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| Section | Objectives |
|---|---|
| Topic 1: Understanding and defining business needs | - Role of procurement in identifying and defining needs - Alignment of procurement with organisational objectives |
| Topic 2: Specification development | - Stakeholder engagement in requirements definition - Types of specifications (input, output, conformance) - Key performance indicators and measurable requirements |
| Topic 3: Risk, sustainability, and compliance considerations | - Legal and regulatory constraints affecting specifications - Sustainability and ethical sourcing requirements - Managing procurement and supply risks |
| Topic 4: Demand management and value for money | - Whole life costing and total cost of ownership - Demand analysis and forecasting - Balancing cost, quality, and risk |
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NEW QUESTION # 99
British Steel needs to source a set of instruments that will improve quality of steel. Without these instruments British Steel will loss control of the temperature. The bucket may freeze up, or if it is too hot it leaks out of the casting process, damaging the machine. There is limited supply on the market and quality varies greatly.
Which of the following will be the most appropriate managing approach to procure these items?
Answer: C
Explanation:
The instrument plays a crucial role in steel manufacturing because it presents in the majority of products, in which case lacking this instrument would have significant impact on the organisation's output (production lines stop or damaging other machine). Otherwise, the risk of supply is high because there is limitation in supply. Therefore, it is considered as a strategic item in term of Kraljic's portfolio matrix. Procurement manager should form partnership with suppliers to maximise the value.
The following graph illustrates Kraljic's portfolio matrix:
Reference: CIPS Study guide page 84.
LO 2, AC 2.1
NEW QUESTION # 100
Which of the following factors should be assessed to understand the competitiveness of a supply market?
Answer: B
Explanation:
To evaluate how competitive a supply market is, procurement professionals should look at the number of suppliers, availability of alternatives, and ease of market entry.
The CIPS L4M2 Study Guide, Chapter 2: Understanding Markets, states:
"The number of suppliers in a market is a key indicator of competitiveness. More suppliers mean more choice and better pricing power for buyers." Option analysis:
* A. Minimum wage - Impacts labour cost but not overall competitiveness of supplier numbers or options.
* B. Cross National Product - An economic metric, but not directly useful for assessing market competitiveness.
* C. Number of suppliers within the market - Correct. A fundamental indicator of supply-side competition.
* D. Previous price paid - Useful for historical benchmarking, but not a market structure factor.
Correct answer: C
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 2: Market Management
* Section: Understanding Supply Market Competitiveness
NEW QUESTION # 101
Daytona Ltd is developing a new product which is more environmental friendly. Though the objectives are set, the project team has no idea on which functions will be customers' favourites. Which of the following will help them decide the 'should-have' functions of the new product?
Answer: B
Explanation:
The Kano model is useful in gaining a thorough understanding of a customer's needs. You can translate and transform the resulting verbatims using the voice of the customer table that, subse-quently, becomes an excellent input as the whatsin a quality function deployment (QFD) House of Quality.
The model involves two dimensions:
Achievement (the horizontal axis), which goes from the supplier didn't do it at all to the supplier did it very well.
Satisfaction (the vertical axis), which goes from total dissatisfaction with the product or service to total satisfaction with the product or service.
Dr. Noriaki Kano isolated and identified three levels of customer expectations: that is, what it takes to positively impact customer satisfaction. The figure below portrays the three levels of need: expected, normal, and exciting.
The Thomas-Kilmann Conflict Mode Instrument (TKI) is a conflict style inventory, which is a tool developed to measure an individual's response to conflict situations.
Genichi Taguchi, a Japanese engineer, proposed several approaches to experimental designs that are sometimes called "Taguchi Methods." These methods utilize two-, three-, and mixed-level fractional factorial designs. Large screening designs seem to be particularly favored by Taguchi adherents.
Six Sigma is a method that provides organizations tools to improve the capability of their business processes.
This increase in performance and decrease in process variation helps lead to defect re-duction and improvement in profits, employee morale, and quality of products or services.
Source:
- CIPS study guide page 171-172
- WHAT IS THE KANO MODEL?
LO 3, AC 3.4
NEW QUESTION # 102
Apple's CPO is planning a budget for purchasing carbon-free aluminium next year. There are 27.4 tonnes of aluminum in stock, while Apple will need 200 tonnes for production next year and double inventory for production in the following year. How much aluminum will Apple need to purchase in next year?
Answer: B
Explanation:
The quantity of aluminium Apple needs to buy is calculated as follows:
Quantity needed for production + the inventory needed at the end of the year - inventory at start of the year That formula is quantified as: 200 + 54.8 - 27.4 = 227.4
NEW QUESTION # 103
The buyer ' s database is regarded as a primary data source. Which of the following is also a source of primary data?
Answer: D
Explanation:
In procurement and supply, market management requires the effective use of data. CIPS clearly distinguishes between primary and secondary data sources.
According to the CIPS L4M2 Defining Business Needs Study Guide, Chapter 2 (Understanding markets and market data), primary data is defined as:
"Primary data is data that is collected directly by the organisation for a specific purpose. This includes information obtained through supplier meetings, trade fairs, interviews, questionnaires and direct observation." Evaluation of the options:
* Price lists collected from suppliers' representatives at trade fairs are obtained directly from suppliers for a specific purpose and are therefore primary data.
* Price listings on comparison websites and market exchanges are compiled by third parties and are publicly available, making them secondary data.
* Published economic indices such as the retail price index (RTI) are produced by external organisations and are secondary data.
* Financial and trade press, including professional journals, are secondary sources as they summarise and interpret information for a broad audience.
The correct answer is A, as it represents first#hand data collected directly by the buyer.
CIPS Reference:
CIPS L4M2 Defining Business Needs
Chapter 2: Market management and sources of market information
NEW QUESTION # 104
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