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| Section | Objectives |
|---|---|
| Topic 1: Understand market management in procurement and supply | - Compare the competitive forces that influence markets
|
| Topic 2: Understand the use of specifications in procurement and supply | |
| Topic 3: Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
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NEW QUESTION # 27
An example of a performance specification is a ...
Answer: D
Explanation:
A performance specification defines the results or outcomes required, not how to achieve them. It leaves the method or design to the supplier.
The CIPS L4M2 Study Guide, Chapter 1: Types of Specification, states:
"Performance specifications describe what the product or service must achieve, not how it is to be made or delivered. Examples include defining outputs, performance levels, or service outcomes." Option analysis:
* A. Brand name - Prescriptive and typically used in conformance or proprietary specifications.
* B. List of outputs - Correct. Outputs define the performance or end results.
* C. List of inputs - Inputs are used in conformance or design specifications.
* D. Technical drawing - A characteristic of conformance or design specifications.
Correct answer: B
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 1: Performance Specifications
* Section: Types of Specification
NEW QUESTION # 28
Which of the following factors should be assessed to understand the competitiveness of a supply market?
Answer: C
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2: Market Analysis) Competitiveness is determined by market structure-how many suppliers operate and how concentrated they are.
A large number of suppliers = competitive market; few suppliers = oligopoly/monopoly # less competitive.
Hence, C is correct.
Relevant CIPS L4M2 Sections:
* Market competitiveness and supplier concentration
* Market intelligence for sourcing strategies
NEW QUESTION # 29
What is the document that defines the activities, deliverables and timelines a supplier must carry out during contract performance?
Answer: A
Explanation:
Statement of Work (SoW) is the document that captures and defines all aspects of your project. You'll note the activities, deliverables and the timetable for the project. It's an extremely detailed document as it will lay the groundwork for the project plan.
Project Initial Document is an important document and should precede any specification writing project. It sets out the scope of the project and it is the team's mandate from senior management Work instructions are also called work guides, Standard Operating Procedures (SOPs), job aids or user manuals, depending on the situation. In any case, the purpose of work instructions is to clearly explain how a particular work task is performed.
Framework agreements are arrangements between one or more buyers and one or more suppliers that provide the terms governing contracts to be established for a certain period of time, in particular with regard to price and, where necessary, the quantity envisaged.
Reference: CIPS study guide page 124
LO 3, AC 3.1
NEW QUESTION # 30
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: D
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.
Reference:
LO 3, AC 3.4
NEW QUESTION # 31
When analyzing direct and indirect costs of potential suppliers for negotiations and planning pur-chasing budget, the procurement manager collects reports from specialist organisations like Mintel, Gartner and Forrester. Which kind of information source is used by the procurement manager?
Answer: D
Explanation:
Using Porter's value chain helps procurement professionals know what are direct and indirect costs of supplier. Information on direct and indirect costs will have been collected as part of the market analysis. Information sources that may help include the following:
- Company annual reports
- Market data
- Technical data
- Request for information
- Plan visits
- Discount lists
Market data is the information that is collected and analysed by specialist organisations like Mintel, Gartner, Forrester,...
Reference:
LO 2, AC 2.3
NEW QUESTION # 32
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