Quiz CIPS - L4M6 - Pass-Sure CIPS Supplier Relationships New Practice Materials

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CIPS L4M6 certification exam is ideal for procurement professionals at all levels of experience, from entry-level to senior management. It is also suitable for individuals who are looking to transition into procurement and supply chain management roles. CIPS Supplier Relationships certification provides a solid foundation for professionals who want to pursue further education and career advancement in the field. Overall, the CIPS L4M6 certification exam is a valuable credential that demonstrates a commitment to excellence in supplier relationship management.

CIPS L4M6 exam covers a range of topics related to supplier relationship management, including the principles of effective supplier management, the importance of communication and negotiation skills, developing and maintaining strategic supplier relationships, and managing supplier performance. Successful completion of L4M6 Exam demonstrates a candidate's ability to manage supplier relationships effectively, which is a critical component of any successful procurement and supply chain operation. Furthermore, candidates who pass the exam will gain a thorough understanding of the best practices in supplier relationship management, enabling them to improve their organization's procurement and supply chain operations.

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CIPS L4M6 Exam is a comprehensive assessment designed to test the knowledge and skills of procurement professionals when it comes to managing supplier relationships. L4M6 exam is part of the Chartered Institute of Procurement and Supply (CIPS) Level 4 Diploma in Procurement and Supply, and passing it is a requirement for those who want to progress to the next level of the program.

CIPS Supplier Relationships Sample Questions (Q43-Q48):

NEW QUESTION # 43
Which of the following are characteristics that differentiate between a partnership relationship and traditional contracting relationships? Select THREE.

A. No defined end period
B. Supplier KPIs
C. No tender process
D. Lower costs
E. Early supplier involvement

Answer: A,C,E

Explanation:
The correct answers are; no tender process, early supplier involvement and no defined end-period. A partnership wouldn't automatically mean lower costs, and in a partnership the KPIs are usually a joint performance measurement rather than set to the supplier. For more information on the difference between partnerships and contractual relationships see p.124-5

NEW QUESTION # 44
Which of the following are correct statements with regards to a joint venture and with regards to a strategic alliance? Select TWO that apply.

A. A strategic alliance is a permanent arrangement
B. In a joint venture, a new company is formed between the partners
C. A joint venture is also known as vertical integration
D. A strategic alliance creates a new company formed between the partners
E. A strategic alliance is managed by both partners

Answer: B,E

Explanation:
Comprehensive and Detailed Explanation:
* Statement B:A strategic alliance is an agreement between two or more parties to pursue a set of agreed- upon objectives while remaining independent organizations. It is typically managed jointly by the partners to achieve mutual benefits without forming a new legal entity.Wikipedia
* Statement C:In a joint venture, two or more parties create a new, separate legal entity by contributing equity, and they share in the revenues, expenses, and control of the enterprise. This new company is formed to undertake specific business activities.
Reference:
CIPS L4M6 Study Guide

NEW QUESTION # 45
Cigarettes and alcohol are often described as having an 'inelastic price'. What does this mean?

A. The product is subject to age restrictions
B. Changes in price will greatly affect how much of the item is bought
C. Changes in price will not affect how much of the item is bought
D. The product is subject to high rates of tax

Answer: C

Explanation:
A product with an 'inelastic price' means that consumption doesn't really depend on how much it costs. So you could increase the price of alcohol and cigarettes and people would tend to still buy them. A product with an elastic price means that a change in price would have a large affect on the number of people who bought the item. See p.95 for more details on price elasticity.

NEW QUESTION # 46
Which of the following is an advantage for the suppler of entering into a partnership with a buyer?

A. They no longer have to try as hard to win business.
B. The Intellectual Property Rights of the buyer become yours
C. There is more flexibility when selling the product
D. They may gain an increased volume of business

Answer: D

Explanation:
The correct answer is 'They may gain an increased volume of business'. The other options are just not true. See p.130 for advantages and disadvantages of partnerships from both the buyer and supplier's perspective. This is a hot topic for the exam.

NEW QUESTION # 47
The CEO of a business has asked his procurement manager to source new machinery for the factory. This machinery will help create a new line of products which will give the company a competitive edge. The CEO is heavily invested in this procurement activity as profits have been lower than expected this year and this new line of products could help increase profitability. How should the procurement manager include the CEO in the procurement activity?

A. The CEO is a key player- so it is important he is involved early in the process
B. The CEO is a key player- so should be given regular updates on progress
C. It is important to keep the CEO informed of all decisions that are made
D. It is important to keep the CEO satisfied as he runs the business

Answer: A

Explanation:
The correct answer is 'The CEO is a key player- so it is important he is involved early in the process'. The CEO has high power and high interest which puts him in the top right-hand corner of Mendelow's Stakeholder Matrix (p.81). CIPS says Key Players should be involved early in the procurement process (p.82).

NEW QUESTION # 48
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