CIPS L4M2 Exam | L4M2 Valid Dumps Sheet - L4M2: Defining Business Needs

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CIPS L4M2 Exam Syllabus Topics:

SectionObjectives
Understand the use of specifications in procurement and supply
Understand how to develop a business case for requirements to be sourced from external suppliers- Analyse how market factors affect procurement
Understand market management in procurement and supply- Contrast direct costs and indirect costs
  • 1. Sources of information to estimate costs and prices
- Compare the competitive forces that influence markets
  • 1. Availability of substitutes and threat of new entrants
  • 2. Bargaining strength of suppliers and buyers

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CIPS Defining Business Needs Sample Questions (Q110-Q115):

NEW QUESTION # 110
Which of the following can directly affect labour variance? Select TWO that apply:

Answer: B,E

Explanation:
Labour variance refers to a situation in which actual costs of labor differ from projected or budgeted labor costs. This concept is most commonly applied in manufacturing environments.
Labour variance either results from efficiency or rate discrepancies. Efficiency variance results when actual time worked is more or less than budgeted time for a project. Rate variance means you paid more per hour worked than expected. This may occur with overtime pay or when you have higher paid employees on a project than projected. Labour variance is fairly typical, but modest variance is usually not a big factor in manufacturing, because materials and other production costs are often much higher.
LO 1, AC 1.4


NEW QUESTION # 111
Which of the following is a challenge of making a business case for straight re-buys?

Answer: A

Explanation:
For straight re-buy, the specifications for the products are known. Generally, there will be an existing contract with supplier in place. The business need is challenged annually, only on the annual demand. So effective inventory control will help procurement successfully manage straight re-buy.
Reference: CIPS study guide page 7
LO 1, AC 1.1


NEW QUESTION # 112
What is the contribution of marketing function to the development of specification?

Answer: A

Explanation:
Marketing plays a critical role in sales. The marketing department introduces products to the con-sumer, and creates strategic messaging that elevates appeal and ultimately drives sales. The feed-back and response from consumers is measured by the marketing team on a variety of levels. Ad-vertising is one means of seeing what performs and what does not perform. Marketers will note trends and demand in their specific markets. This plays into new product development, because the marketing team can work with product developers to create products based on that demand.
In development of specification, the role of marketing is largely the same. They provide the market insight so that right specification is developed and it matches the demands from customers.
Reference:
- CIPS study guide page 173-175
- Role of Marketing Management in New Product Development (chron.com)
LO 3, AC 3.4


NEW QUESTION # 113
Which type of specification is less time-consuming to develop?

Answer: D

Explanation:
There are two major types of specification: conformance and performance specifications. They have the following characteristics:

Since performance specification is often a list of outputs or outcomes, it usually takes less time to develop than conformance specification.


NEW QUESTION # 114
A procurement organisation is keen to encourage innovation available within the supply market in the execution of an upcoming significant contract opportunity. A team member suggests that the specification should define the performance indicators so that supplier's solution can be checked against them. Which of the following will enable the organisation to achieve this goal?

Answer: D

Explanation:
The buying organisation is keen to encourage innovation so they should use the outcome or output based specification. In an outcome-based specification, umbrella statements like 'good quality', 'ambient temperature', 'convenient way' are often used. This may confuse the suppliers, and it's hard to check the solution that supplier offers. On the other hand, ouput-based specifications often include measurable requirements. For example, a specification for air conditioning system states that the system should maintain the room temperature at 19-24 degrees Celsius. Therefore, output specification is more appropriate in this case.


NEW QUESTION # 115
......

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