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| Section | Objectives |
|---|---|
| Topic 1: Understand the use of specifications in procurement and supply | |
| Topic 2: Understand market management in procurement and supply | - Compare the competitive forces that influence markets
|
| Topic 3: Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
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NEW QUESTION # 232
What is a form of testing used to establish if a supplier is meeting the requirements of a specification?
Answer: B
Explanation:
Detailed Explanation:Acceptance testing verifies that the supplied product meets the buyer's specification before it is formally accepted. This type of testing typically occurs during delivery or installation phases.
Reference: CIPS Level 4, Quality Assurance in Procurement.
NEW QUESTION # 233
A company uses eight different floor cleaning products at different premises and has decided to standardise on just one. This product is available from a large number of suppliers. What benefits should the company expect to achieve?
Answer: D
Explanation:
Comprehensive and Detailed Explanation (paraphrased from CIPS L4M2 content) Standardising from many similar products to one common product is a classic variety reduction / standardisation decision.
In CIPS L4M2, when standardisation is discussed, the benefits highlighted include:
* Economies of scale - buying larger quantities of a single product allows for better prices and volume discounts.
* Reduced administration and handling costs - only one product code to manage, fewer invoices and orders, simpler stock control.
* Simplified quality control - one specification and one performance profile to monitor.
Because the product is available from many suppliers, competition remains strong. This supports lower prices, not higher.
* Option A (Lower costs) - correct, due to economies of scale and reduced process/handling complexity.
* Option B (Fewer staff) - staff numbers are driven by overall workload, not just the number of product variants; standardising doesn't automatically cut headcount.
* Option C (Increased stock levels) - if anything, standardisation often reduces safety stock (you can pool demand into one line).
* Option D (Increased costs) - contradicts the expected benefits of standardisation and competition between many suppliers.
Relevant CIPS L4M2 areas:
* Standardisation and variety reduction in specifications
* Economies of scale and cost drivers in sourcing decisions
* Managing supply markets with multiple potential suppliers
NEW QUESTION # 234
To calculate the estimated annual payback period, a buyer will need to know the estimated annual savings made from implementing the option, and also the estimated costs. Is this statement correct?
Answer: D
Explanation:
The payback period is a financial calculation used to determine how long it will take for an investment to recover its initial cost through annual savings or returns.
The CIPS L4M2 Study Guide, Chapter 4: Developing the business case, states:
"Payback period is calculated by dividing the total cost of investment by the annual savings or returns. It shows how many years it will take for the investment to 'pay back' its cost." Review of the options:
* A. This is the correct formula: Total Cost ÷ Annual Savings = Payback Period (in years).
* B. Adding costs and savings is not a valid financial metric.
* C. Inflation is relevant for discounted cash flow, not for basic payback period calculation.
* D. Multiplying costs by 12 is not applicable in this context.
Correct answer: A
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 4: Financial analysis in the business case
* Topic: Payback Period Calculation
NEW QUESTION # 235
When preparing through-life specification, which of the following requirements should procure-ment team define besides the physical asset? Select TWO that apply.
Answer: C,D
Explanation:
Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer.
Source: Andrew Graves
With through-life management, buyer not only cares about the physical asset but also other factors like customer services and maintenance.
Reference:
LO 3, AC 3.2
NEW QUESTION # 236
What is a form of testing used to establish if a supplier is meeting the requirements of a specification?
Answer: B
Explanation:
Detailed Explanation:
Acceptance testing verifies that the supplied product meets the buyer's specification before it is formally accepted. This type of testing typically occurs during delivery or installation phases. Reference: CIPS Level 4, Quality Assurance in Procurement.
NEW QUESTION # 237
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