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| Section | Weight | Objectives |
|---|---|---|
| Market management in procurement and supply | 20-25% | - Evaluate market information sources
|
| Stakeholder management in defining needs | 15-20% | - Align needs with organisational objectives
|
| Legal and regulatory considerations | 10-15% | - Legislation affecting requirements definition
|
| Devise a business case for requirements sourced externally | 20-25% | - Influence of business needs on procurement decisions
|
| Use specifications in procurement and supply | 20-25% | - Types of specifications
|
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NEW QUESTION # 256
Which of the following are the causes of material cost variance?
1. The buyer updates purchase-to-pay system to track payment and delivery
2. An unprocessed goods received note is missing
3. The employees must work overtime to catch up with the customers' orders
4. The purchase is made in emergency
Answer: D
Explanation:
The difference between the standard cost of direct materials specified for production and the actual cost of direct materials used in production is known as Direct Material Cost Variance. Material Cost Variance gives an idea of how much more or less cost has been incurred when compared with the standard cost. Thus, Variance Analysis is an important tool to keep a tab on the deviations from the standard set by a company.
Material Cost Variance can be due to less purchase price being paid than the standard or because of change in the quantity of material used. Thus, Material Cost Variance is made up of two components namely; Material Price Variance and Material Usage Variance.
Among the 4 options:
- 'The buyer updates purchase-to-pay system to track payment and delivery': The use of e-procurement system can increase the productivity and create labour cost variance, not material cost variance.
- 'An unprocessed goods received note is missing': If a goods received note is missing, the buyer won't pay for that batch, which create quantity variance.
- 'The employees must work overtime to catch up with the customers' orders': Overtime salary can cause labour variance, not material cost variance.
- 'The purchase is made in emergency': Normally, the price in emergency situation is higher than usual. This can cause price variance.
Reference:
- CIPS study guide page 57-59
- Material Variance | Cost, Price, Usage Variance Formula, Example - eFM (efinancemanage-ment.com) LO 1, AC 1.4
NEW QUESTION # 257
Which of the following factors is most likely to be a barrier to new entrant in agriculture?
Answer: B
Explanation:
Barriers to Entry to Agriculture: If stakeholders are going to address the need for new, conserva-tion-minded farmers, they must understand the barriers these farmers encounter when transitioning into the profession. A review of the literature revealed a number of barriers-most of them structural-to entry to agriculture. While each barrier is distinct, they are all interconnected. Though not an exhaustive list, the following barriers are ones that were most frequently mentioned in the literature:
- Access to Affordable Land
- Startup Capital
- Lack of Agricultural Knowledge and Experience
- Lack of Knowledge about Farm Business Planning
- Discrimination
- Student Loans
- Limited Access to Markets
- Affordable Housing and Affordable Healthcare
Source: Exploring the Barriers to Entry to Agriculture: Challenges Facing Beginning Farmers in North Carolina - Kelley Robbins-Thompson
NEW QUESTION # 258
XYZ Ltd operates in the plumbing and heating industry. The company has developed and patented a new range of alternative products, using a different material from conventional brass that offers substantial cost savings. XYZ Ltd plans to launch the full range of new products. Will this change the impact on competitive forces in the market?
Answer: D
Explanation:
Creating a new product that replaces conventional options (like brass in this case) is an example of introducing a substitute product.
The CIPS L4M2 Study Guide, Chapter 2: Market Management, refers to Porter ' s Five Forces and explains:
"The presence of substitute products creates competitive pressure, as buyers may switch to newer, better or cheaper alternatives, thereby weakening the position of existing suppliers." Assessment:
* A. Substitute products - Correct. The new material-based products directly replace traditional brass products, qualifying them as substitutes.
* B. Threat of new entrants - Not applicable. XYZ is an existing company, not a new entrant.
* C. No impact on supplier bargaining power - Incorrect. Substitutes reduce supplier power if their traditional products can now be replaced.
* D. No impact on buyer bargaining power - Incorrect. Buyers gain more power with more choices
/substitutes.
Correct answer: A
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 2: Market Management
* Topic: Porter's Five Forces - Threat of Substitutes
NEW QUESTION # 259
FSB Group is developing a specification for the construction of a new building. The project stakeholders need the specification to set specific criteria to ensure fair labour practices and local employment opportunities are prioritised. Which of the following describes this type of sustainability criteria?
Answer: C
Explanation:
Detailed Explanation:
Social sustainability focuses on ethical considerations like fair labour practices, inclusivity, and community development. By addressing these criteria, FSB Group aligns with responsible business practices. Reference:
CIPS Level 4, Sustainability in Procurement.
NEW QUESTION # 260
Which of the following will help the bargaining strength of a buyer?
The buyer has the option to make the product in-house
There are a limited number of suppliers available to the buyer
The buyer's switching costs are high
The buyer's spend is a high proportion of the supplier's revenue
Answer: B
Explanation:
Detailed Explanation:
1 (Make in-house): The ability to produce in-house reduces dependency on suppliers, strengthening buyer power.
4 (High spend proportion): A high proportion of spend gives buyers leverage over suppliers who are reliant on their revenue.Limited suppliers (2) and high switching costs (3) reduce buyer bargaining power. Reference:
CIPS Level 4, Market Power Analysis.
NEW QUESTION # 261
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