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CIPS L4M2 (Defining Business Needs) Exam is an important certification for professionals who want to develop their skills in procurement and supply chain management. L4M2 exam is designed to test the ability of individuals to identify and define business needs, and to develop effective procurement strategies to meet those needs. L4M2 exam covers a range of topics, including the procurement process, stakeholder management, and risk management.
CIPS L4M2 (Defining Business Needs) Certification Exam is a globally recognized certification for professionals who wish to specialize in business analysis. Defining Business Needs certification is designed to provide candidates with the necessary skills and knowledge to define and analyze business needs, develop business cases, and provide solutions to business problems. Defining Business Needs certification is offered by the Chartered Institute of Procurement and Supply (CIPS), which is a leading professional body for procurement and supply chain management.
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The Defining Business Needs module is an important component of the Level 4 Diploma in Procurement and Supply. This module provides professionals with the skills and knowledge needed to effectively identify and analyze business needs. The module is relevant for professionals who are responsible for procurement and supply chain activities within their organizations, as well as those who are interested in pursuing a career in procurement and supply chain management.
NEW QUESTION # 201
Which of the following are considered as direct costs in a construction company? Select TWO op-tions
Answer: B,D
Explanation:
Direct costs are directly associated with the production of a good or service. In this question, 'An employee is hired to work on a project, either exclusively or for an assigned number of hours' and 'Raw materials' are directly related to producing the product.
Indirect costs are the general costs of the organisation - these costs cannot easily be attributed to specific products or services (also known as overheads). 'The materials and supplies needed for the company's day-to-day operations' or 'Clerical assistants who maintain the office' or 'Advertising and marketing communication' is example of indirect cost.
Reference:
LO 1, AC 1.2
NEW QUESTION # 202
Which of the following problems may be identified as open-ended problems? Select TWO that apply:
Answer: C,E
Explanation:
Open-ended problem is something stopping the achievement of an objective or blocking progress. To solve this type of problems, procurement professional should find a way to unblock the block-age. In the above question, high logistics cost is an obstacle to cost cutting objective while suppli-er's incompliance prevents the company to achieve its sustainable objective.
NEW QUESTION # 203
Which of the following are features of a conformance specification? Select TWO that apply.
Answer: C,E
NEW QUESTION # 204
Which of the following indicates types of waste that procurement department concentrates on when adopting Lean methods?
Answer: B
Explanation:
Copious amounts of waste can occur in the workplace, particularly in a manufacturing process, but do you know what the eight most commons wastes are and how they impact your organization?
Taiichi Ohno, considered the father of Toyota Production System, created a lean manufacturing framework, which was based on the idea of preserving (or increasing) value with less work. Any-thing that doesn't increase value in the eye of the customer must be considered waste, or "Muda", and every effort should be made to eliminate that waste. The following 8 lean manufacturing wastes, mostly derived from the TPS, have a universal application to businesses today. The acro-nym for the eight wastes is DOWNTIME. Downtime stands for:
- Defects
- Overproduction
- Waiting
- Not utilizing talent
- Transportation
- Inventory excess
- Motion waste
- Excess processing
OWN-IT is the acronym for the process of collecting and analysing the data and information needed in any field SCAMPER is acronym for options addressing the underlying issues and achieving target VA/VE is value analysis and value engineering LO 3, AC 3.4
NEW QUESTION # 205
A procurement manager is requested to source a major component. She needs information on sup-pliers' direct and indirect cost, fixed and variable costs to prepare for negotiations. Therefore, she collects 17 annual reports from potential suppliers who are competing in the same industry. In order to estimate an approximate value of fixed and variable costs in that industry, which of the following technique should be adopted by the procurement manager?
Answer: A
Explanation:
Public annual reports can be a source of information that helps the procurement professional to analyse an industry's cost and revenue using the line of best fit. Line of best fit is one of the most important outputs of regression analysis. Regression refers to a quantitative measure of the relationship between one or more independent variables and a resulting dependent variable. Regression is of use to professionals in a wide range of fields from science and public service to financial analysis.
In this case, by collecting and analysing 17 annual reports, the procurement manager can find the line of best fit which goes approximately through the middle of the data points with an equal num-ber of data points above and below it.
The slope of the line of best fit is the approximate variable costs the industry. The easiest way to calculate it is to take a point at the right-hand end of the line of best fit and note its cost and output levels. Divide the cost by the output and this gives and approximate figure for the cost per unit of output or variable cost. This gives an approximate value for the industry fixed and variable costs.
NEW QUESTION # 206
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