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| Section | Objectives |
|---|---|
| Topic 1: Risk, sustainability, and compliance considerations | - Sustainability and ethical sourcing requirements - Legal and regulatory constraints affecting specifications - Managing procurement and supply risks |
| Topic 2: Demand management and value for money | - Demand analysis and forecasting - Balancing cost, quality, and risk - Whole life costing and total cost of ownership |
| Topic 3: Specification development | - Key performance indicators and measurable requirements - Types of specifications (input, output, conformance) - Stakeholder engagement in requirements definition |
| Topic 4: Understanding and defining business needs | - Role of procurement in identifying and defining needs - Alignment of procurement with organisational objectives |
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NEW QUESTION # 102
Bob is a new procurement specialist at XYZ Ltd. He is assigned to categorise the company's sup-plies. After analysing, Bob realises that a group of low value products is sourced from a tiny geo-graphical area which is prone to flooding. What would be the best strategy to manage this category of products?
Answer: C
Explanation:
In the scenario, the products have low value and high risk of supply. This group is known as bottleneck or critical in Kraljic's portfolio matrix. The objective for such items would be securing the supply. The company can achieve this goal by 'making' the products themselves, or finding an alternative option.
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NEW QUESTION # 103
Jasmine identified a possible new supplier that offers commercial improvements in her category of spend. She decided to put forward a business case to justify the necessity for a new supplier assessment and audit with the aim of adding the supplier to the approved list. Jasmine decided to carry out a cost-benefit analysis. Is this the right approach for Jasmine to use?
Answer: C
Explanation:
A cost-benefit analysis (CBA) is used in business cases to determine if the value or savings generated outweigh the costs incurred (in this case, supplier onboarding and auditing).
The CIPS L4M2 Study Guide, Chapter 4: Business Case Development, states:
"A cost-benefit analysis helps determine whether the proposed initiative is financially and operationally justifiable by comparing the expected benefits with the projected costs." Option analysis:
* A. Regulatory requirement - No. It's a best practice, not mandatory regulation.
* B. Only by accounts - Incorrect. CBA is a strategic tool used by procurement and project teams.
* C. Shows if benefits outweigh costs - Correct. This is the purpose of a CBA.
* D. Request supplier approval - Approval should be justified through analysis, not assumption.
Correct answer: C
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 4: Financial Justification and Cost-Benefit Analysis
NEW QUESTION # 104
Which of the following sources of information are considered as primary data? Select TWO that apply.
Answer: B,D
Explanation:
The aim of this question is to check students' understanding of different types of data. There are 2 types of data:
- Primary data is the collection of original or raw data which are generated from field research. In this case, only RFI and surveys from customers are considered as primary data.
- On the other hand, secondary data is public information that has been collected by others. It is typically free or inexpensive to obtain and can act as a strong foundation to any research project - provided you know where to find it and how to judge its worth and relevance. Examples of secondary data are government statistics, industry associations, trade publications, published market reports, etc.
NEW QUESTION # 105
James Hunter has received a price increase request from a supplier with its justification. The supplier has requested the price increase because there has been an increase in staff sickness absence. James has reviewed the original contract and found a buyer provision for 'risk for additional resource.' This is the first year the supplier has experienced a resource issue. What should James do?
Answer: B
Explanation:
Detailed Explanation:Given that the provision for 'risk for additional resource' exists and this is the first occurrence, James should reject the price increase as the supplier should account for these risks in their pricing. Reference: CIPS Level 4, Contract Management and Cost Control.
NEW QUESTION # 106
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: B
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 # 107
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