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CIPS L4M8 (Procurement and Supply in Practice) Certification Exam is a comprehensive test that assesses the knowledge and skills of procurement and supply chain professionals. L4M8 exam is designed for individuals who are seeking to enhance their knowledge of procurement and supply chain management, and to demonstrate their commitment to the procurement profession.
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Passing the CIPS L4M8 Certification Exam is essential for professionals who want to further their careers in procurement and supply. Procurement and Supply in Practice certification is recognized globally and is highly valued by employers. It demonstrates that the candidate has a thorough understanding of the procurement and supply chain industry and can apply this knowledge in a practical setting. Furthermore, it shows that they have the skills and expertise needed to manage procurement projects and negotiate with suppliers.
NEW QUESTION # 164
What are the four quadrants in the Mendelow stakeholder matrix?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Stakeholder are individuals or organizations that can be affected directly or indirectly by any project or decision. For successful procurement activities to take place, stakeholders must be identified, engaged and managed. Not all stakeholders require the same level of engagement and management. To appropriately manage identified stakeholders, the Mendelow management matrix has categorized stakeholders in four quadrants, according to how low or high their power and interest in the project could be. The four categories are:
1) Minimum effort (low power-Low interest)
2) Keep satisfied (high power-Low interest)
3) Keep informed (Low power - high interest)
4) Manage closely (High power- High interest)
* Refer to the question column for response
NEW QUESTION # 165
What do STEEPLE and SWOT stand for?
Answer:
Explanation:
RESPONSE
After a need in an organization has been identified/understood, defined, justified and authorized, the next stages are to understand how commodity prices are reacting, which suppliers are available and their strength.
The make or buy decision can be reached with knowledge from this; the procurement professional can consider the organization external environment, strength, weakness opportunity and threat to develop strategy
/plan of how to achieve the procurement.
'STEEPLE' is an effective way to evaluate the external environment. It helps buyers to assess factors that could affect the need in hand and helps them to develop the plan accordingly. 'STEEPLE' is an acronym which stands for, Social, Technology, Economic, Environment, Political, Legal, Ethical
'SWOT' helps the organization to analyze its strength and within the organization and the oppor-tunity and threats outside the organization.
'SWOT' is an acronym which stands for, strength, weakness, opportunity and threats.
* Refer to the question column
NEW QUESTION # 166
What advantages could there be to holding excessive inventory?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Holding excessive inventory can reduce the impact of extended lead time. i.e. by saving the buying organization from downtime, reputation loss, and also it can generate revenue for the organization if there is a sudden increase in demand.
NEW QUESTION # 167
Explain why you think quality should be investigated before working with potential supplier?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Quality is fitness for purpose. It is important that quality is investigated by procurement professionals before forming relationship with potential supplies.
If quality is not investigated before selecting supplier the organization might stand the risk of facing the following disadvantages; Reputational Damages Cost of Rework Cost of Downtime Cost of Material Cost of being stocked with the wrong supplier Cost of being stocked in a project that may not come to an end at the forecasted time.
How buyer can choose a supplier with a good quality culture is first by defining the quality of the product or services to be carried out .Having knowledge of the product or service quality, supplies can rightly select and evaluated supplier with total quality management (TQM) in their system, ISO 9001 accreditation. TQM includes everyone in the organization with knowledge on the required quality; there would be little or no rejection/reworks. Thus is an added value to the organization.
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NEW QUESTION # 168
What is depreciation and deterioration?
Answer:
Explanation:
See the answer in explanation.
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.
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NEW QUESTION # 169
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