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The Chartered Institute of Procurement and Supply (CIPS) Level 4 Diploma in Procurement and Supply is an internationally recognized qualification designed to enhance the skills and knowledge of professionals in procurement and supply chain management. One of the mandatory units within this diploma is L4M2 – Defining Business Needs. This unit is designed to provide procurement professionals with the skills and knowledge necessary to identify, analyze, and define business needs in a clear and concise manner.
The Chartered Institute of Procurement and Supply (CIPS) is a globally recognized professional body that offers procurement and supply chain management qualifications. One of their most popular courses is the CIPS Level 4 Diploma in Procurement and Supply. This qualification is designed for individuals who are looking to advance their career in procurement or supply chain management.
NEW QUESTION # 15
Thani Ltd is a fast growing logistics company with a fleet of 20 tractors. To meet Net Zero objec-tive, the company needs to electrify its fleet. Angelica is assigned to investigate the market price of electrifying services. After the investigation, she realises that the current market price is very expensive and unsustainable for her company. She decides to break down the costs before negotiating with the suppliers. Which internal stakeholders may help Angelica estimate the breakdown of costs? Select TWO that apply.
Answer: C,D
Explanation:
Despite of its importance, cost analysis is often a daunting task for procurement professionals. In order to analyse supplier's costs effectively, procurement may need the input from other depart-ments. Normally, technical (or engineering) department may help them to identify the direct costs of the product/service (how much material is required to make the product, or how many people are needed to perform the job, etc), while finance (or accounting) department may have ideas on the overheads of the supplier.
In this scenario, engineering department may provide insights on the components needed and the tasks to perform. Similarly, finance may know how much supplier pays for the overheads.
On the other hand, while commercial agency and suppliers are external stakeholders, Sales and marketing is unlikely to provide valuable information in this case.
NEW QUESTION # 16
Why should procurement professionals develop business case before seeking approval to purchase capital equipment?
Answer: B
Explanation:
A business case is developed during the early stages of a project and outlines the why, what, how, and who necessary to decide if it is worthwhile continuing a project. One of the first things you need to know when starting a new project are the benefits of the proposed business change and how to communicate those benefits to the business.
Preparing the business case involves an assessment of:
- Business problem or opportunity
- Benefits
- Risk
- Costs including investment appraisal
- Technical solutions
- Timescale
- Impact on operations
- Organizational capability to deliver the project outcomes
These project issues are an important part of the business case. They express the problems with the current situation and demonstrate the benefits of the new business vision. Making business case with multiple options and choices also prompts the procurement and senior management to consider alternatives. As a result, the organisation may opt out the best option.
The business case brings together the benefits, disadvantages, costs, and risks of the current situa-tion and future vision so that executive management can decide if the project should go ahead.
NEW QUESTION # 17
Robert is a buyer at Pickton ' s Farm Products (PFP), a manufacturer of food products that are sold to supermarkets. Robert will be sourcing from local farmers to supply PFP with raw materials for PFP ' s products. What is a major supply chain risk that Robert needs to be aware of which is specific to this market?
Answer: A
Explanation:
Agricultural sourcing - such as buying from local farmers - is highly exposed to external risks, especially weather-related risks.
According to the CIPS L4M2 Defining Business Needs Study Guide, Chapter 4: Business Case Development, it explains:
"External risks can include factors such as economic trends, political instability, or natural factors like adverse weather, which can particularly impact sectors like agriculture and farming." Let's examine each option:
* A. Incorrect quantity causing storage charges - While possible, this is more of a logistical issue, not a major risk specific to agriculture.
* B. Extreme or unexpected weather conditions - This is a key risk in farming and agriculture. Weather affects crop yields, harvesting, and logistics. It directly impacts the supplier's ability to meet delivery terms.
* C. Prioritising other customers - A generic supply risk, but not unique to this market.
* D. Varying quality requiring returns - This could occur in any supply market and is part of routine quality assurance, not a primary agricultural risk.
Therefore, the correct answer is B, as weather risk is a market-specific and significant concern when sourcing from farmers.
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 4: Developing the Business Case
* Section: External risks in specific supply markets (e.g. agriculture)
NEW QUESTION # 18
A company assembles its finished products from a wide selection of components. It is analysing these components to see which features are needed and whether any features can be removed to save costs. The.
eventual aim is to purchase fewer components but in larger quantities to lower price and reduce costs. Which of the following could result from this process?
1. Variety reduction
2. Value engineering
3. Ratio analysis
4. Standardisation
Answer: C
NEW QUESTION # 19
Which of the following would be considered to be direct costs? Select TWO that apply:
Answer: C,E
Explanation:
Detailed Explanation:
A (Production materials): These are directly tied to the production of goods and are variable costs.
D (Manufacturing staff wages): Labour directly involved in the production process is a direct cost.
Indirect costs like salaries, depreciation, and insurance are related to overheads and not directly tied to production. Reference: CIPS Level 4, Cost Structures.
NEW QUESTION # 20
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