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| Certification Vendor: | CIPS |
|---|---|
| Exam Name: | Defining Business Need |
| Exam Number: | L4M2 |
| Exam Duration: | 90 minutes |
| Exam Format: | Objective Response (Multiple Choice) |
| Available Languages: | English |
| Passing Score: | 70% |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Real Exam Qty: | 60 |
| Sample Questions: | CIPS L4M2 Sample Questions |
| Exam Way: | Computer-based exam at accredited centres |
| Pre Condition: | Recommended 2+ years relevant business experience |
| Official Syllabus URL: | https://www.cips.org/qualifications/diploma-in-procurement-supply/defining-business-need |
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To prepare for the CIPS L4M2 Exam, candidates need to have a good understanding of procurement principles and practices, as well as a strong knowledge of the business environment. Study materials and exam preparation courses are available from CIPS, as well as from a range of other providers.
NEW QUESTION # 213
Which of the following describes a purpose of financial modelling in procurement?
Answer: D
NEW QUESTION # 214
Rachel has issued a specification for spare parts out to global suppliers. Rachel has asked for these parts to carry a standard from the International Organisation for Standardisation. Is Rachel right to do this?
Answer: D
Explanation:
Detailed Explanation:
ISO standards are internationally recognised benchmarks that ensure quality and safety, making them applicable across various industries, including spare parts procurement. This approach improves reliability and supplier compliance. Reference: CIPS Level 4, Standardisation in Procurement.
NEW QUESTION # 215
In which circumstances would it be relevant to require supplier accreditation to the ISO 14001 international standard in a contract specification?
Select THREE that apply.
Answer: A,C,D
Explanation:
ISO 14001 is the international standard for Environmental Management Systems (EMS). It applies when a contract involves significant environmental impacts.
The CIPS L4M2 Study Guide, Chapter 1: Developing Specifications, states:
"ISO 14001 should be considered in specifications where the delivery of goods or services involves waste, emissions, or the consumption of natural resources." Option analysis:
* A. Generate waste - Correct. Waste generation is a key environmental issue.
* B. Emissions to air and water - Correct. ISO 14001 addresses pollution control.
* C. Occupational health - Related to ISO 45001, not ISO 14001.
* D. Use of natural resources - Correct. ISO 14001 is relevant for sustainable resource use.
* E. Processing of data - Not relevant to environmental management.
* F. Quality assurance - Related to ISO 9001, not 14001.
Correct answers: A, B, D
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 1: Environmental Specifications
* Section: ISO 14001 Accreditation
NEW QUESTION # 216
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: B
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.
NEW QUESTION # 217
How can a procurement department meet the business needs when purchasing leverage items?
Answer: A
NEW QUESTION # 218
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