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CIPS L4M8 (Procurement and Supply in Practice) Exam is a professional certification exam designed for individuals who want to advance their career in procurement and supply chain management. L4M8 Exam is offered by the Chartered Institute of Procurement and Supply (CIPS) and is recognized internationally as a benchmark for excellence in the field.
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The CIPS L4M8 exam covers a broad range of topics, including procurement strategies, negotiation skills, supplier management, ethics and sustainability, contract management, and risk management. L4M8 course material is designed to provide individuals with practical skills and knowledge to manage procurement and supply chain operations in their organizations effectively.
NEW QUESTION # 107
What Incoterm applies here?
The supplier is responsible for delivering the goods to a carrier or to an intermediate agreed place. From this point, the buyer is responsible for ensuring these goods reach their named destination.
Answer: D
NEW QUESTION # 108
Describe a situation where amendment or an addendum would need to be created
Answer:
Explanation:
After all the due diligence is carried out, before awarding contract to the best supplier, sometimes procurement professionals find themselves in some problem solving situation; this might have been emanated from supplier facing a financial challenge or problems from external environment. Responding to this might require an amendment or an addendum, depending on the case in hand.
An amendment is for a physical change in the existing contract for example; if a contract contains a negotiated and agreed fixed price for the period of the contract but unexpected market forces such as an economic down turn or force majeure occur, the supplier may have to request an amendment order to continue to make a profit.
An addendum is when an additional document is added to the existing contract for example, If a contract have a schedule of rates and the market forces prices up, an addendum can be added to an existing contract with a revised schedule. Once accepted, the addendum becomes part of the con-tract. Addendum are physically used when the forecasted cost of a project rises and approval is needed to increase the contract spend.
* Refer to the question column for response
NEW QUESTION # 109
What Incoterm applies here?
The goods are considered 'delivered' at the point of release from the supplier's premises or another name place. The supplier is not responsible for loading or transporting the goods and does not have to arrange export clearance - this must be arranged by the buyer. The risk is on the buyer from this point.
a) EXW - Ex Works
b) FCA - Free Career
c) CPT - Carriage Paid To
d) CIP - Carriage and Insurance Paid to
Answer: D
NEW QUESTION # 110
What is depreciation and deterioration?
Answer:
Explanation:
When an organization want to purchase an asset, it considers the depreciation and deterioration in the whole life of the asset and how it will be manage.
Depreciation is the reduction in value of a tangible and a fixed asset over time. The purpose of calculating the depreciation of the asset is to give the organization a fair and current view of what the asset is worth at a particular time. Depreciation is a way of converting the cost of an asset into an expense over a period of time. Depreciation is a permanent feature listed against an asset throughout its life time and it based on wear and tear, reduction in performance and reduction in value.
Deterioration is the process of something becoming lower in quality or performance. The longer the asset can last without deteriorating the better value the asset represents.
NEW QUESTION # 111
Create a list of tangible, intangible, direct and indirect needs within an organization with which you are familiar.
Answer:
Explanation:
Tangible costs are the cost an organization incur acquiring items that can be physically touched and or seen.
Examples includes; 1) Capital Purchase 2) Raw materials 3) Sundry items 4) Vehi-cles/transport 5) Utilities Intangible costs are the cost an organization incurs acquiring something that cannot be physically seen or touched. Examples include; 1) Insurance 2) Marketing 3) Research and development 4) Salaries and/pension
5) Services 6) Training.
Direct costs - These are costs that an organization incurs acquiring product and services directly attributable
/traceable to its production, for example, the cost of labour and materials directly uses to produce the goods
/services which the organization sells. In the case of buying and running a Lorry for transport fleet, this would be 1) total cost of acquiring the lorry,) Tooling 3) Operation.
Indirect cost - These are costs that are not directly associated to production, for example, materials and services not used in production, labour/ staff cost not directly attributed to production, such as management, sales and marking, ICT support, rents. In the case of buying and running a Lorry for transport fleet. Examples are; 1) Insurance 2) Disposal.
* Go back to the question column and study the Questions and response
NEW QUESTION # 112
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