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Because the Procurement and Supply in Practice (L4M8) practice exams create an environment similar to the real test for its customer so they can feel themselves in the Procurement and Supply in Practice (L4M8) real test center. This specification helps them to remove Procurement and Supply in Practice (L4M8) exam fear and attempt the final test confidently.
| Section | Weight | Objectives |
|---|---|---|
| Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
| Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
| Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
| Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
Whereas the other two DumpsReview L4M8 exam questions formats are concerned, both are customizable practice tests, provide real time environment, track your progress, and help you overcome mistakes. The desktop CIPS L4M8 Practice Test software is compatible with Windows computers. The web based practice exam is supported by all browsers and operating systems.
NEW QUESTION # 151
Create a list of tangible, intangible, direct and indirect needs within an organization with which you are familiar.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Tangible costs are the cost an organization incur acquiring items that can be physically touched and or seen.
Examples includes; 1) Capital Purchase 2) Raw materials 3) Sundry items 4) Vehi-cles/transport 5) Utilities Intangible costs are the cost an organization incurs acquiring something that cannot be physically seen or touched. Examples include; 1) Insurance 2) Marketing 3) Research and development 4) Salaries and/pension
5) Services 6) Training.
Direct costs - These are costs that an organization incurs acquiring product and services directly attributable
/traceable to its production, for example, the cost of labour and materials directly uses to produce the goods
/services which the organization sells. In the case of buying and running a Lorry for transport fleet, this would be 1) total cost of acquiring the lorry,) Tooling 3) Operation.
Indirect cost - These are costs that are not directly associated to production, for example, materials and services not used in production, labour/ staff cost not directly attributed to production, such as management, sales and marking, ICT support, rents. In the case of buying and running a Lorry for transport fleet. Examples are; 1) Insurance 2) Disposal.
NEW QUESTION # 152
Which Incoterm applies here?
The supplier is responsible for delivering the goods directly onto the vessel that will transport them to their named destination, covering the cost of both the transport and the insurance to cover this. Again, the supplier bears all risks until the goods are delivered to the buyer at their named place.
Answer: A
NEW QUESTION # 153
What are advantages and disadvantages of the two types of specifications?
Answer:
Explanation:
Ones the need is understood, the procurement professional develops the specifications while working together with stakeholders and colleagues to ensure that the final design is fit for purposes that it meets the generated need.
Specification can be focus on performance or conformance.
Performance specification states what the product or service must do or how it should perform but leave the supplier the freedom to achieve this, however they wish.
Performance specification brings the following advantages; it allows supplier innovation, promote competition in the market place, shorter document, quick to prepare. The disadvantage of perfor-mance specification is that buyers may not know exactly what they will be getting.
Conformance specification gives clear instructions to the supplier about what is required and how it should be achieved. Examples of conformance specifications are chemical formulae, recipes and technical drawings. Conformance specification specifies which standards a requirement must meet or exceed. The advantage of using it is; buyers know exactly what they will get. It has the following disadvantages; the buyer bears the risk, it does not encourage supplier to innovate, take longer and complex documentation.
NEW QUESTION # 154
When should whole life asset management be applied?
Answer:
Explanation:
See the answer in explanation.
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 # 155
Looking at stage 8 of the procurement and supply cycle, what does TCA mean?
Answer:
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 # 156
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P.S. Free & New L4M8 dumps are available on Google Drive shared by DumpsReview: https://drive.google.com/open?id=1XGR82bletmn1MAB7nHhTMoMnJJjonCZ4