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| Certification Vendor: | CIPS (Chartered Institute of Procurement and Supply) |
|---|---|
| Exam Name: | Defining Business Needs |
| Exam Number: | L4M2 |
| Passing Score: | 60% |
| Certificate Validity Period: | 3 years |
| Exam Format: | Objective response format, Multiple-choice questions |
| Available Languages: | English |
| Related Certifications: | L4M1 Scope and Influence of Procurement and Supply L4M7 Whole Life Asset Management L4M8 Procurement and Supply in Practice L4M6 Supplier Relationships L4M4 Ethical and Responsible Sourcing L4M5 Commercial Negotiation L4M3 Commercial Contracting |
| Real Exam Qty: | 55-65 |
| Exam Duration: | 90 minutes |
| Exam Price: | ยฃ199 / $250 USD |
| Recommended Training: | Official CIPS Online Learning L4M2 Defining Business Needs Study Guide |
| 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 (Defining Business Needs) Certification Exam is recognized globally and is highly regarded by organizations across the world. Successful completion of the exam demonstrates the candidate's proficiency in business analysis and is a testament to their commitment to professional development. Defining Business Needs certification is also a valuable asset for organizations, as it helps them to identify professionals who possess the necessary skills and competencies to effectively define business needs and manage complex projects.
NEW QUESTION # 225
OMK is a Russian steel firm that is expanding market abroad. It plans to build a steel plant in a foreign country. Due to intricate technical requirements, the plant design will be very complex. Procurement department or technical department alone cannot draft the specification. OMK senior management decides that this task must be treated as a project. Which of the following should be done before writing the specification for new steel plant?
Answer: D
Explanation:
The writing of a complex specification should be treated as a project because it requires the brain power from different stakeholders. Many tools and processes of project management can be applied to complex specification development. Before engaging with the stakeholders and implementing the project, the project initial document should developed.
A Project Initiation Document (PID) is one of the most important components of project manage-ment, which forms the foundation for a company project. It is a reference point during the entire project, for the client as well as for the project team.
A PID bundles documentation into a logical reference work that collects all important information needed to start and run a project from a good foundation. After that, Project Initiation Document must be transferred to all stakeholders, including business sponsors.
This forms the basis for the project management. The documentation from which the PID is com-posed include the business case in which the project's justification can be found, the communica-tion plan and the project plan.
The PID is composed out of collected information and includes, among others, the following com-ponents:
- Project goal(s); what do you want to achieve with the project?
- Project size; how large is the project, how long does it take and how many people are involved?
- Project organisation; who are involved in the project, what are their tasks, responsibilities and authority?
- Limits and risks; what can cause a project to stagnate and are there risks related to the project?
- Stakeholders; who has a stake in the success of the project?
- Project checks and frame reporting; by carefully taking into account evaluation moments, it is clear to everyone what sample tests can be carried out during the process.
In addition, it is important that the Project Initiation Document also contains the following infor-mation:
- The background and occasion of the project, which together provide information about the con-text.
- The project organisational structure, which describes who has which management responsibility in the project.
- The project quality plan, describing who controls the quality of the products to be delivered and how it will take place.
- The total project planning, including the duration of all activities.
- The exception process, which describes how exceptions are dealt with and the steps of the escalation procedure.
- The risk log, including the measures that will be taken when there are unforeseen risks.
- The documentation structure of the project, in which the encoding and storage of all documents and products to be provided by the project has been recorded in advance.
Reference:
- CIPS study guide page 148
- Project Initiation Document (PID), a project management tool | ToolsHero LO 3, AC 3.3
NEW QUESTION # 226
Which type of specification is less time-consuming to develop?
Answer: C
Explanation:
There are two major types of specification: conformance and performance specifications. They have the following characteristics:
Table Description automatically generated
Since performance specification is often a list of outputs or outcomes, it usually takes less time to develop than conformance specification.
Reference: CIPS study guide page 116-124
NEW QUESTION # 227
ABC Ltd has recently set up a stationery contract with a large stationery provider, obtaining fixed prices on core stationery items. The brochures have been distributed within ABC Ltd and one of the key users wants to order a corner desk and office chair from the brochure. Is this within scope?
Answer: C
NEW QUESTION # 228
A CPO is making a business case for acquiring a new computer system. He has set out objective, generated options, cost and benefit of each option and implementation plan. Which of the following elements should be included in the business case?
Answer: B
Explanation:
Before a project commences (either capital purchase or switching to a new supplier), a business case should be developed. The business case outlines the why, what, how, and who necessary to decide if it is worthwhile continuing a project.
Basically, the following criteria can be applied to the assessment of a business case:
1. Objectives
This part describes why you are doing the project. The business objective answers the following questions:
- What is your goal?
- What is needed to overcome the problem?
- How will the project support the business strategy?
2. Option identification and selection
Identify the potential solutions to the problem and describe them in enough detail for the reader to understand.
For instance, if the business case and proposed solution makes use of technology, make sure to explain how the technology is used and define the terms used in a glossary. Since most problems have multiple solutions an option appraisal is often needed. This will explore the potential solutions and recommend the best option.
When writing the initial business case the option appraisal is likely to contain a long list of options and will cover many possibilities. As the project continues a number of options will be rejected. The final business case may contain three to five options - the short list - that includes a do nothing or benchmark option.
3. Benefits and limitations
The benefits and limitations section describes the financial and non-financial benefits in turn. The purpose is to explain why you need a project.
For instance, to:
- Improve quality
- Save costs through efficiencies
- Reduce working capital
- Generate revenue
- Remain competitive
- Improve customer service
- Align to corporate strategy
The business case should also include any limitations since these present potential risk to the pro-ject.
4. Risk management
The risk assessment summarizes the significant project risks and opportunities and how they are managed. The risks included should cover those that could arise from your project or the organiza-tion's ability to deliver change.
This section answers the following questions:
- What risks are involved?
- What are the consequences of a risk happening?
- What opportunities may emerge?
- What plans are in place to deal with the risks?
- Every project should include a risk log.
When writing a business case, make sure this is included as it explains how risk and opportunity are managed.
5. Implementation plan
The outline plan provides a summary of the main activities and overall timescale - project schedule - for the project.
Ideally, the project should be divided into stages with key decisions preceding each stage. Use this section to answer the following questions:
- What is required?
- How is it done?
- Who does what?
- When will things happen?
This outline plan lists the major deliverables and includes a brief project description plus accountabilities for each activity.
In the scenario, the CPO has set out objective, generated options, cost and benefit of each option and implementation plan. In order to make the business case more compelling, he should reinforce it with risk management.
Reference:
LO 1, AC 1.3
NEW QUESTION # 229
At which stage of product life cycle, price competition between sellers will be the most intense?
Answer: B
Explanation:
The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages-introduction, growth, maturity, and decline.
Chart, line chart Description automatically generated
Source: https://blueoceanoutsource.co.ke/the-product-life-cycle-concept/ At maturity stage, price competition sets in as more and more supply capacity has been added by new entrants, then the competition will be the most intense.
Reference: CIPS study guide page 90-91
LO 2, AC 2.2
NEW QUESTION # 230
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