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| Certification Vendor: | CIPS (Chartered Institute of Procurement and Supply) |
|---|---|
| Exam Name: | Defining Business Needs |
| Exam Number: | L4M2 |
| Passing Score: | 60% |
| Real Exam Qty: | 55-65 |
| Related Certifications: | L4M3 Commercial Contracting L4M7 Whole Life Asset Management L4M8 Procurement and Supply in Practice L4M5 Commercial Negotiation L4M4 Ethical and Responsible Sourcing L4M1 Scope and Influence of Procurement and Supply L4M6 Supplier Relationships |
| Exam Format: | Multiple-choice questions, Objective response format |
| Available Languages: | English |
| Certificate Validity Period: | 3 years |
| Exam Duration: | 90 minutes |
| Exam Price: | ยฃ199 / $250 USD |
| Recommended Training: | L4M2 Defining Business Needs Study Guide Official CIPS Online Learning |
| 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 Defining Business Needs module is designed to equip procurement and supply chain professionals with the skills and knowledge required to identify and assess the needs of their organization. This includes understanding the business context, identifying stakeholders, analyzing data, and developing a clear understanding of the requirements of the organization.
NEW QUESTION # 111
A company is analysing its existing product's components and aims at reducing costs without damaging customer value proposition. They want to check which components are critical and which are unnecessary. Which of the following should be adopted by the company?
Answer: C
Explanation:
In marketing, a customer value proposition (CVP) consists of the sum total of benefits which a vendor promises a customer will receive in return for the customer's associated payment (or other value-transfer).
Value analysis is concerned with existing products. It involves a current product being analysed and evaluated by a team, to reduce costs, improve product function or both. Value Analysis exercises use a plan which step-by-step, methodically evaluates the product in a range of areas. These include costs, function, alternative components and design aspects such as ease of manufacture and assembly.
Value engineering is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evalua-tion and analysis. This takes place before any capital is invested in tooling, plant or equipment.
In this scenario, the company's objective is cost reduction, then value analysis or value engineering is more likely to be applied. The products are existing, so value analysis is the best option.
LO 3, AC 3.4
NEW QUESTION # 112
Why should the buying organisation require the supplier to carry out acceptance testing?
Answer: A
Explanation:
Acceptance testing, in the context of the engineering and software industries, is a functional trial performed on a product or prototype before it is put on the market or delivered, to decide whether the specifications or contract have been met. It also makes sure the quality and design of the product meet both contractual and regulatory obligations in terms of functionality, usability, durability, and safety.
If a product is found to be unacceptable at this stage, it can be sent back for modification, debug-ging, repair, or re-design before it can become a costly undertaking for the producer, as would be the case in a product recall.
Reference:
- CIPS study guide page 134-135
- Acceptance Testing (investopedia.com)
LO 3, AC 3.2
NEW QUESTION # 113
A business case allows a company to:
Answer: C
Explanation:
Comprehensive and Detailed Explanation (paraphrased from CIPS L4M2 content) In CIPS L4M2, a business case is defined as the document or analysis that:
* Sets out the need or problem,
* Identifies and compares options (including "do nothing"),
* Assesses the costs, benefits, risks and impacts of each option,
* Provides a clear recommendation supported by evidence.
Its primary purpose is to provide decision-makers with a justification for investment or change, based on a structured evaluation.
Thus:
* Option A - correctly describes the main purpose: assessing costs and benefits of options.
* Options B, C and D - these are decisions or outputs that might be informed by a business case, but they are not what a business case "allows" by definition.
* Approving sourcing strategies or supplier lists is normally part of procurement governance, influenced by the business case but not the same as it.
* Approving final spend is a financial approval decision that follows from the business case evaluation.
Relevant CIPS L4M2 areas:
* Structure and purpose of a business case
* Option appraisal, costs, benefits and risk analysis
* The role of the business case in justifying external sourcing
NEW QUESTION # 114
Which type of specification is less time-consuming to develop?
Answer: B
Explanation:
There are two major types of specification: conformance and performance specifications. They have the following characteristics:
Table Description automatically generated
Since performance specification is often a list of outputs or outcomes, it usually takes less time to develop than conformance specification.
NEW QUESTION # 115
When making a business case, the proposal has to consider financial costs, non-financial costs and opportunity costs. What is an opportunity cost?
Answer: C
NEW QUESTION # 116
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