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In order to prepare for the CIPS L4M8 Certification Exam, candidates are encouraged to review the exam syllabus and study materials provided by CIPS. Candidates may also consider taking a preparatory course or attending a study group to enhance their understanding of the exam content. With diligent preparation and a commitment to the profession, candidates can successfully pass the CIPS L4M8 Certification Exam and advance their careers in procurement and supply chain management.
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CIPS L4M8 Certification Exam is a rigorous program that requires candidates to demonstrate a high level of knowledge and expertise in the field of procurement and supply chain management. L4M8 exam consists of multiple-choice questions, and candidates are required to pass with a minimum score of 60%. Procurement and Supply in Practice certification is recognized globally, and is highly valued by employers in the procurement and supply chain management industry. Obtaining the CIPS L4M8 Certification can open up new career opportunities and help professionals advance their careers in procurement and supply chain management.
NEW QUESTION # 28
Explain which factors should be considered when deciding the quantity of a product to order.
Answer:
Explanation:
When reviewing supplier's response the procurement professional should consider the right quantity of product or service that has to be ordered at anytime as against the price to decide how to gain the best cost.
Factors to consider include the following
(1)Cost of inventory
(2) cost of insurance
(3) cost of transportation.
* Refer to the question column for response
NEW QUESTION # 29
Explain why risk should be evaluated prior to the disposal of any assets.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Disposal of an asset is the final stage in the decommissioning process of a fixed asset.
When a fixed asset reaches the end of its useful or cost effective life time within an organization, the decision is made as to whether it should be removed from the premises or disposed off.
The process of disposing an asset cannot be without its risk, for example there could be pollution in the community, waste or hazardous materials that could affect the underground water or humans around.
These risks should be identified, evaluated to come up with a response strategy on how to avoid or mitigate them causing damage to human, property, business and the environment.
NEW QUESTION # 30
Explain how influencing, can relate to corruption within procurement.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Influencing is the capacity to be able to change behavior or opinions, either consciously or subconsciously.
As outlined by Yukl and falbets work from 1990 influencing can relate to corruption within pro-curement in these six ways.
1)A party can be assertive (forceful, directive, using deadlines),
2) Ingratiating i.e. using charm and flattery.
3) Exchange-Trading favors,
4) Upward appeal (requesting input for senior management not only that influencing can come as
5) Coalition; team members uniting for support.
5) Rational persuasion, i.e. bringing in logic and facts for clarification.
NEW QUESTION # 31
What are advantages and disadvantages of the two types of specifications?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Ones the need is understood, the procurement professional develops the specifications while working together with stakeholders and colleagues to ensure that the final design is fit for purposes that it meets the generated need.
Specification can be focus on performance or conformance.
Performance specification states what the product or service must do or how it should perform but leave the supplier the freedom to achieve this, however they wish.
Performance specification brings the following advantages; it allows supplier innovation, promote competition in the market place, shorter document, quick to prepare. The disadvantage of perfor-mance specification is that buyers may not know exactly what they will be getting.
Conformance specification gives clear instructions to the supplier about what is required and how it should be achieved. Examples of conformance specifications are chemical formulae, recipes and technical drawings.
Conformance specification specifies which standards a requirement must meet or exceed. The advantage of using it is; buyers know exactly what they will get. It has the following disadvantages; the buyer bears the risk, it does not encourage supplier to innovate, take longer and complex documentation.
* Refer to the question column for response
NEW QUESTION # 32
Describe four factors that could damage reputation within the supply chair
Answer:
Explanation:
The reputation of all the organizations within a supply chain is linked. A Company's reputation is an intangible asset that can contribute to the failure of an organization if damaged. Factors that could damage organizational reputation within the supply chain are;
1. Quality: if the product or service quality is poor the organization may not satisfy it customers and this can lead to a loss of reputation in the market. For example, a residential building construction company contracting a supplier that would do a bad job which in three months may require home owners to reinstall new doors.
2. Sustainability: if the organization is not replenishing that which it is extracting, it will some day run out of business or probably loss loyal customers. For example a drilling company that spills hydrocarbon as it drills.
3. Fit for purpose: if an organization produce a product or carry out services that are not fit for purpose, it may run at loss for there will be so much rejection and rework. This can lead to customers switching to another organization which product or services are fit for their purpose.
4. Contract management: an organization will have to manage its suppliers and the contracts to ensure they are delivering what they were contracted to do. A poor contract management is a waste in the process of delivery that can lead to reputational loss.
NEW QUESTION # 33
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