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CIPS L4M8 Exam is an essential qualification for anyone seeking to work in procurement and supply chain management. It covers a range of topics relevant to the procurement process and is designed to test the candidate's knowledge and ability to apply this knowledge to real-world situations. Passing the exam is a significant achievement and can open up numerous job opportunities for individuals who hold this qualification.
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The Chartered Institute of Procurement and Supply (CIPS) is a globally recognized professional body for procurement and supply chain management. The CIPS Level 4 Diploma in Procurement and Supply is designed for those who are new to the procurement and supply profession, as well as those who wish to further develop their knowledge and skills. The CIPS L4M8 (Procurement and Supply in Practice) certification exam is a key component of this diploma, providing individuals with the opportunity to demonstrate their understanding of procurement and supply chain management concepts and practices.
NEW QUESTION # 16
Which contract term contains details of when a product or service should be delivered and ex-plained the potential loss of business?
Answer:
Explanation:
Contract terms are the right and duties agreed between parties with which are then documented in contract.
Terms can be either implied or expression.
Implied terms are always present in a contract and are set by national laws; like the sales of goods act, whereas express terms are negotiated and created, for example; time is of the essence. When the procurement professional is setting key performance indicators, where which the supplier's performance will be monitored and managed, the KPI is expected to be SMART. The SMART is an acronym that is used to set KPI and specification. It means:
Specific
Measurable
Achievable
Relevant
Time bound
* Refer to the question column for response
NEW QUESTION # 17
Why is it important to have adequate procedures in place within an organization in relation to bribery?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Bribery is the act of giving someone something of value to persuade them to do something that benefits you.
Ethical and responsible sourcing requires conducting due diligence on bribery before going into contractual relationship because failure to this might lead to loss in reputation.
In other for an organization to defend itself against a case of suspected bribery, the United Kingdom bribery Act introduced in 2010 suggests that organizations should have adequate procedures' in place.
The following are six procedures an organization should have in place to be able to defend itself against bribery
1) Proportionate procedure
2) Top level commitment
3) risk assessment
4) due diligence
5) communication
6) monitoring and reviewing
NEW QUESTION # 18
What is Iso 14001?
Answer:
Explanation:
See the answer in explanation.
Explanation:
14001 set out as international standards for an environmental management system.
NEW QUESTION # 19
Which type of power is most likely to be used in corruption?
Answer:
Explanation:
The abuse of power within the supply chain can be linked to corruption. If individuals with seniority favor one supplier over another, they can exercise their power to award the contract to whoever they wish. According to CIPS code of conduct, this is not acceptable.
According to French and Raven, there are five types of power (Legitimate power, Reward, Expert, Referent and Coercive), and these powers can most likely be used in corruption.
NEW QUESTION # 20
Looking at stage 8 of the procurement and supply cycle, what does TCA mean?
Answer:
Explanation:
See the answer in explanation.
Explanation:
When evaluating offers, it is important to remember that the best price may not be the lowest. To ascertain that; the total cost of Acquisition TCA (the cost a buyer bears for placing orders and re-ceiving a product from a supplier) should be uncovered and compare against offers received. Things to consider that might make up the total cost of acquisition are;
1) logistics and handling costs
2) Cost of requisition
3) Rework
4) stock cost
5) Delay
6) Inspection
7) customer services
8) consumables
9) Training & support
NEW QUESTION # 21
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