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The Certified Institute of Procurement and Supply (CIPS) Level 4 Module 2 (L4M2) certification exam is designed to test the knowledge and skills of procurement professionals in defining business needs. L4M2 exam is a critical part of the CIPS certification program, which is recognized as the global standard for procurement professionals. The L4M2 Exam covers a range of topics related to business needs, including identifying and analyzing business requirements, developing procurement strategies, and managing stakeholder relationships.
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The Defining Business Needs certification exam for the Defining Business Needs module is a rigorous assessment of an individual's understanding of the concepts and practices covered in the course. L4M2 exam is designed to test a candidate's ability to apply the knowledge they have gained in real-world scenarios and to think critically about the needs of their organization.
Successful completion of the CIPS L4M2 Exam demonstrates to employers and colleagues that you have the skills and knowledge required to manage procurement activities effectively. It is also an excellent way to advance your career and increase your earning potential, as many organizations require their procurement professionals to hold CIPS certification.
NEW QUESTION # 25
A state school has a procurement requirement to buy new art materials for the next school semester and needs to forecast purchases against its restricted budget. What would be the key business requirement in this purchasing decision?
Answer: B
NEW QUESTION # 26
A buyer in Housing Authority is considering using performance specification in upcoming social housing project. What should buyer be aware when using this type of specification?
Answer: C
Explanation:
In construction, specifications are written documents that describe the materials and workmanship required for a development. They do not include cost, quantity or drawn information but need to be read alongside other contract documentation such as quantities, schedules and drawings.
Specifications vary considerably depending on the stage to which the design has been developed, ranging from performance (open) specifications that require further design by a contractor or sup-plier, to prescriptive (closed) specifications where the design is already complete when the project is tendered.
Prescriptive specifications give the client more certainty about the end product when they make their final investment decision (i.e. when they appoint the contractor), whereas a performance specification gives the contractor and suppliers more scope to innovate and adopt cost effective methods of work, potentially offering better value for money.
Typically, performance specifications are written on projects that are straight-forward, standard building types, whereas prescriptive specifications are written for more complex buildings, or buildings where the client has requirements that might not be familiar to contractors and where certainty regarding the exact nature of the completed development is more important to the client.
Performance specification has some disadvantages:
- Well-defined performance metrics are needed to ensure that the specified performance will achieve the desired outcome
- Require reliable, practical, economical tests of performance
- Evaluations are subjective and require additional time and effort to complete Therefore, if a performance specification is used, the buying organisation will have to ensure that they are able to define and conduct tests on whether supplier's solution can deliver the desired out-come.
NEW QUESTION # 27
Ymira is asked to develop the specification for water purifier which will be used at the company headquarter.
She believes that the specification can be drafted based on the information available on the Internet, such as blog posts, comparison websites, how-to websites, life hacks, etc. Which of the following traits will make the information more useful?
Answer: B,E
Explanation:
Internet is a great source of information, however, information from the Internet needs to be tested for accuracy and reliability. To check the information from the Internet, a buyer can use the criteria with acronym SAMOA:
Source (of the information)
Audience (intended as the recipient of the information)
Methodology (used to collect and analyse the data)
Objectivity (of the information - there should be no bias)
Accuracy
Reference: CIPS study guide page 125-126
LO 3, AC 3.1
NEW QUESTION # 28
Which of the following is the purpose of benchmarking?
Answer: A
Explanation:
According to US Department of the Navy, Benchmarking is a strategic and analytic process of continuously measuring an organisation's products, services, and practices against a recognised leader in the studied area.
Successful benchmarking will help you:
- Find who does the process best and close the gap
- Recognise the leading organisations in a process or activity
- Create performance standards derived from an analysis of the best in business
- Ensure that comparisons are relevant
- Measure your performance, your processes, and your strategies against best in business
- Measure business processes
- Assess performance over time
- Accelerate continuous process improvement (CPI)
- Establish more credible goals for CPI
- Establish actionable objectives
- Discover and clarify new goals
- Establish customer expectations of business standards set by the best suppliers in industry
- Help your organisation achieve breakthrough improvements
- Create a sense of urgency for change
- Increase customer satisfaction
- Become direction setting
- Provide a positive, proactive structured process
Benchmarking does not:
- Copy the other's processes
- Steal other business confidentiality
- Stop. Benchmarking is a continuous process.
Reference:
- CIPS study guide page 49-51
- The Department of the Navy Benchmarking Handbook
LO 1, AC 1.3
NEW QUESTION # 29
A company has a lists of items that make up 15% of total spend. These items also do not largely impact on quality of final product. The supply continuity is secured. Which of the following will be the most appropriate managing approach to purchase these items?
Answer: A
Explanation:
Those items make up small portion of spend and the supply risk is low. So it is tactical item according to Kraljic portfolio matrix. Procurement should bundle these items into larger contracts, simplify procurement process.
LO 2, AC 2.1
NEW QUESTION # 30
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