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CIPS L4M2 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Market management in procurement and supply	20-25%	- Assess market forces and trends 1. Supply and demand dynamics 2. Global vs local market conditions 3. Technological, legal, economic, social factors - Evaluate market information sources 1. Industry reports, government data, trade journals 2. Supplier intelligence and market research - Analyse market structures and competition 1. Perfect competition, monopoly, oligopoly, monopolistic competition 2. Impact of market structure on procurement strategies
Topic 2: Legal and regulatory considerations	10-15%	- Sustainability and ethical requirements 1. Environmental, social, ethical criteria - Legislation affecting requirements definition 1. Procurement regulations, competition law, standards
Topic 3: Use specifications in procurement and supply	20-25%	- Sources for developing specifications 1. Suppliers, industry benchmarks, regulatory requirements 2. Internal stakeholders, technical experts, standards bodies - Advantages and limitations of specification types 1. Risk, cost, flexibility, supplier innovation impact - Types of specifications 1. Conformance vs performance specifications 2. Output/outcome-based specifications 3. Drawings, samples, brands, technical standards
Topic 4: Devise a business case for requirements sourced externally	20-25%	- Criteria for creating business cases 1. Benchmarking requirements 2. Costs, benefits, options, alignment, timescales - Influence of business needs on procurement decisions 1. Types of purchase: new, modified rebuy, straight re-buy 2. Procurement's role in developing business cases 3. Impact of business needs on purchase types - Estimate costs and prices for procurement activities 1. Total cost of ownership / whole life costing 2. Cost estimation and budgeting methods 3. Direct and indirect costs 4. Market data sources for cost/price information - Interpret financial budgets for purchase control 1. Budget performance and variance management 2. Cash flow and cost entries 3. Purpose and structure of budgets
Topic 5: Stakeholder management in defining needs	15-20%	- Align needs with organisational objectives 1. Strategic alignment and value contribution - Identify and classify stakeholders 1. Power/interest matrix and engagement strategies 2. Internal vs external stakeholders - Communicate and consult with stakeholders 1. Resolving conflicting requirements 2. Methods for gathering requirements

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CIPS Defining Business Needs Sample Questions (Q290-Q295):

NEW QUESTION # 290
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?

A. Subjectivity
B. Promotional information
C. Written by inexperienced author
D. Objectivity
E. Trustworthy sources

Answer: D,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 # 291
Procurement should work closely with colleagues in accounts when creating an annual budget. This is because the budget will help the company ...

A. Process supplier invoices quicker
B. Plan its functional strategy for the next year
C. Define terms and conditions of the contract
D. Plan its finances for the next year

Answer: D

NEW QUESTION # 292
British Steel needs to source a set of instruments that will improve quality of steel. Without these instruments British Steel will loss control of the temperature. The bucket may freeze up, or if it is too hot it leaks out of the casting process, damaging the machine. There is limited supply on the market and quality varies greatly.
Which of the following will be the most appropriate managing approach to procure these items?

A. Form partnership with supplier
B. Seek continuity of supply
C. Bundle these instruments into larger contract
D. Leverage market competition to drive down cost

Answer: A

Explanation:
The instrument plays a crucial role in steel manufacturing because it presents in the majority of products, in which case lacking this instrument would have significant impact on the organisation's output (production lines stop or damaging other machine). Otherwise, the risk of supply is high because there is limitation in supply. Therefore, it is considered as a strategic item in term of Kraljic's portfolio matrix. Procurement manager should form partnership with suppliers to maximise the value.
The following graph illustrates Kraljic's portfolio matrix:

NEW QUESTION # 293
The main benefit of using standards in a specification is ...

A. that standards allow the supplier to give the buyer a bespoke product
B. that standards provide a clear guide with no ambiguity or uncertainty
C. that British standards are aligned with all other international standards
D. it will ensure the latest technology standards are kept up to date

Answer: B

NEW QUESTION # 294
A procurement manager is writing a conformance specification for a non-core component. She thinks that if the requirements in specification are higher than ISO standards, her company can achieve greater cost-savings. Is the procurement manager's opinion correct?

A. No, because higher specification may incur additional costs for the buyer
B. No, because higher requirements in specification, the greater bargaining power of buying organisation
C. Yes, because optimising the specification is the only method to achieve value for money
D. Yes, because higher requirements will help buying organisation find the best supplier

Answer: A

Explanation:
The specification that is produced too detailed will incur unnecessary cost because it does not allow suppliers to use their expertise in finding the most efficient way to produce it.
'No, because higher requirements in specification, the greater bargaining power of buying organi-sation': more detailed specifications could tighten the supplier base and potentially leave buying organisation with fewer potential supplier. This may reduce buyer's bargaining power in negotia-tion.
'Yes, because higher requirements will help buying organisation find the best supplier': in some circumstances, higher requirements will lead to smaller supplier base. In the worst scenario, there is no supplier who has capability to carry out those requirements
'Yes, because optimising the specification is the only method to achieve value for money': There are other methods to achieve cost saving and value for money, inter alia, volume concentration, relationship restructuring, etc.
Reference:
LO 3, AC 3.1

NEW QUESTION # 295
......

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