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CIPS L4M5: Commercial Negotiation exam covers a range of topics such as preparing for negotiations, identifying objectives, and developing negotiation strategies. Candidates will also learn how to apply different negotiation techniques, including distributive and integrative bargaining, to achieve their objectives. L4M5 Exam also covers the legal and ethical aspects of negotiation, such as contract law and bribery and corruption.
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CIPS L4M5 exam is a challenging but rewarding qualification that can help procurement and supply chain professionals advance their careers and enhance their negotiation capabilities. By passing L4M5 exam, candidates demonstrate their expertise in commercial negotiation and their commitment to professional development in this critical field.
To prepare for the CIPS L4M5 Certification Exam, candidates should have a good understanding of procurement processes and supplier management. They should also have experience in negotiating contracts and agreements. L4M5 Exam consists of 60 multiple-choice questions, and the pass mark is 60%. L4M5 exam is available online, and candidates have 90 minutes to complete it. Successful candidates will be awarded the CIPS L4M5 Certification, which is valid for three years.
NEW QUESTION # 246
Which type of question should be used to receive affirmation on statement?
Answer: C
Explanation:
:
Different questioning styles can be used to elicit desired responses:
Text Description automatically generated
NEW QUESTION # 247
Colin Smith is preparing for a negotiation with a supplier that provides a chemical for grass fertiliser. Colin has been given an action to secure a commercial deal that achieves his organisation's objective of 'ethical and sustainable procurement.' As part of his negotiation plan, Colin is using the 'must, intend, like (MIL)' framework to prepare for the negotiation. Colin would categorise his organisation's objective within the negotiation plan as ...
Answer: D
Explanation:
In the MIL framework, "Must have" refers to non-negotiable elements. For Colin's organisation,ethical and sustainable procurementis a core, uncompromisable value, making it a "Must have" in negotiations.
Reference: L4M5 Commercial Negotiation 2nd edition (CORE), Section 3.1 - Using the MIL Framework for Negotiation Objectives
NEW QUESTION # 248
Representatives from South African Department of Health is negotiating the price of hospital drugs with US pharmaceutical companies. Which of the following are most likely to be macro factors that influence the outcomes of the negotiation? Select TWO that apply.
Answer: A,B
Explanation:
All one-to-one commercial negotiations between a specific purchaser and a specific supplier take place within an industrial market and a larger business environment characterised by multiple forces which both parties typically have little control over. STEEPLE framework highlights the 6 main external influences on a business:
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Particularly, pharmaceutical industry is a heavily regulated sector, therefore, legal and regulatory matters in the industry is highly important. Otherwise, technological trends also permeate into pharmaceutical companies, technologies like digitalisation may transform the balance of power in such negotiation.
LO 1, AC 1.3
NEW QUESTION # 249
Katie is preparing a negotiation with a strategic supplier. Through deep market analysis, she realises that her company and the supplier have equal bargaining power. Via regular communication, Katie knows that both parties are arguing on amount of liquidated damages and neither party shall concede all of their requirements but some are negotiable. Katie and her counterpart from supplying company still desire a long-term relationship and hope that the meeting between them will be a solution for current situation. Which of the following isthe most appropriate approach that Katie should adopt to achieve the above outcome?
Answer: A
Explanation:
Explanation
Competing is assertive anduncooperative, a power-oriented mode. When competing, an individual pursues his or her own concerns at the other person's expense, using whatever power seems appropriate to win his or her position. Competing might mean standing up for your rights, defending a position you believe is correct, or simply trying to win. Competing will not allow long-term relationship to flourish.
Compromising is intermediate in both assertiveness and cooperativeness. When compromising, the objective is to find an expedient, mutually acceptable solution that partially satisfies both parties. Compromising falls on a middle ground between competing and accommodating, giving up more than competing but less than accommodating. Likewise, it addresses an issue more directly than avoiding but doesn't explore it in as much depth as collaborating. Compromising might mean splitting the difference, exchanging concessions, or seeking a quick middle-ground position. It is a valid approach when long-term relationships are at stake and it is important to find some common ground on which to base an agreement. Both sides get something but not everything. Therefore, this is the most appropriate for this scenario.
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. In the scenario, both parties want to take the opportunity, then avoiding is not an appropriate solution.
Accommodating is unassertive and cooperative-the opposite of competing. When accommodating, an individual neglects his or her own concerns to satisfy the concerns of the other person; there is an element of self-sacrifice in this mode. Accommodating might take the form of selfless generosity or charity, obeying another person's order when you would prefer not to, or yielding to another'spoint of view. In the scenario, neither party shall concede all of their requirements, it is unnecessary to adopt this approach.
LO 1, AC 1.1
NEW QUESTION # 250
Information generated through Purchase Price Cost Analysis can be useful to the purchaser, by helping to identify which of the following costs relating to the supplier? Select the THREE that apply.
Answer: A,D
Explanation:
Below are some examples of cost input that can be analysed in PPCA process:
- Material costs
- Process and labour costs
- Employment costs
- Overhead costs
- Distribution costs
- Depreciation on equipment
- Profit
If you want to learn more on PPCA, you can study from OGC document here: https://webarchive.
nationalarchives.gov.uk/20100609100650/www.ogc.gov.uk/documents/Cost_Price_analysis(1).pdf LO 2, AC 2.1
NEW QUESTION # 251
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