Pdf CIPS L4M8 Files - Exam L4M8 Duration

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CIPS L4M8 Exam Syllabus Topics:

Section	Objectives
Topic 1: Procurement Technology and Innovation	- Digital procurement tools 1. E-procurement systems 2. Data analytics in procurement - Innovation in supply management 1. Automation and AI applications 2. Process optimisation
Topic 2: Procurement Process and Sourcing	- Supplier selection and evaluation 1. Supplier appraisal techniques 2. Pre-qualification and tendering - Sourcing strategies 1. Outsourcing and insourcing approaches 2. Make or buy decisions
Topic 3: Contracting and Legal Principles	- Contract management 1. Performance measurement 2. Dispute resolution and remedies - Contract formation 1. Terms and conditions 2. Key elements of contracts
Topic 4: Risk, Ethics and Sustainability	- Ethical and sustainable procurement 1. Corporate social responsibility 2. Sustainable sourcing practices - Procurement risk management 1. Risk identification and mitigation 2. Supply chain disruptions
Topic 5: Procurement and Supply Context	- Role of procurement in organisations 1. Stakeholder expectations and value delivery 2. Organisational objectives and procurement contribution - External business environment 1. Market conditions and supply markets 2. Economic and regulatory influences
Topic 6: Supplier Relationships and Performance	- Supplier relationship management 1. Collaboration and partnership models 2. Communication and governance - Performance improvement 1. Continuous improvement approaches 2. KPIs and measurement systems

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Exam L4M8 Duration | L4M8 Exam Online

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CIPS Procurement and Supply in Practice Sample Questions (Q151-Q156):

NEW QUESTION # 151
Explain why you think quality should be investigated before working with potential supplier?

Answer:

Explanation:
See the answer in explanation.
Explanation:
Quality is fitness for purpose. It is important that quality is investigated by procurement professionals before forming relationship with potential supplies.
If quality is not investigated before selecting supplier the organization might stand the risk of facing the following disadvantages; Reputational Damages Cost of Rework Cost of Downtime Cost of Material Cost of being stocked with the wrong supplier Cost of being stocked in a project that may not come to an end at the forecasted time.
How buyer can choose a supplier with a good quality culture is first by defining the quality of the product or services to be carried out .Having knowledge of the product or service quality, supplies can rightly select and evaluated supplier with total quality management (TQM) in their system, ISO 9001 accreditation. TQM includes everyone in the organization with knowledge on the required quality; there would be little or no rejection/reworks. Thus is an added value to the organization.

NEW QUESTION # 152
When should whole life asset management be applied?

Answer:

Explanation:
When organization has made the decision about which option is best for sourcing the asset, it can then begin to work on the whole life asset management strategy.
Whole life asset management is the process of evaluating the total price and all associated costs of a product to make an informed decision as to which option will provide the organization with the best value for money.
This strategy is only under taken for large-value procurements because; 1) It takes considerable time (2) It involves many stakeholders and require numerous resources; If whole life asset management were conducted on every purchase it would not create value for the organization and that may tie up valuable resources.

NEW QUESTION # 153
What advantages could there be to holding excessive inventory?

Answer:

Explanation:
Holding excessive inventory can reduce the impact of extended lead time. i.e. by saving the buying organization from downtime, reputation loss, and also it can generate revenue for the organization if there is a sudden increase in demand.

NEW QUESTION # 154
What is depreciation and deterioration?

Answer:

Explanation:
When an organization want to purchase an asset, it considers the depreciation and deterioration in the whole life of the asset and how it will be manage.
Depreciation is the reduction in value of a tangible and a fixed asset over time. The purpose of calculating the depreciation of the asset is to give the organization a fair and current view of what the asset is worth at a particular time. Depreciation is a way of converting the cost of an asset into an expense over a period of time.
Depreciation is a permanent feature listed against an asset throughout its life time and it based on wear and tear, reduction in performance and reduction in value.
Deterioration is the process of something becoming lower in quality or performance. The longer the asset can last without deteriorating the better value the asset represents.

NEW QUESTION # 155
KPI should be written to match which area of an organization?

Answer:

Explanation:
Key performance indicator (KPI) is another method of monitoring how a supplier is delivering on a contract.
When creating KPIs to manage suppliers and their contracts the areas monitored should be related to the organization's overall strategy that is where organization's success will be measured.

NEW QUESTION # 156
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