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| Certification Vendor: | CIPS (Chartered Institute of Procurement and Supply) |
|---|---|
| Exam Name: | Defining Business Needs |
| Exam Number: | L4M2 |
| Real Exam Qty: | 55-65 |
| Passing Score: | 60% |
| Certificate Validity Period: | 3 years |
| Available Languages: | English |
| Exam Duration: | 90 minutes |
| Exam Format: | Objective response format, Multiple-choice questions |
| Exam Price: | £199 / $250 USD |
| Related Certifications: | L4M1 Scope and Influence of Procurement and Supply L4M4 Ethical and Responsible Sourcing L4M6 Supplier Relationships L4M7 Whole Life Asset Management L4M3 Commercial Contracting L4M5 Commercial Negotiation L4M8 Procurement and Supply in Practice |
| 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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Aspiring business analysts who are interested in acquiring a globally recognized certification can benefit from taking the CIPS L4M2 exam. L4M2 exam is particularly useful for those who are seeking to develop their skills in business analysis and gain a deeper understanding of how to identify and define business needs. Passing L4M2 Exam can demonstrate to employers that you have the knowledge and skills required to be an effective business analyst, and can help you stand out in a competitive job market.
NEW QUESTION # 99
Kelly Strong, a procurement manager, receives a quotation 5% over budget. Market prices of known materials are significantly lower than estimated. What should Kelly's next step be?
Answer: D
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2: Business Case & Cost Analysis) When the quoted price seems higher than expected and market data suggests lower costs, CIPS advises to:
* Seek a detailed cost breakdown to identify which components are inflating price.
* This supports negotiation and ensures transparency, aligning with should-cost analysis and cost-based negotiation methods.
Options A and C would act prematurely; B (delay) is unnecessary.
Relevant CIPS L4M2 Sections:
* Cost breakdown and cost analysis
* Supplier pricing transparency and negotiation preparation
NEW QUESTION # 100
Which of these purchases by a furniture manufacturing company are direct costs to the company? Select.
TWO that apply.
Answer: D,E
NEW QUESTION # 101
Dana is an automobile manufacturer. It has a new electrification strategy that aims at making eco-friendly electric pick-up trucks. To implement this strategy, the procurement department must source new categories of parts that make motors, sensors, solenoids and stators. He starts to analyse the market by identifying specific supply market segments for those parts and finding suppliers who have the best capabilities in those segment. He intends to segment the market based on specific features of the products. Which variable is used by Dana procurement manager to shape and manage supply market?
Answer: A
Explanation:
In sales and marketing, market segmentation is the process of trying to understand clusters of cus-tomers in terms of their buying behavior and their buying characteristics. There are some traditional segmentation approaches: geography, demography, types of industry and the benefits. Then there are newer segmentation approaches: behavioral, situational, and psychographic.
Procurement professionals can learn market segmentation from sales and marketing. Segmenting the market can help them to shape and manage the supply market effectively. According to Michael Porter, a market can be segment with array of products and buyers.
Text Description automatically generated
Source: Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 234).
Free Press. Kindle Edition.
In the scenario, the products that Dana needs to source is distinct in their features. The best way is to segment the market by product varieties.
NEW QUESTION # 102
GSC Ltd is a manufacturer of car parts. To accommodate growing demands of electric cars, the company is developing a new component which requires different type of steel. The project team estimates that the component will be ready for production in 1.5 years. Until then, they need to keep the production busy.
After checking the inventory records, the production team sees that the company has 3 months of stock. The lead time for each batch is two months. Which of the following should be a priority ac-tion of the company?
Answer: A
Explanation:
The scenario is very long with many distracting data. Students need to read carefully and use their experience to solve this problem.
The company is developing a new component which requires different type of material. But this component will not be available for mass production in 1.5 years. This means the company still needs to produce the current components with current materials until the development is finished. They must continue purchase the materials from current supplier through call-off orders. This situation is an example of straight re-buy.
Reference:
LO 1, AC 1.1
NEW QUESTION # 103
When procuring a machinery, at which stage buyer must check whether it is working to the stand-ards set out in the design specification?
Answer: 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.
Diagram, table Description automatically generated
Source: Andrew Graves
The installation stage occurs in In-Service Operations. At this stage, the machinery is shipped and installed on the buyer's premises and check to ensure that it is working to the standards set out in the design specification.
NEW QUESTION # 104
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