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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | CIPS Level 4 Diploma in Procurement and Supply โ L4M2 Defining Business Needs |
| Exam Number: | L4M2 |
| Certificate Validity Period: | No expiry (qualification does not expire once achieved) |
| Available Languages: | English |
| Real Exam Qty: | 60 |
| Passing Score: | 70% |
| Exam Format: | Computer-based objective test, Multiple-choice questions |
| Related Certifications: | CIPS Level 5 Advanced Diploma in Procurement and Supply CIPS Level 4 Diploma in Procurement and Supply |
| Exam Duration: | 120 minutes |
| Recommended Training: | CIPS Level 4 Learning Support CIPS Official Study Resources |
| Exam Registration: | Pearson VUE CIPS Exams Booking CIPS Qualifications Registration |
| Sample Questions: | CIPS L4M2 Sample Questions |
| Exam Way: | Computer-based exam delivered via authorised test centres or remote proctoring (Pearson VUE) |
| Pre Condition: | No formal prerequisites required, but completion of CIPS Level 3 is recommended for progression into Level 4. |
| Official Syllabus URL: | https://www.cips.org/qualifications/ |
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Preparing for the CIPS L4M2 Certification Exam requires a significant amount of effort and dedication. Candidates must thoroughly understand the principles of business analysis, stakeholder management, requirements engineering, and business architecture. They should also be familiar with the exam format and take practice tests to identify areas of weakness. Additionally, candidates should consider enrolling in a training program to ensure they have the knowledge and skills necessary to pass the exam.
NEW QUESTION # 182
To strengthen its market presence, ABC Group decided to develop a new product. A cross-functional team was formed to discuss the scope and the functions of the product. They will also survey the potential customers to see what they like, what they love, and what they dislike. What is this process called?
Answer: D
Explanation:
As you can see from the scenario, ABC Group is developing the new product. It might be using value engineering. The latter sentences confirm this: the cross-functional team in ABC is mapping the functions and surveying the customers. Their method is known as Kano model.
Reference:
LO 3, AC 3.4
NEW QUESTION # 183
XYZ Ltd is producing an engine which consists of many components. The procurement manager wants to find cost reduction opportunities and minimise part varieties. Which of the following may help her to achieve these objectives?
1. Value analysis
2. Segment analysis
3. Variety reduction
4. Standardisation
Answer: D
Explanation:
Value analysis is often defined as a systematic process for improving the value of a product, service or project. It is typically used in the following ways:
- To determine the value of each component used
- To find cost reduction opportunities by optimising the components used Segment analysis helps procurement and supply to shape and manage the supply markets.
There is no concept known as Variety reduction.
Standardisation is the process which is used to reduce varieties of products or parts.
In this scenario, the company's objective is cost reduction, then value analysis or value engineering is more likely to be applied. Also the company aims at reducing variety, standardisation can be combined with value analysis to produce the best results.
LO 3, AC 3.4
NEW QUESTION # 184
When a procurement manager considers a substitution, the number and nature of additional func-tions that substitute provides should be taken into account carefully. Which of the following ratio could help the procurement manager to make the right decision?
Answer: A
Explanation:
One product substitutes for another if it offers buyers an inducement to switch that exceeds the cost or overcomes the resistance to doing so. A substitute offers an inducement to switch if the substitute provides the buyer with more value relative to its price than the product currently being used. There is always some cost of switching to a substitute because of the disruption and potential reconfiguration of buyer activities that must result, however. The threat of a substitute will vary depending on the size of the inducement relative to the required switching costs.
In addition to relative value to price and switching cost, the pattern of substitution is influenced by what I term the buyer's propensity to switch. Faced with equivalent economic inducements for substitution, different buyers will often evaluate substitution differently. The threat of substitution, then, is a function of three factors:
* The relative value/ price of a substitute compared to an industry's product
* The cost of switching to the substitute
* The buyer's propensity to switch
Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278). Free Press. Kindle Edition.
The price-to-book ratio compares a company's market value to its book value. The market value of a company is its share price multiplied by the number of outstanding shares. The book value is the net assets of a company.
The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple.
The reserve ratio is the portion of reservable liabilities that commercial banks must hold onto, rather than lend out or invest. This is a requirement determined by the country's central bank, which in the United States is the Federal Reserve. It is also known as the cash reserve ratio.
LO 2, AC 2.2
NEW QUESTION # 185
Company A sells a product for $100. The total unit variable costs are $60. Fixed costs as in its ac-count are $20,000. How many products does the company have to sell to achieve break-even point?
Answer: D
Explanation:
Break even point = Fixed costs/(Price-variable cost). In this case, break even point = 20,000/(100-60) = 500 Reference:
LO 1, AC 1.2
NEW QUESTION # 186
Lucy, a junior procurement analyst, has been asked to assess the competitive forces in the garden furniture market. XYZ Ltd is the largest producer of garden furniture in the country. It produces 70% of all the garden furniture manufactured, while the second largest manufacturer produces less than 5% of the garden furniture for the country. Which power does XYZ Ltd possess?
Answer: A
NEW QUESTION # 187
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