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CIPS L4M2 exam consists of a 2-hour paper-based exam that contains 60 multiple-choice questions. L4M2 exam is designed to test the candidate's knowledge and understanding of the course content. Candidates who successfully complete the exam will be awarded with the CIPS Level 4 Diploma in Procurement and Supply, which is internationally recognized as a benchmark of excellence in procurement.
CIPS L4M2 exam is an excellent choice for procurement professionals who are looking to take their career to the next level. Whether you are looking to progress within your current organisation, or to explore new opportunities in the industry, this qualification will provide you with the knowledge and skills necessary to succeed. With its focus on defining business needs and developing effective procurement strategies, the CIPS L4M2 Exam is an essential qualification for anyone working in procurement and supply chain management.
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The CIPS L4M2 exam covers a range of topics related to defining business needs, including identifying business requirements, performing market analysis, developing procurement strategies, and managing supplier relationships. These topics are essential for individuals who are responsible for managing procurement activities within their organizations. L4M2 Exam is designed to test the candidate's understanding of these topics and their ability to apply them in real-world situations.
NEW QUESTION # 45
Which of the following would a buyer include when issuing an output specification to suppliers?
Answer: A
Explanation:
Detailed Explanation:An output specification defines the desired outcome or result of the procurement rather than specifying how the result should be achieved. A requirements brief outlines the goals, leaving flexibility for the supplier to propose solutions. Reference: CIPS Level 4, Output Specifications in Procurement.
NEW QUESTION # 46
Which of the following are likely to be disadvantages of using outcome-based specifications? Select THREE that apply
Answer: A,B,C
Explanation:
An Outcome Based Specification (OBS) focuses on the desired outcome of a service in business terms, rather than a detailed technical specification of how the service is to be provided; this allows providers scope to propose innovative solutions that might not have occurred to the procurement team. Outcome should be distinguished from output, which is the measurable results of a set of inputs. The example of difference between outcome and output is written at the bottom of page 123 in the study guide.
Outcomes should be the starting point in making new specification. However, using outcome-based specification has some setbacks:
- First, it is not easy to measure the outcomes. Usually, outcome of a project is a statement like ' increase customer satisfaction ' , ' maintain ambient temperature ' or ' provide a convenient way to do something ' .
They are not easy to measure as output.
- Second, sometimes the desired outcomes require time to be materialised
- Third, outcomes can be ambiguous
Reference: CIPS study guide page 122-123
LO3, AC 3.1
NEW QUESTION # 47
At which stage of through-life contract management, procurement team needs to identify sources of risk and the ways to mitigate them?
Answer: C
Explanation:
Risk management has become incredibly complex, especially for capital purchase which requires through-life contract. Any source of risks should be identified and closely managed from the specification stage.
There should be sufficient information in the specification to minimise risks later in the through-life contract.
Here is something to consider:
- Make sure the parties to the contract are clearly identified. This is particularly important if a prime contractor is being used. Allow them to subcontract elements of the specification.
- Clearly identify any testing and quality assurance procedures and who will perform them.
- Document every important aspect of the specification including a project plan
- Include a reasonable limitation of liability clause in the contract and reference it in the specifica-tion
- Identify any guarantees that are needed
- Be clear on what insurance will and will not cover
- Make sure there is clear audit trail of any changes to the specification together with approvals LO 3, AC 3.2
NEW QUESTION # 48
Which of the following activities are considered as secondary activities of an organization? Select TWO that apply
Answer: A,C
Explanation:
According to Porter's value chain, secondary activities consist of firm infrastructure, human re-source management, technology development and procurement.
Training is an example of human resource development, while information system is a part of firm infrastructure.
LO 2, AC 2.1
NEW QUESTION # 49
When analysing competitive forces in a market, which of the following can be seen as a supplier having low bargaining power? Select TWO that apply.
Answer: A,C
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Market Analysis) Supplier power is low when:
* Buyers can easily substitute products (Option B).
* Switching costs are low, so buyers can change suppliers without difficulty (Option D).
Low competition (A) or low innovation (E) strengthens supplier power, not weakens it. High quality (C) increases supplier leverage.
Relevant L4M2 references:
* "Factors influencing supplier bargaining power"
* "Porter's Five Forces model - supplier power and substitution"
NEW QUESTION # 50
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