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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Strategic Sourcing and Category Management | 20-25% | - Strategic sourcing process - Category segmentation - Supplier segmentation and criticality analysis - Spend analysis techniques |
| Topic 2: Practical Application Scenarios | 15-20% | - Applying theory to real-world procurement situations - Problem-solving and decision-making - Case study analysis - Recommendation and justification skills |
| Topic 3: Procurement Process and Procedures | 25-30% | - Requirements gathering and specification - Supplier selection methods - Purchase ordering and goods receipt - Procurement cycle stages - Contract award criteria |
| Topic 4: Ethical and Sustainable Procurement | 15-20% | - Supply chain transparency - Modern slavery and fair trade - Ethical sourcing considerations - Corporate Social Responsibility (CSR) - Environmental sustainability in procurement |
| Topic 5: Supplier Relationship Management | 20-25% | - Risk management in supplier relationships - Supplier development and improvement - Partnership and collaboration models - Supplier performance measurement (KPI, scorecards) - Supplier relationship types |
The Procurement and Supply in Practice is ideal whether you're just beginning your career in open source or planning to advance your career. Moreover, the Procurement and Supply in Practice also serves as a great stepping stone to earning advanced Procurement and Supply in Practice. Success in the L4M8 exam is the basic requirement to get the a good job. You get multiple career benefits after cracking the Procurement and Supply in Practice. These benefits include skills approval, high-paying jobs, and promotions. Read on to find more important details about the CIPS L4M8 Exam Questions.
NEW QUESTION # 91
What are the four quadrants within the Kraljic portfolio matrix?
Answer:
Explanation:
See the answer in explanation.
Explanation:
At the early stages In procurement and supply cycle, buyers begin segmenting current supplies in the categories, depending on their level of integration into the organization. To help get this done, the buyer may use the Kraljic portfolio matrix. The kraljic portfolio matrix segment suppliers into four categories, which are;
1) Routine 2) Bottleneck 3) Leverage 4)strategic supplier
NEW QUESTION # 92
Which four procurement cycle stages happen after the award of the contract?
Answer:
Explanation:
See the answer in explanation.
Explanation:
The procurement cycle is the heart of purchasing, sourcing and supplying and should be followed in day-to- day practice in the industry. The procurement cycle has thirteen stages. Contract award is stage 9, and the stages after the contract award are; Stage 10: ware house, logistic and receipt Stage 11: Contract performance review and continuous improvement Stage 12: SRM/SCM and contract management Stage 13: Asset management, lessons learned, end of life.
NEW QUESTION # 93
What are the definition of a new buy and a modified re-buy?
Answer:
Explanation:
See the answer in explanation.
Explanation:
A new buy is the purchase of goods and services by an organization or an individual for its first time. For example a transport organization for the very first time contracting the purchase of a Lorry out to an external supplier. In situations like this, it is advisable to start the procurement cycle from the very first stage. Which is understanding the need and developing high level specification.
Modified re-buy is the purchase of goods or services that an organization has bought before there was a need but with changes to the specification or supplier or quantity or quality. In carrying out modified re-buy, procurement professional should start from the very first stage of the procurement cycle to justify the added need and follow through. Not in all cases that buyer would have to start from understanding the need. In a situation where the changes required is a change of supplier, the organization will start from its preferred suppliers list and contract the next ranking supplier as the case may be.
* Refer to the question column for response
NEW QUESTION # 94
What do STEEPLE and SWOT stand for?
Answer:
Explanation:
RESPONSE
After a need in an organization has been identified/understood, defined, justified and authorized, the next stages are to understand how commodity prices are reacting, which suppliers are available and their strength.
The make or buy decision can be reached with knowledge from this; the procurement professional can consider the organization external environment, strength, weakness opportunity and threat to develop strategy
/plan of how to achieve the procurement.
'STEEPLE' is an effective way to evaluate the external environment. It helps buyers to assess factors that could affect the need in hand and helps them to develop the plan accordingly. 'STEEPLE' is an acronym which stands for, Social, Technology, Economic, Environment, Political, Legal, Ethical
'SWOT' helps the organization to analyze its strength and within the organization and the oppor-tunity and threats outside the organization.
'SWOT' is an acronym which stands for, strength, weakness, opportunity and threats.
* Refer to the question column
NEW QUESTION # 95
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 # 96
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