How to Prepare For CIPS L4M5 Certification Exam?

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CIPS L4M5 Exam Syllabus Topics:

SectionObjectives
Understand how to prepare for negotiations in procurement and supply- Understand how to prepare for a negotiation
  • 1. Defining objectives and variables
  • 2. The best alternatives to a negotiated agreement (BATNA)
  • 3. Zones of potential agreement (ZOPA)
  • 4. The use of bargaining mixes and trade-offs
- Analyze the factors that impact on the approach to commercial negotiations
  • 1. Policies, procedures and protocols
  • 2. The impact of time limits and deadlines
  • 3. Ownership and stakeholder perspectives
  • 4. The position of buyers and sellers
Understand the interpersonal skills required for effective negotiation- Understand the behavioral aspects of negotiation
  • 1. Perception and bias
  • 2. Ethical and unethical practices
  • 3. Conflict handling styles
  • 4. Concessions and trade-offs
- Analyze the interpersonal skills required for effective negotiation
  • 1. Body language and non-verbal communication
  • 2. Assertiveness
  • 3. Influencing and persuasion skills
  • 4. Questioning and listening skills
Understand the stages of commercial negotiations in procurement and supply- Understand the stages of a commercial negotiation
  • 1. Defining the ground rules
  • 2. Closure and agreement implementation
  • 3. Clarification and justification
  • 4. Preparation and planning
  • 5. Bargaining and problem solving
- Analyze the types of approaches that can be pursued in commercial negotiations
  • 1. Distributive (win-lose) approaches
  • 2. The influence of power and trust in negotiations
  • 3. Pragmatic and principled approaches
  • 4. Integrative (win-win) approaches

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CIPS Commercial Negotiation Sample Questions (Q159-Q164):

NEW QUESTION # 159
There are no commitments in hypothetical questions. Is this statement true?

Answer: C

Explanation:
There are four types of questions that can be used in a commercial negotiation:
Hypothetical questions, where you ask about a possible situation or abstract concept, are very useful at the testing and proposal phases. Hypothetical question does not state any commitment as it is only about 'if something happens, then ...'. This type of question can be useful at giving suggestion.
Text Description automatically generated

LO 3, AC 3.3


NEW QUESTION # 160
Which of the following two are recognized strategies to achieve a win-lose outcome?
Making the other party lower its resistance point
Making the other party think this settlement is the best it can achieve Employ empathy to gain mutual understanding Using compromise and creativity tactics

Answer: A

Explanation:
In a win-lose outcome, tactics often involve lowering the other party's resistance point (1) and convincing them that the offer is the best possible (2). These strategies are designed to maximize advantage for one party at the expense of the other, fitting with CIPS's win-lose negotiation techniques.


NEW QUESTION # 161
Which of the following are intangible values created by trust in business relationships? Select TWO that apply.

Answer: A,C

Explanation:
Explanation
Trust may create value as following:
Text Description automatically generated with low confidence

LO 1, AC 1.4


NEW QUESTION # 162
Stalemate is more likely to happen if both parties trade more variables in a commercial negotiation. Is this assumption true?

Answer: B

Explanation:
Negotiation variables such as price or contract length, etc are that can be traded with TOP in a negotiation.
The more variables you can identify, the better. The more variables you can identify and articulate, the lower the chances of the negotiation reaching deadlock as more possibilities are facilitated regarding more creative solutions.
Below are examples of negotiation tradeables in buying professional services:
LO 2, AC 2.3


NEW QUESTION # 163
If a negotiation results in an offer which does not meet the buyer's minimum requirements, which of the following could the buyer pursue?

Answer: A

Explanation:
Best alternative to a negotiated agreement (BATNA) is the plan B or back-up plan in the event of a 'walk away'. In case of no deal, buyer (or supplier) may switch to this option.
The zone of potential agreement (ZOPA) is considered an area where two or more negotiating parties may find common ground. It is this area where parties will often compromise and strike a deal. In order for negotiating parties to find a settlement or reach an agreement, they must work towards a common goal and seek an area that incorporates at least some of each party's ideas.
STEEPLE offers an overview of various external fields. It is an acronym for Social, Technological, Economic, Environmental, Political, Legal and Ethical.
PESTLE is a mnemonic which in its expanded form denotes P for Political, E for Economic, S for Social, T for Technological, L for Legal and E for Environmental. It gives a bird's eye view of the whole environment from many different angles that one wants to check and keep a track of while contemplating on a certain idea
/plan.
LO 1, AC 1.2


NEW QUESTION # 164
......

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