Updated and Error-free L4M8 Exam Practice Test Questions

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CIPS L4M8 Exam Syllabus Topics:

Section	Objectives
Procurement and Supply Context	- Role of procurement in organisations 1. Organisational objectives and procurement contribution 2. Stakeholder expectations and value delivery - External business environment 1. Market conditions and supply markets 2. Economic and regulatory influences
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
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
Procurement Process and Sourcing	- Sourcing strategies 1. Make or buy decisions 2. Outsourcing and insourcing approaches - Supplier selection and evaluation 1. Supplier appraisal techniques 2. Pre-qualification and tendering
Supplier Relationships and Performance	- Performance improvement 1. Continuous improvement approaches 2. KPIs and measurement systems - Supplier relationship management 1. Communication and governance 2. Collaboration and partnership models
Risk, Ethics and Sustainability	- Procurement risk management 1. Supply chain disruptions 2. Risk identification and mitigation - Ethical and sustainable procurement 1. Corporate social responsibility 2. Sustainable sourcing practices

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Browsers including MS Edge, Internet Explorer, Safari, Opera, Chrome, and Firefox also support the online version of the CIPS L4M8 practice exam. Features we have discussed in the above section of the Itexamguide Procurement and Supply in Practice (L4M8) practice test software are present in the online format as well. But the web-based version of the L4M8 practice exam requires a continuous internet connection.

CIPS Procurement and Supply in Practice Sample Questions (Q84-Q89):

NEW QUESTION # 84
What are the eight elements of whole life asset management?

Answer:

Explanation:
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 option: To achieve this the organization works at the following eight elements.
1. Identify need/objectives/risk: The first stage of the whole life asset management is the same as the first stage in the CIPS procurement and supply cycle: identify the need prior to any asset being procured; the need could be competition in the marketplace, raised/reduced demands or financial concern. Once this need has been identified, the objectives of the new assets need to be set, and this may include being more energy efficient, reducing cost or saving money.
Risk also needs to be explored. When investing in a new asset there are factors to be considered that may or may not be advantageous to the investment. These include; downtime, lost sale/revenue or associated cost.
2. Procurement: Procurement professional would have to source and arrange supply of the asset.
3. Construction: ones the supply has being arranged, then the designing and the manufacturing of the asset begins.
4. Commissioning
5. Deterioration/maintenance
6. Condition performance monitoring
7. Decommissioning
8. Renewal/replacement
* Refer to the question column for response

NEW QUESTION # 85
What are the 3Ps in the triple bottom line.

Answer:

Explanation:
See the answer in explanation.
Explanation:
Trying to measure how sustainable an organization was use to be challenging undertaking. However, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured.
This framework is known as the triple bottom line (TBL) and measures sustainability in relation to organizational performance and investment against the 3Ps (1) Profits (2) People (3) Planet. For example; Profit: A packaging manufacturer reinvesting its profits in State- of-the-art recycling machinery for it wasted cardboard.
People: A large privately owned call centre donate its end of life computers to a local youth clubs and social groups to help gain internet cases.
Planet: A driving instructors using only hybrid vehicles to teach her learners, thus to reducing Co2 emission.
* Refer to the question column for response

NEW QUESTION # 86
Describe one qualitative and one quantitative measures of social impact for an organization with which you are familiar.

Answer:

Explanation:
See the answer in explanation below.
Explanation:
Information gathered in relation to social impact for an organization is both qualitative and quantitative.
Fullpower consult is a project/procurement training company that has gotten a measure of its social impact.
The qualitative measure of the organization is its stakeholders perception. Stakeholders knows that fullpower will do all it can to always give the best value for money.
Fullpower has the policies to give 10% of its profit share back to the community, by sponsoring free trainings for both professionals and vocational.
Addition
Qualitative and quantitative measures of social impact
Qualitative
Stakeholder perception
Reputation
Good Ethical practice
Benefit to the economy
Quantitative
20% Reduction in emission
Amount of funding donated
Amount of train courses delivered
Percentage of Resources Replaced
* Refer to the question column for response

NEW QUESTION # 87
What two areas of an organization do the Kraljic Portfolio matrix uses to establish the category of a product or service?

Answer:

Explanation:
See the answer in explanation.
Explanation:
The Kraljic Portfolio Matrix shows where a product or services fits into in an organization. It is based on two areas 1) the risk of supply (Risk Impact). 2) Effect it has on profit (cost impact).

NEW QUESTION # 88
What is a cross function team?

Answer:

Explanation:
A cross-function Team is the involvement of all departments that are in an organization to contribute knowledge, skills and innovation towards adding value to achieving the organization's strategic goal. Example, procurement, maintenance, marketing, finance, human resources working together in procurement activity to come up with the best strategy or selecting the supplier that best suit the organization.
When working in a cross-functional team, members of the organization give support by believing in the end goal, assist during difficult time, help troubleshoot any issue, providing the required resources and sharing information

NEW QUESTION # 89
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