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The Chartered Institute of Procurement and Supply (CIPS) is a leading professional body for procurement and supply chain professionals worldwide. CIPS offers a range of certification programs that cater to the diverse needs of procurement and supply chain professionals. One such program is the CIPS Level 4 Diploma in Procurement and Supply. Defining Business Needs certification comprises eight modules that cover the core competencies required for professionals working in procurement and supply chain management. The second module of this diploma program is Defining Business Needs, also known as L4M2.
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The Level 4 Diploma in Procurement and Supply consists of eight units, and one of these units is Defining Business Needs (L4M2). This unit is designed to equip learners with the knowledge and skills required to identify and evaluate business needs, assess the feasibility of solutions, and develop business cases to support decision-making.
NEW QUESTION # 22
Honda of America Manufacturing is a well established automobile manufacturer. It purchases tens of thousands of materials and parts from suppliers, however, only few of them are strategic. To these suppliers, Honda's procurement manager requires them to send details of labour, materials, overhead cost and profit.
However, the suppliers are reluctant to submit such confidential infor-mation. Is the procurement manager's action appropriate?
Answer: C
Explanation:
With strategic suppliers, the aim should be to work co-operatively with them to find ways of reducing costs to achieve a target cost. It is necessary to work with the suppliers in carrying out open book costing by having first persuaded them of the need to do it. Open book can be used to establish a Target Cost, a Compensation Event value and can eventually be used to ensure the payment of actual costs to an organization. A number of forms of contract cater for this functionality of which only the NEC goes to into any great depth of methodology.
If the suppliers worry about leak of confidential information, procurement team can suggest them to sign a non-disclosure agreement. The buying organisation should also comply with data protection regulations. The Employer / individual responsible for a project's costs should ultimately take a pragmatic and sensible approach with regard to commercially or personally sensitive data provided by the contractor. The primary goal of all open book cost management is to provide Employer comfort and security in the accuracy of commercial data; this effectively means striking a balance between undertaking full audits and blind faith.
Reference: CIPS study guide page 32
LO 1, AC 1.2
NEW QUESTION # 23
Which of the following are the fair and reasonable comparators in price analysis? Select TWO that apply:
Answer: B,C
Explanation:
Price Analysis is the process of deciding if the asking price for a product or service is fair and rea-sonable, without examining the specific cost and profit calculations the vendor used in arriving at the price. It is basically a process of comparing the price with known indicators of reasonableness. When adequate price competition does not exist, some other form of analysis is required. Some reasons that could affect adequate price competition are: specifications are not definitive, tolerances are restrictive, or production capacity limits those eligible to bid.
Examples of other forms of price analysis information include:
* Analysis of previous prices paid
* Comparison of vendor's price with the in-house estimate
* Comparison of quotations or published price lists from multiple vendors
* Comparisons with government agencies (such as GSA in the US) published prices A strike price is the set price at which a derivative contract can be bought or sold when it is exercised. For call options, the strike price is where the security can be bought by the option holder; for put options, the strike price is the price at which the security can be sold. Strike price is also known as the exercise price.
A cost driver is the direct cause of a cost and its effect is on the total cost incurred. For example, if you are to determine the amount of electricity consumed in a particular period, the number of units consumed determines the total bill for electricity. In such a scenario, the number of units of electricity consumed is a cost driver.
Reference: CIPS study guide page 35
LO 1, AC 1.2
NEW QUESTION # 24
Which one of the following would allow an established company to develop a competitive advantage over new entrants to its market?
Answer: B
NEW QUESTION # 25
Which of the following is an assumption of Kano model?
Answer: A
Explanation:
Kano model of excitement and basic quality (Kano et al, 1984; Berger et al, 1993; Matzler et al, 1996) brings a different perspective for the analysis of improvement opportunities in products and services because it takes in consideration the asymmetrical and non-linear relationship between performance and satisfaction. The Kano model classifies customers requirements in three categories (figure 3):
a) Basic Requirements. The basic requirements fulfill the basic functions of a product. If they are not present or their performance is insufficient, customers will be extremely dissatisfied. On the other hand, if they are present or have sufficient performance, they don ' t bring satisfaction. Customers see them as prerequisites.
For instance, for luxury automobiles, " air bags " are considered basic. A customer won ' t feel satisfied if the automobile has " air bag " , however he/she will not buy it if "air bag" is not present.
b) Performance Requirements. As for these requirements, satisfaction is proportional to the performance level
- the higher the performance, the higher the customer ' s satisfaction will be and vice-versa. Gas consumption in automobiles is an example of these requirements. Usually customers explicitly demand performance requirements.
c) Excitement Requirements. These requirements are key to customer satisfaction. If they are pre-sent or have sufficient performance, they will bring superior satisfaction. On the other hand, if they are not present or their performance is insufficient, customers will not get dissatisfied. For instance, a surprise gift at the end of a dinner in a restaurant will certainly bring satisfaction, but it will not cause dissatisfaction if not offered. These requirements are not demanded nor expected by customers.
Two other types of requirements may be identified in the Kano model: neutral and reverse ones. Neutral requirements do not bring either satisfaction or dissatisfaction. Reverse requirements bring more satisfaction if absent than if present.
Diagram Description automatically generated
Reference:
- Integrating Kano model and QFD for Designing New Products
- CIPS study guide page 171-172
NEW QUESTION # 26
XYZ Ltd is the largest consumer of brass in the country. It consumes 48% of all brass manufactured, while the second-largest consumes less than 10% of brass manufactured. Which force or power does XYZ Ltd possess?
Answer: C
NEW QUESTION # 27
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