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CIPS L4M2 Certification Exam covers a wide range of topics related to defining business needs, including various methods of gathering requirements, stakeholder management, and the development of business cases. Successful candidates will have a thorough understanding of how to define business needs in a way that meets the requirements of all stakeholders and ensures that the organization can achieve its objectives. L4M2 Exam consists of multiple-choice questions and is designed to test both theoretical knowledge and practical skills.
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CIPS L4M2 (Defining Business Needs) Exam is an important certification for professionals who want to develop their skills in procurement and supply chain management. L4M2 exam is designed to test the ability of individuals to identify and define business needs, and to develop effective procurement strategies to meet those needs. L4M2 Exam covers a range of topics, including the procurement process, stakeholder management, and risk management.
NEW QUESTION # 89
Which of the following might be the consequences of under-specification? Select TWO that apply:
Answer: D,E
Explanation:
Main risks involved in an under-specified requirement
* The product or service is not fit for use since it does not match the actual needs
* Higher cost due to corrections or reworks (proposal evaluations, scope or work monitoring, change in insulation materials or systems, reduced productivity, etc.).
* Higher operating cost on many fronts: process control, energy consumption, maintenance, etc.
* Other problems like corrosion under insulation, mold development, safety-related concerns, etc.
LO 3, AC 3.3
NEW QUESTION # 90
When developing a business case for a new product, a procurement department must consider...
Answer: C
Explanation:
When developing a business case, procurement professionals must assess all associated costs, not just the obvious or direct ones.
According to the CIPS L4M2 Study Guide, Chapter 4 (Developing the Business Case), it explains:
"A comprehensive business case should consider total cost of ownership, which includes not just the direct purchase price, but also indirect costs such as training, maintenance, storage, disposal and administrative costs." Let's review the options:
* Terms and conditions of contract - Important during contract drafting, but not a primary input into initial business case development.
* The supply market - Relevant for sourcing strategy, but this option is too general. The question specifically asks about the business case.
* The supplier positioning model - A tool for supplier relationship management, used after procurement decisions are made.
* Indirect costs - These are a critical component of the business case as they impact the true cost of adopting a new product.
Therefore, the correct answer is D.
CIPS Reference:
CIPS L4M2 Defining Business Needs
Chapter 4: Developing the Business Case
Section: Whole-life costing and total cost of ownership
NEW QUESTION # 91
CP Group places emphasis on the following business objectives:
* Responsive production processes to react quickly to market changes
* Collaboration and technological integration
* New products launched and on sale very quicklyWhich of the below business markets does CP Group belong to?
Answer: A
NEW QUESTION # 92
Which of these causes variances in budgets?
* Quantity discounts
* Substitute goods
* Loan repayments
* Corporation tax
Answer: A
Explanation:
Detailed Explanation:
* Quantity discounts: Changes in order quantities can lead to cost savings, impacting budget forecasts.
* Substitute goods: Using alternative products can alter planned expenses, causing budget deviations.
Loan repayments and taxes are fixed financial obligations and do not directly impact procurement budgeting. Reference: CIPS Level 4, Cost Management.
NEW QUESTION # 93
Which of the following is an assumption of Kano model?
Answer: D
Explanation:
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 three categories (figure 3):
a) Basic Requirements. The basic requirements fulfill the basic functions of a product. If they are not present or their performance is insufficient, customers will be extremely dissatisfied. On the other hand, if they are present or have sufficient performance, they don ' t bring satisfaction. Customers see them as prerequisites.
For instance, for luxury automobiles, " air bags " are considered basic. A customer won ' t feel satisfied if the automobile has " air bag " , however he/she will not buy it if "air bag" is not present.
b) Performance Requirements. As for these requirements, satisfaction is proportional to the performance level
- the higher the performance, the higher the customer ' s satisfaction will be and vice-versa. Gas consumption in automobiles is an example of these requirements. Usually customers explicitly demand performance requirements.
c) Excitement Requirements. These requirements are key to customer satisfaction. If they are pre-sent or have sufficient performance, they will bring superior satisfaction. On the other hand, if they are not present or their performance is insufficient, customers will not get dissatisfied. For instance, a surprise gift at the end of a dinner in a restaurant will certainly bring satisfaction, but it will not cause dissatisfaction if not offered. These requirements are not demanded nor expected by customers.
Two other types of requirements may be identified in the Kano model: neutral and reverse ones. Neutral requirements do not bring either satisfaction or dissatisfaction. Reverse requirements bring more satisfaction if absent than if present.
Diagram Description automatically generated
Reference:
- Integrating Kano model and QFD for Designing New Products
- CIPS study guide page 171-172
NEW QUESTION # 94
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