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CIPS L4M8 Exam is designed to evaluate the candidate's proficiency in procurement and supply chain practices. L4M8 exam focuses on the practical application of procurement processes, supplier relationships, and risk management in the global market. It is an advanced level exam offered by the Chartered Institute of Procurement and Supply (CIPS) to professionals working in procurement, supply chain management, and related fields.
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CIPS L4M8 Certification Exam is recognized globally, and successful candidates will be able to demonstrate their expertise to employers and peers. It is an excellent way for individuals to stand out in a competitive job market and advance their careers in procurement and supply chain management.
NEW QUESTION # 167
What are the 3Ps in the triple bottom line.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Trying to measure how sustainable an organization was use to be challenging undertaking. However, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured.
This framework is known as the triple bottom line (TBL) and measures sustainability in relation to organizational performance and investment against the 3Ps (1) Profits (2) People (3) Planet. For example; Profit: A packaging manufacturer reinvesting its profits in State- of-the-art recycling machinery for it wasted cardboard.
People: A large privately owned call centre donate its end of life computers to a local youth clubs and social groups to help gain internet cases.
Planet: A driving instructors using only hybrid vehicles to teach her learners, thus to reducing Co2 emission.
NEW QUESTION # 168
What are the definition of a new buy and a modified re-buy?
Answer:
Explanation:
A new buy is the purchase of goods and services by an organization or an individual for its first time. For example a transport organization for the very first time contracting the purchase of a Lorry out to an external supplier. In situations like this, it is advisable to start the procurement cycle from the very first stage. Which is understanding the need and developing high level specification.
Modified re-buy is the purchase of goods or services that an organization has bought before there was a need but with changes to the specification or supplier or quantity or quality. In carrying out modified re-buy, procurement professional should start from the very first stage of the procurement cycle to justify the added need and follow through. Not in all cases that buyer would have to start from understanding the need. In a situation where the changes required is a change of supplier, the organization will start from its preferred suppliers list and contract the next ranking supplier as the case may be.
NEW QUESTION # 169
Explain with examples three differences between offers and invitation to treat.
Answer:
Explanation:
See the answer in explanation.
Explanation:
An offer is created when one party communicates to another or to multiple parties that they wish to enter into a legal binding agreement in accordance with the terms stated, for example; a company in promotion advertising for buyers to buy one and get one free, an offer is a buying organization communicating to a supplier to supply X number of goods and be paid x amount upon delivery at company premises, an offer is when a football club proposes to pay X amount to a player if agrees to play for them for a month. An offer can be legally banded if accepted, whereas invitation to treat does not. An invitation to treat is just an invitation from one party to another to begin negotiations with the intention of creating an offer. If an offer is made without stating terms, this becomes an invitation to treat, for example, an invitation to treat is when a pharmacy displays a drug in its shelf. An invitation to treat can be linked to a request a buyer send to suppliers asking them for specific information.
* Refer to the question column for response
NEW QUESTION # 170
Which four procurement cycle stages happen after the award of the contract?
Answer:
Explanation:
The procurement cycle is the heart of purchasing, sourcing and supplying and should be followed in day-to-day practice in the industry. The procurement cycle has thirteen stages. Contract award is stage 9, and the stages after the contract award are; Stage 10: ware house, logistic and receipt Stage 11: Contract performance review and continuous improvement Stage 12: SRM/SCM and contract management Stage 13: Asset management, lessons learned, end of life.
NEW QUESTION # 171
Which products or services should not be considered for outsourcing, according to Carter's out-sourcing matrix
Answer:
Explanation:
See the answer in explanation.
Explanation:
Carters outsource matrix is a useful tool that procurement professionals uses to decide which products or services has a high or low contribution to the organization operation performance and its strategic importance.
The matrix segments products/services into four quadrants. These are Eliminate, outsource, strategic alliance and retain.
According to Carters outsource matrix, all product/services that has a high strategic importance should not be outsourced. They should rather be retained in house or carefully chose suitable sup-pliers and go into strategic alliance.
* Refer to the question column for response
NEW QUESTION # 172
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