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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Devise a business case for requirements sourced externally | 20-25% | - Estimate costs and prices for procurement activities
|
| Topic 2: Market management in procurement and supply | 20-25% | - Assess market forces and trends
|
| Topic 3: Stakeholder management in defining needs | 15-20% | - Identify and classify stakeholders
|
| Topic 4: Use specifications in procurement and supply | 20-25% | - Types of specifications
|
| Topic 5: Legal and regulatory considerations | 10-15% | - Sustainability and ethical requirements
|
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NEW QUESTION # 116
Why should the buying organisation require the supplier to carry out acceptance testing?
Answer: A
Explanation:
Acceptance testing, in the context of the engineering and software industries, is a functional trial performed on a product or prototype before it is put on the market or delivered, to decide whether the specifications or contract have been met. It also makes sure the quality and design of the product meet both contractual and regulatory obligations in terms of functionality, usability, durability, and safety.
If a product is found to be unacceptable at this stage, it can be sent back for modification, debug-ging, repair, or re-design before it can become a costly undertaking for the producer, as would be the case in a product recall.
NEW QUESTION # 117
Andrew is responsible for procurement of capital assets at Lumber Ltd. He is devising new business case for the purchase of a new band saw. The purchase price of the saw is $50,000. Andrew estimates that the machine will generate $10,000 per year of net cash flow. What is the payback period of this band saw?
Answer: B
Explanation:
Payback period is the time in which the initial outlay of an investment is expected to be recovered through the cash inflows generated by the investment. It is one of the simplest investment apprais-al techniques.
Since cash flow estimates are quite accurate for periods in the near future and relatively inaccurate for periods in distant future due to economic and operational uncertainties, payback period is an indicator of risk inherent in a project because it takes initial inflows into account and ignores the cash flows after the point at which the initial investment is recovered.
The formula to calculate the payback period of an investment depends on whether the periodic cash inflows from the project are even or uneven.
If the cash inflows are even (such as for investments in annuities), the formula to calculate payback period is:
Payback Period = Initial Investment / Net Cash Flow per Period
When cash inflows are uneven, we need to calculate the cumulative net cash flow for each period and then use the following formula:
Payback Period =A + (B/C)
Where,
A is the last period number with a negative cumulative cash flow;
B is the absolute value (i.e. value without negative sign) of cumulative net cash flow at the end of the period A; and C is the total cash inflow during the period following period A Cumulative net cash flow is the sum of inflows to date, minus the initial outflow.
Reference:
- Payback Period | Formulas, Calculation & Examples (xplaind.com)
- CIPS study guide page 44-47
LO 1, AC 1.3
NEW QUESTION # 118
Which kind of these following costs belong to fixed costs? Select TWO that apply.
Answer: B,D
Explanation:
Based on variability, the costs has been classified into three categories, they are fixed, variable and semi variable. Fixed costs, as its name suggests, is fixed in total i.e. irrespective of the number of output produced.
Variable costs vary with the number of output produced. Semi-variable is the type of costs, which have the characteristics of both fixed costs and variable costs (Source: Key Differences).
Among above costs, leasing and depreciation are relatively static and do not change if volume of business activities increase or reduce.
Packaging, utilities and annual business rate (tax) are variable costs.
NEW QUESTION # 119
Which of the following are typical environmental considerations throughout the contract life cycle? Select the TWO that apply.
Answer: A,B
Explanation:
All procurement has some level of impact on the environment that needs to be minimised to ensure sustainable procurement practices.
The greatest opportunity to influence environmental outcomes is by selecting products and services with the least ongoing environmental impacts, such as use of water, electricity and fuel, waste/disposal management, and impact on human health over the life of the product or service.
Lifecycle stages that impact on the environment:
Most goods and services will have an element of environment impact in a number of areas. The five main impact areas are listed in the following table.
Source: Buying for Victoria
Reference:
LO 3, AC 3.2
NEW QUESTION # 120
Aircraft Category Manager Harpal Patel is purchasing several aircraft engines. He is seeking to determine which category of specification will be most appropriate. He decides on using a conformance-based specification. A conformance-based specification is most appropriate in which one of the following instances?
Answer: C
Explanation:
Conformance specifications are most suitable when detailed technical precision is required - especially in industries like aerospace, where safety and compliance demand strict controls.
The CIPS L4M2 Study Guide, Chapter 1: Developing Specifications, explains:
"Conformance-based specifications are used when the buyer must define exact measurements, materials, or performance criteria, particularly in technical or highly regulated environments." Analysis:
* A. When technical dimensions are necessary - Correct. This suits environments where precision and compliance are critical.
* B. Where suppliers have more technical expertise - This would support a performance-based specification, not conformance.
* C. Clear objective criteria for alternative solutions - Again, better suited for performance-based or outcome-based specs.
* D. Rapid technology change - This would make conformance specs less suitable, as they don't allow flexibility.
Correct answer: A
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 1: Specification Types
* Section: Conformance Specifications
NEW QUESTION # 121
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