CIPS L4M2 Latest Test Answers | Exam L4M2 Torrent

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CIPS L4M2 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Use specifications in procurement and supply20-25%- Types of specifications
  • 1. Output/outcome-based specifications
  • 2. Conformance vs performance specifications
  • 3. Drawings, samples, brands, technical standards
- Sources for developing specifications
  • 1. Suppliers, industry benchmarks, regulatory requirements
  • 2. Internal stakeholders, technical experts, standards bodies
- Advantages and limitations of specification types
  • 1. Risk, cost, flexibility, supplier innovation impact
Topic 2: Stakeholder management in defining needs15-20%- Communicate and consult with stakeholders
  • 1. Resolving conflicting requirements
  • 2. Methods for gathering requirements
- Align needs with organisational objectives
  • 1. Strategic alignment and value contribution
- Identify and classify stakeholders
  • 1. Internal vs external stakeholders
  • 2. Power/interest matrix and engagement strategies
Topic 3: Market management in procurement and supply20-25%- Assess market forces and trends
  • 1. Technological, legal, economic, social factors
  • 2. Supply and demand dynamics
  • 3. Global vs local market conditions
- Evaluate market information sources
  • 1. Industry reports, government data, trade journals
  • 2. Supplier intelligence and market research
- Analyse market structures and competition
  • 1. Impact of market structure on procurement strategies
  • 2. Perfect competition, monopoly, oligopoly, monopolistic competition
Topic 4: Legal and regulatory considerations10-15%- Legislation affecting requirements definition
  • 1. Procurement regulations, competition law, standards
- Sustainability and ethical requirements
  • 1. Environmental, social, ethical criteria
Topic 5: Devise a business case for requirements sourced externally20-25%- Influence of business needs on procurement decisions
  • 1. Types of purchase: new, modified rebuy, straight re-buy
  • 2. Impact of business needs on purchase types
  • 3. Procurement's role in developing business cases
- Criteria for creating business cases
  • 1. Costs, benefits, options, alignment, timescales
  • 2. Benchmarking requirements
- Interpret financial budgets for purchase control
  • 1. Purpose and structure of budgets
  • 2. Budget performance and variance management
  • 3. Cash flow and cost entries
- Estimate costs and prices for procurement activities
  • 1. Direct and indirect costs
  • 2. Cost estimation and budgeting methods
  • 3. Market data sources for cost/price information
  • 4. Total cost of ownership / whole life costing

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CIPS Defining Business Needs Sample Questions (Q174-Q179):

NEW QUESTION # 174
Builder Inc is a rapidly expanding business in construction sector. Due to an increase in projects, it cannot manage the flow of materials by Excel spreadsheets but by more dedicated software. Who would be a key internal stakeholder in defining software compatibility with company's current system?

Answer: A

Explanation:
Internal stakeholders may contribute to defining needs and drafting the specification by using their technical expertise. In this scenario, IT team may consult procurement team on the technical specification of the software, including compatibility with company's current IT system.


NEW QUESTION # 175
Ray is a procurement officer working for a medium-sized enterprise. Ray is due to renew the IT support package for one of the company's software systems, which is used for selling a niche, but important product.
Tech Solutions are the only supplier who can provide support for this specialist software. The software support package represents only 3% of Tech Solutions' overall sales income, however. Ray and Tech Solutions have an effective working relationship Which statement below describes the bargaining power in this situation?

Answer: D


NEW QUESTION # 176
Which of the following is an useful tool for value engineering?

Answer: C

Explanation:
Value Engineering (VE) is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evaluation and analysis. This takes place before any capital is invested in tooling, plant or equipment.
This is very significant, because according to many reports, up to 80% of a product's costs (throughout the rest of its life-cycle), are locked in at the design development stage. This is under-standable when you consider the design of any product determines many factors, such as tooling, plant and equipment, labour and skills, training costs, materials, shipping, installation, maintenance, as well as decommissioning and recycle costs.
The Kano model is a theory for product development and customer satisfaction developed in the 1980s by Professor Noriaki Kano, which classifies customer preferences into five categories. Both Kano model and Value Engineering aims at optimising new product, so they can be combined to-gether. CIPS L4M2 study guide consider Kano model is a tool of Value Engineering

Example of Kano model (source: Wikipedia)
Reference:
LO 3, AC 3.4


NEW QUESTION # 177
Which of the following bodies provides standards for the products and services in the US?

Answer: C

Explanation:
ANSI is the American National Standards Institute. It is responsible for providing technical stand-ards in the US LO 3, AC 3.1


NEW QUESTION # 178
A company assembles a large number of components into a series of finished products. The company has decided to add more finished products to its product range. They have decided that one of the current components will be used in the new range. What is this process known as?

Answer: B


NEW QUESTION # 179
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