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| Certification Vendor: | CIPS (Chartered Institute of Procurement and Supply) |
|---|---|
| Exam Name: | Defining Business Needs |
| Exam Number: | L4M2 |
| Exam Duration: | 90 minutes |
| Passing Score: | 60% |
| Available Languages: | English |
| Exam Price: | £199 / $250 USD |
| Certificate Validity Period: | 3 years |
| Exam Format: | Objective response format, Multiple-choice questions |
| Related Certifications: | L4M7 Whole Life Asset Management L4M5 Commercial Negotiation L4M8 Procurement and Supply in Practice L4M3 Commercial Contracting L4M1 Scope and Influence of Procurement and Supply L4M4 Ethical and Responsible Sourcing L4M6 Supplier Relationships |
| Real Exam Qty: | 55-65 |
| Recommended Training: | Official CIPS Online Learning L4M2 Defining Business Needs Study Guide |
| Exam Registration: | CIPS Official Registration |
| Sample Questions: | CIPS L4M2 Sample Questions |
| Exam Way: | Computer-based; online remote proctored or in-person at authorised test centres |
| Pre Condition: | No mandatory prerequisites; recommended: relevant work experience or completion of Level 3 Certificate |
| Official Syllabus URL: | https://www.cips.org/qualifications/level-4-diploma/l4m2-defining-business-need/ |
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The CIPS L4M2 exam covers a wide range of topics, including the importance of defining business needs, the key stakeholders involved in the process, and the various techniques used to gather requirements. It also covers the different types of requirements, such as functional and non-functional requirements, and how to prioritize them based on their importance. L4M2 Exam also assesses the candidate's ability to evaluate and validate requirements and to communicate them effectively to stakeholders.
NEW QUESTION # 158
Which of the following is the structured approach for defining customer requirements and translating them into technical specification?
Answer: B
Explanation:
Quality function deployment (QFD) is a method to transform qualitative user demands into quantitative parameters, to deploy the functions forming quality, and to deploy methods for achieving the design quality into subsystems and component parts, and ultimately to specific elements of the manufacturing process.
Kano model of excitement and basic quality (Kano et al, 1984; Berger et al, 1993; Matzler et al, 1996) brings a different perspective for the analysis of improvement opportunities in products and services because it takes in consideration the asymmetrical and non-linear relationship between performance and satisfaction. The Kano model classifies customers requirements in five categories: basic requirements, performance requirements, attractive requirements, indifferent requirements and reverse requirements.
Mendelow's Matrix is a tool that may be used by an organisation to consider the attitude of their stakeholders at the start of a project or when they are setting out strategic objectives.
The Thomas Kilmann model identifies two dimensions when choosing a course of action in a con-flict situation, these are assertiveness and cooperativeness. Assertiveness is the degree to which you try to satisfy your own needs. Cooperativeness is the degree to which you try to satisfy the other person's concerns.
Reference: CIPS study guide page 32
LO 1, AC 1.2
NEW QUESTION # 159
At which stage of through-life contract management, procurement team needs to identify sources of risk and the ways to mitigate them?
Answer: A
Explanation:
Risk management has become incredibly complex, especially for capital purchase which requires through-life contract. Any source of risks should be identified and closely managed from the specification stage.
There should be sufficient information in the specification to minimise risks later in the through-life contract.
Here is something to consider:
- Make sure the parties to the contract are clearly identified. This is particularly important if a prime contractor is being used. Allow them to subcontract elements of the specification.
- Clearly identify any testing and quality assurance procedures and who will perform them.
- Document every important aspect of the specification including a project plan
- Include a reasonable limitation of liability clause in the contract and reference it in the specifica-tion
- Identify any guarantees that are needed
- Be clear on what insurance will and will not cover
- Make sure there is clear audit trail of any changes to the specification together with approvals LO 3, AC 3.2
NEW QUESTION # 160
A buying organisation may not have technical capability to produce a highly complex specification. Which of the following are sources of information that can be used to create the specification? Select TWO that apply
Answer: A,B
Explanation:
If an organisation doesn't have capability to produce a technical specification, they can draft one based on standards or consulting the suppliers.
Reference: CIPS study guide page 125-130
LO 3, AC 3.1
NEW QUESTION # 161
Which of the following describes a purpose of financial modelling in procurement?
Answer: C
NEW QUESTION # 162
Which of the following are major factors when determining the bargaining power of buyers?
Select THREE that apply.
Answer: B,C,F
Explanation:
When analysing buyer power in a market (using Porter's Five Forces), specific factors determine how much influence buyers have over suppliers.
According to the CIPS L4M2 Study Guide, Chapter 2: Market Management, the following are key factors that increase buyer bargaining power:
"Buyer power is high when: there are many suppliers, buyers are large-volume customers, switching costs are low, and when buyers are not dependent on any one supplier." Let's analyse the options:
* A. Number of buyers relative to suppliers - Correct. If there are few buyers and many suppliers, buyer power increases.
* B. Dependence of a buyer's purchase on a particular supplier - Correct. If a buyer is less dependent, their bargaining power increases.
* C. Life cycle costs - This is a cost management concept, not directly linked to bargaining power.
* D. Cash flow - A financial health indicator, but not a direct factor in bargaining power.
* E. Switching costs - Correct. Low switching costs increase buyer power; high switching costs reduce it.
* F. Interest costs - Not relevant to bargaining power in the procurement context.
Correct answers: A, B, E
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 2: Market Management
* Section: Porter ' s Five Forces - Buyer Bargaining Power
NEW QUESTION # 163
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