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| Certification Vendor: | CIPS (Chartered Institute of Procurement and Supply) |
|---|---|
| Exam Name: | Defining Business Needs |
| Exam Number: | L4M2 |
| Exam Duration: | 90 minutes |
| Exam Format: | Multiple-choice questions, Objective response format |
| Available Languages: | English |
| Certificate Validity Period: | 3 years |
| Passing Score: | 60% |
| Exam Price: | £199 / $250 USD |
| Related Certifications: | L4M7 Whole Life Asset Management L4M3 Commercial Contracting L4M6 Supplier Relationships L4M5 Commercial Negotiation L4M4 Ethical and Responsible Sourcing L4M8 Procurement and Supply in Practice L4M1 Scope and Influence of Procurement and Supply |
| Real Exam Qty: | 55-65 |
| Recommended Training: | L4M2 Defining Business Needs Study Guide Official CIPS Online Learning |
| Exam Registration: | CIPS Official Registration |
| Sample Questions: | CIPS L4M2 Sample Questions |
| Exam Way: | Computer-based; online remote proctored or in-person at authorised test centres |
| Pre Condition: | No mandatory prerequisites; recommended: relevant work experience or completion of Level 3 Certificate |
| Official Syllabus URL: | https://www.cips.org/qualifications/level-4-diploma/l4m2-defining-business-need/ |
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CIPS L4M2 Exam is an essential exam for procurement professionals as it helps them to develop their procurement skills and knowledge, which are essential in today's dynamic business environment. L4M2 exam equips professionals with the necessary skills to identify and analyze business needs, which is crucial in developing effective procurement strategies. Additionally, the CIPS L4M2 Exam prepares professionals to work collaboratively with stakeholders to ensure that procurement processes align with the overall business objectives.
NEW QUESTION # 133
A company is building a new two-storey office block and will need to purchase new desks and chairs. There will not be much space available. What should be included in the specification for these desks and chairs?
Answer: C
NEW QUESTION # 134
A procurement manager includes provision on recovery from natural disaster into a through-life specification.
Some suppliers suppose that provision is unnecessary. Is procurement manager's action justified?
Answer: D
Explanation:
Risks like natural disasters - fire, flood, or weather-related event, and cyber-attacks can disrupt the supply chain seriously. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. Risks must be identified early and supplier should have a plan that ensures continuous operations during disasters.
There are several steps many companies must follow to develop a solid business continuity plan. They include:
- Business Impact Analysis: Here, the business will identify functions and related resources that are time- sensitive. (More on this below.)
- Recovery: In this portion, the business must identify and implement steps to recover critical business functions.
- Organization: A continuity team must be created. This team will devise a plan to manage the disruption.
- Training: The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.
NEW QUESTION # 135
When a procurement manager considers a substitution, the number and nature of additional func-tions that substitute provides should be taken into account carefully. Which of the following ratio could help the procurement manager to make the right decision?
Answer: A
Explanation:
One product substitutes for another if it offers buyers an inducement to switch that exceeds the cost or overcomes the resistance to doing so. A substitute offers an inducement to switch if the substitute provides the buyer with more value relative to its price than the product currently being used. There is always some cost of switching to a substitute because of the disruption and potential reconfiguration of buyer activities that must result, however. The threat of a substitute will vary depending on the size of the inducement relative to the required switching costs.
In addition to relative value to price and switching cost, the pattern of substitution is influenced by what I term the buyer's propensity to switch. Faced with equivalent economic inducements for substitution, different buyers will often evaluate substitution differently. The threat of substitution, then, is a function of three factors:
* The relative value/ price of a substitute compared to an industry's product
* The cost of switching to the substitute
* The buyer's propensity to switch
Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278). Free Press. Kindle Edition.
The price-to-book ratio compares a company's market value to its book value. The market value of a company is its share price multiplied by the number of outstanding shares. The book value is the net assets of a company.
The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple.
The reserve ratio is the portion of reservable liabilities that commercial banks must hold onto, rather than lend out or invest. This is a requirement determined by the country's central bank, which in the United States is the Federal Reserve. It is also known as the cash reserve ratio.
LO 2, AC 2.2
NEW QUESTION # 136
Warwickshire Ambulance Service (WAS) is an NHS Trust. It operates throughout Warwickshire and the neighbouring areas. It has three core areas of activity, namely the provision of Emergency Ambulance Services, routine Patient Transport Services, and Logistic Medical Services. The agency is working towards higher service level through benchmarking. Which of the following is the benefit of benchmarking to WAS?
Answer: D
Explanation:
Benchmarking is 'the pursuit by organisations of enhanced performance by learning from the suc-cessful practices of others. Benchmarking is a continuous activity; key internal processes are adjusted, performance is monitored, new comparisons are made with the current best performers and further changes are explored.
Where information about these key processes is obtained through a co-operative partnership with specific organisations (rather than via a third party such as an independently-maintained database), there is an expectation of mutual benefit over a period of time.
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NEW QUESTION # 137
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 # 138
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