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| Section | Objectives |
|---|---|
| Understanding and defining business needs | - Alignment of procurement with organisational objectives - Role of procurement in identifying and defining needs |
| Specification development | - Stakeholder engagement in requirements definition - Key performance indicators and measurable requirements - Types of specifications (input, output, conformance) |
| Risk, sustainability, and compliance considerations | - Legal and regulatory constraints affecting specifications - Managing procurement and supply risks - Sustainability and ethical sourcing requirements |
| Demand management and value for money | - Balancing cost, quality, and risk - Whole life costing and total cost of ownership - Demand analysis and forecasting |
We even guarantee our customers that they will pass CIPS L4M2 Exam easily with our provided study material and if they failed to do it despite all their efforts they can claim a full refund of their money (terms and conditions apply). The third format is the desktop software format which can be accessed after installing the software on your Windows computer or laptop. The Defining Business Needs has three formats so that the students don't face any serious problems and prepare themselves with fully focused minds.
NEW QUESTION # 179
When procuring a machinery, at which stage buyer must check whether it is working to the stand-ards set out in the design specification?
Answer: A
Explanation:
Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer.
Diagram, table Description automatically generated
Source: Andrew Graves
The installation stage occurs in In-Service Operations. At this stage, the machinery is shipped and installed on the buyer ' s premises and check to ensure that it is working to the standards set out in the design specification.
Reference: CIPS study guide page 130
LO 3, AC 3.2
NEW QUESTION # 180
Which of the following are advantages of zero-based financial budgeting?
* Use of previous year figures
* Emphasis on short-term planning
* Budget treated as flexible
* Focus on operational issues
Answer: D
Explanation:
Detailed Explanation:
Zero-based budgeting emphasizes starting from scratch and justifying all expenses.
* 3 (Budget flexibility): Ensures resources are allocated dynamically based on needs.
* 4 (Focus on operational issues): Encourages alignment with operational priorities rather than historical trends.Using prior figures (1) is contrary to zero-based budgeting principles. Reference: CIPS Level 4, Financial Planning and Budgeting.
NEW QUESTION # 181
Which of the following methods will enable a company to eliminate waste, lost time and lost material from its processes?
Answer: D
Explanation:
Lean design is about maximising the value that a customer receives and at the same time minimis-ing waste in delivering that value.
For an organisation to be 'lean' it must have had all non-essential resources removed (ie. anything that does not add value, see below). This is efficient and cost effective, in that the value/supply chain can theoretically do exactly what is needed of it and no more, but requires sound forecasting and planning of demand and supply. It is most suitable for industries with stable product specifications, long lead times and few impulse purchases.
Organisations which are 'agile' react as quickly as is practicable to provide a cost effective response to customer demand. This is based on flexibility in design, supply, production and distribution. It is most appropriate for products such as fast fashion and foodstuffs which must be on display and available when wanted by the customer.
Reference:
- CIPS study guide page 153-156
- Agile Supply (cips.org)
LO 3, AC 3.3
NEW QUESTION # 182
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?
Answer: D
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:
Reference: CIPS Study guide page 84.
LO 2, AC 2.1
NEW QUESTION # 183
Thani Ltd is a fast growing logistics company with a fleet of 20 tractors. To meet Net Zero objec-tive, the company needs to electrify its fleet. Angelica is assigned to investigate the market price of electrifying services. After the investigation, she realises that the current market price is very expensive and unsustainable for her company. She decides to break down the costs before negotiating with the suppliers. Which internal stakeholders may help Angelica estimate the breakdown of costs? Select TWO that apply.
Answer: B,C
Explanation:
Despite of its importance, cost analysis is often a daunting task for procurement professionals. In order to analyse supplier's costs effectively, procurement may need the input from other depart-ments. Normally, technical (or engineering) department may help them to identify the direct costs of the product/service (how much material is required to make the product, or how many people are needed to perform the job, etc), while finance (or accounting) department may have ideas on the overheads of the supplier.
In this scenario, engineering department may provide insights on the components needed and the tasks to perform. Similarly, finance may know how much supplier pays for the overheads.
On the other hand, while commercial agency and suppliers are external stakeholders, Sales and marketing is unlikely to provide valuable information in this case.
Reference:
LO 2, AC 2.3
NEW QUESTION # 184
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