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CIPS L4M5: Commercial Negotiation exam is designed to prepare candidates for effective negotiation practices in the purchasing industry. L4M5 Exam assesses a candidate's ability to identify key factors in a negotiation process, interpret and apply negotiation theories, and employ negotiation strategies. Candidates will be required to showcase their understanding of informed decision-making, developing and maintaining relationships, and the management of the negotiation process.
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CIPS L4M5 exam is recognized globally as a standard of excellence in commercial negotiation. It is a valuable certification for procurement professionals seeking to improve their career prospects and demonstrate their expertise to potential employers. The knowledge and skills gained from L4M5 exam can be applied across a range of industries and sectors, making it a versatile and valuable qualification.
CIPS L4M5 Certification is recognized globally as a mark of excellence in commercial negotiation. It is an industry-standard qualification that demonstrates a high level of expertise and professionalism in this field. By obtaining this certification, professionals can enhance their career prospects, increase their earning potential, and gain a competitive advantage over their peers.
NEW QUESTION # 111
According to Dr. Mari Sako, which of the following is potentially the weakest trust to be built?
Answer: A
Explanation:
Trust is the expectation that the other party will behave in a predictable and mutually acceptable way. In inter- firm relationships, the presence and absence of trust can affect the level of cost in a relationship. The existence of trust is taught to lower the transaction cost in a relationship. Dr. Mari Sako identified taxonomy of 3 types of trust in commercial relationship, which is very useful from the perspective of procurement.
Contractual trust: Trust based on the contract with TOP. This is potentially the weakest source of trust if there is nothing else to base the trust on, but it is the quickest to establish.
Competence trust: Trust based on TOP's professional qualifications or proven or certified technical capability or experience.
Goodwill trust: Trust based on knowing TOP has your interest at heart and will not behave opportunistically.
This is potentially the strongest type of trust, but it takes the longest time to build.
Otherwise, trust also has legal meaning. A trust is a legal document that can be created during a person's lifetime and survive the person's death. A trust can also be created by a will and formed after death. Charitable trusts are trusts which benefit a particular charity or the public in general.
NEW QUESTION # 112
Understanding supplier's mark-up and margin can provide procurement professional a comprehensive insight into supplier's net profits. Is this statement true?
Answer: D
Explanation:
Explanation
Mark-up and margin allow supplier to make gross profit. Remember that every supplier operates under different cost structures and some are set up to be most profitableat a particular level of volume, so it is dangerous to assume all suppliers can survive on a lower margin if their volume increases. Intelligent buyers understand that mark-up and margin may define gross profits, but they tell you very little about a supplier's net profits.
LO 2, AC 2.1
NEW QUESTION # 113
After studying Thomas-Kilmann conflict resolution model and considering different approaches carefully, the procurement team of XYZ Ltd. decides to adopt an avoiding approach to the upcoming negotiation with one of their suppliers. Which of the following will be the objective of XYZ procurement team in this negotiation?
Answer: A
Explanation:
Avoiding is unassertive and uncooperative. When avoiding, an individual does not immediately pursue his or her own concerns or those of the other person. He or she does not address the conflict. Avoiding might take the form of diplomatically sidestepping an issue, postponing an issue until a better time, or simply withdrawing from a threatening situation.
LO 1, AC 1.1
NEW QUESTION # 114
Which of the following is a disadvantage of absorption costing method?
Answer: B
Explanation:
Absorption costing is an approach to allocating overheads in which indirect costs are loaded or absorbed into direct costs related to specific jobs, processes or outputs, using an estimated basis of allocation.
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NEW QUESTION # 115
A senior buyer analyses the supply market and he realises that his organisation is treated as Exploit according to supplier's perspective model. What does he need to do?
Answer: D
Explanation:
The supplier's perspective model has two axes: Spend value and Attractiveness:
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Exploit is the quadrant where the buyer has high spend but low attractiveness. Overarching supplier objective would be: "Milk this customer and charge a high price to compensate for all the pain they put us through".
The buyer should increase its attractiveness to raise the position to Core customer. To do this, a buyer may:
- Simplify procurement processes
- Simplify contracting processes
- Use clear and concise documentation
- Eliminate onerous supplier terms and conditions
- Make the payment on time
- Use transparent processes
- Promote ethical behaviours
LO 1, AC 1.4
NEW QUESTION # 116
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