplier is bedded in and the buyer is in the weaker position to push back or challenge.
Even in less complex contract, it is very likely that there will be a need to negotiate with that supplier again after the awarding of the contract.
LO 1, AC 1.1
NEW QUESTION # 115
Which of the following are stages within the negotiation process?
* Planning and preparation
* Arguing and persuasion
* Accepting hospitality
* Testing and proposing
Answer: A
Explanation:
The formal negotiation process includes planning and preparation (objectives, BATNA, MIL) and testing
/proposing (exchanging offers). Hospitality is not a stage-it may support relationships but is not part of structured negotiation. Arguing/persuasion occurs within bargaining but is not defined as a stage in itself.
Understanding the stages ensures structured progress and prevents disorganised discussions, which often result in suboptimal agreements.
Reference: CIPS L4M5 (2nd ed.), LO 2.2 - Stages of the negotiation process.
NEW QUESTION # 116
Which of the following are most likely to be fundamentals of Fisher & Ury's principled negotiation?
1. Depersonalise the argument
2. Focuson positions
3. Generate creative options
4. Using subjective criteria
Answer: B
Explanation:
Explanation
Principled negotiation is based on four fundamentals: people, interest, options andcriteria:
Diagram Description automatically generated
1st Principle: separate the people from the problem: Negotiator should depersonalise the situation and accepting that the subject matter of the negotiation. This can be difficult for untrained negotiators, but this is a key skill to develop
2ndprinciple: focus on interests, not positions: It is important in principled negotiations not to focus on their parties' positions (what are expressed during negotiations), but on the interests (underlying needs) behind them
3rd principle: invent options for mutual gains: this principle aims to help the parties find a solution that both would benefit from. The more options - or tradeables - that can be brought to the table the better.
4th principle: insist on using objective criteria: is about making sure that the negotiation stays focused on outcomes based on objective criteria and that it is productive.
LO 1, AC 1.2
NEW QUESTION # 117
Which of the following are most likely to beindirect costs of a garment manufacturer? Select THREE that apply.
Answer: A,B,E
Explanation:
Indirect costs are those cost that are not directly attributable to production. Examples of indirect costs including the following:
Indirect labour: This covers every person in the factory who does not directly perform a production operation such as managers, supervisors, engineers, store personnel,clerks, maintenance staff, porters, canteen staff, security and cleaners etc.
Expenses: Included in this element is every fixed and variable expenses incurred in operating the factory, such as rent, rates, utilities, insurance, depreciation, maintenance, air conditioning and the various types of energy generation required by a clothing factory.
Indirect materials: Also known as consumables, this element contains all the materials not directly connected to the makeup of a garment. Some of the typical items involved are office materials, spare parts, marker paper, maintenance materials, chalk & pins.
Direct costs are those costs of a product/service directly attributable/traceable to its production. Examples of direct costs including the following:
Direct Materials: Direct materials are all the materials and trimmings which go into the construction and finish of the garment. Typically, these materials would include cloth, lining, fusible, zips pads, tapes, labels, tickets, hangers and packaging materials.
Direct Labour: This cover the cost of all the labor directly involved in producing the garment and could include cutting, fusing, regular sewing, special machine operations, pressing, finishing, inspection and packing. Labor of all types and grade has a directoverhead which include holiday pay, sick pay, fringe benefits etc and the statutory payments made by the employer for each employee. This is usually expressed as a percentage of salary and when this percentage is added to the employee's wage, it becomes the basis for calculating direct labor costs.
NEW QUESTION # 118
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