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CIPS L4M2 Exam Syllabus Topics:

SectionObjectives
Topic 1: Understand the use of specifications in procurement and supply
Topic 2: Understand how to develop a business case for requirements to be sourced from external suppliers- Analyse how market factors affect procurement
Topic 3: Understand market management in procurement and supply- Compare the competitive forces that influence markets
  • 1. Availability of substitutes and threat of new entrants
  • 2. Bargaining strength of suppliers and buyers
- Contrast direct costs and indirect costs
  • 1. Sources of information to estimate costs and prices

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CIPS Defining Business Needs Sample Questions (Q139-Q144):

NEW QUESTION # 139
Ymira is asked to develop the specification for water purifier which will be used at the company headquarter.
She believes that the specification can be drafted based on the information available on the Internet, such as blog posts, comparison websites, how-to websites, life hacks, etc. Which of the following traits will make the information more useful?

Answer: A,C

Explanation:
Internet is a great source of information, however, information from the Internet needs to be tested for accuracy and reliability. To check the information from the Internet, a buyer can use the criteria with acronym SAMOA:
Source (of the information)
Audience (intended as the recipient of the information)
Methodology (used to collect and analyse the data)
Objectivity (of the information - there should be no bias)
Accuracy


NEW QUESTION # 140
In which circumstances would it be relevant to require supplier accreditation to the ISO 14001 international standard in a contract specification? Select THREE that apply.

Answer: A,D,E


NEW QUESTION # 141
Buyer power may make a supply market more competitive. Which of the following are examples of buyer power? Select TWO that apply.

Answer: A,E


NEW QUESTION # 142
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: B

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.
Reference: CIPS study guide page 99-100
LO 2, AC 2.3


NEW QUESTION # 143
Which of the following are likely to be disadvantages of using outcome-based specifications? Select THREE that apply

Answer: A,B,E

Explanation:
An Outcome Based Specification (OBS) focuses on the desired outcome of a service in business terms, rather than a detailed technical specification of how the service is to be provided; this allows providers scope to propose innovative solutions that might not have occurred to the procurement team. Outcome should be distinguished from output, which is the measurable results of a set of inputs. The example of difference between outcome and output is written at the bottom of page 123 in the study guide.
Outcomes should be the starting point in making new specification. However, using outcome-based specification has some setbacks:
- First, it is not easy to measure the outcomes. Usually, outcome of a project is a statement like 'increase customer satisfaction', 'maintain ambient temperature' or 'provide a convenient way to do something'. They are not easy to measure as output.
- Second, sometimes the desired outcomes require time to be materialised
- Third, outcomes can be ambiguous


NEW QUESTION # 144
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