L4M2 Test Price, Mock L4M2 Exams

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CIPS L4M2 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Market management in procurement and supply	20-25%	- Analyse market structures and competition 1. Perfect competition, monopoly, oligopoly, monopolistic competition 2. Impact of market structure on procurement strategies - Evaluate market information sources 1. Industry reports, government data, trade journals 2. Supplier intelligence and market research - Assess market forces and trends 1. Supply and demand dynamics 2. Technological, legal, economic, social factors 3. Global vs local market conditions
Topic 2: Use specifications in procurement and supply	20-25%	- Types of specifications 1. Drawings, samples, brands, technical standards 2. Conformance vs performance specifications 3. Output/outcome-based specifications - Advantages and limitations of specification types 1. Risk, cost, flexibility, supplier innovation impact - Sources for developing specifications 1. Suppliers, industry benchmarks, regulatory requirements 2. Internal stakeholders, technical experts, standards bodies
Topic 3: Stakeholder management in defining needs	15-20%	- 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 4: Devise a business case for requirements sourced externally	20-25%	- Influence of business needs on procurement decisions 1. Types of purchase: new, modified rebuy, straight re-buy 2. Procurement's role in developing business cases 3. Impact of business needs on purchase types - Criteria for creating business cases 1. Benchmarking requirements 2. Costs, benefits, options, alignment, timescales - Interpret financial budgets for purchase control 1. Cash flow and cost entries 2. Budget performance and variance management 3. Purpose and structure of budgets - Estimate costs and prices for procurement activities 1. Total cost of ownership / whole life costing 2. Direct and indirect costs 3. Cost estimation and budgeting methods 4. Market data sources for cost/price information
Topic 5: Legal and regulatory considerations	10-15%	- Sustainability and ethical requirements 1. Environmental, social, ethical criteria - Legislation affecting requirements definition 1. Procurement regulations, competition law, standards

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CIPS Defining Business Needs Sample Questions (Q274-Q279):

NEW QUESTION # 274
Azram, a procurement analyst, has been tasked with applying whole-life asset management when purchasing a piece of laboratory equipment. Was this the correct course of action?

A. No, because this considers the costs of quality
B. Yes, because this focuses only on the price of the equipment
C. Yes, because this considers all associated costs
D. No, because this covers various transactional costs

Answer: C

Explanation:
Whole-life costing (WLC) is a key part of asset management. It focuses not only on purchase price, but also on operation, maintenance, energy use, training, and disposal.
As defined in the CIPS L4M2 Study Guide, Chapter 3: Whole-life costing:
"Whole-life asset management involves considering the total cost of ownership - from purchase through to disposal - ensuring that procurement decisions account for all associated costs, not just the initial purchase price." Assessment:
* A. Focus on price only - Incorrect. WLC considers more than just price.
* B. All associated costs - Correct. This is the definition of whole-life asset management.
* C. Costs of quality - Quality cost is one component but not the full scope of WLC.
* D. Transactional costs - These may be included, but WLC is broader.
Correct answer: B
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 3: Whole-life costing and cost management
* Topic: Whole-life asset management

NEW QUESTION # 275
What are the main purposes of a cash flow budget?
1. It is a time-phased income and expenditure budget
2. It projects the future cash position of an organisation
3. It is a statement of a company's financial position

A. It indicates organisational profitability
B. 2 and 3 only
C. 3 and 4 only
D. 1 and 2 only
E. 1 and 4 only

Answer: A

NEW QUESTION # 276
Which of the following is an assumption of Kano model?

A. Different types of customer requirements have different impact on customer satisfaction
B. The relationship between product functionality and customer satisfaction is always linear
C. All customer requirements are basic requirements
D. All types of customer requirements have the same impact on customer satisfaction

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 # 277
Which of the following describes a purpose of financial modelling in procurement?

A. It can help determine the most appropriate route to market for a set of requirements
B. It helps organisations to agree on the correct contractual terms and conditions with a supplier
C. It allows an organisation to better understand the suppliers within the market
D. It helps procurement professionals forecast budgets, profitability ratios and returns on investments that may exist

Answer: D

NEW QUESTION # 278
A company has a lists of items that make up 15% of total spend. These items also do not largely impact on quality of final product. The supply continuity is secured. Which of the following will be the most appropriate managing approach to purchase these items?

A. Drive down cost based on market competition
B. Build partnership with suppliers
C. Enhance supply continuity
D. Simplify procurement process

Answer: D

Explanation:

Those items make up small portion of spend and the supply risk is low. So it is tactical item according to Kraljic portfolio matrix. Procurement should bundle these items into larger contracts, simplify procurement process.
LO 2, AC 2.1

NEW QUESTION # 279
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