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CIPS L4M2 Certification Exam is a crucial step for professionals who want to advance their careers in the field of business analysis. L4M2 exam is designed to test the candidate's knowledge and understanding of the process of defining business needs. It aims to assess their ability to identify the requirements of stakeholders, analyze business processes, and recommend solutions to meet the needs of the organization.
It is a universally accepted fact that the L4M2 exam is a tough nut to crack for the majority of candidates, but there are still a lot of people in this field who long to gain the related certification so that a lot of people want to try their best to meet the challenge of the L4M2 exam. A growing number of people know that if they have the chance to pass the L4M2 Exam, they will change their present situation and get a more decent job in the near future. More and more people have realized that they need to try their best to prepare for the L4M2 exam.
The Defining Business Needs module is targeted towards professionals who are responsible for procurement and supply chain activities within their organizations. This module is ideal for procurement managers, supply chain managers, and other professionals who want to develop their skills in identifying and analyzing business needs. The module is also relevant for professionals who are interested in pursuing a career in procurement and supply chain management.
NEW QUESTION # 91
Which of the following factors should be assessed to understand the competitiveness of a supply market?
Answer: A
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 # 92
A manufacturing organisation has initiated a project focusing on costs, with a view to making significant savings. A procurement manager is leading the project. The initial data sources have focused on the cost of raw materials. Which of the following describes this cost?
Answer: A
NEW QUESTION # 93
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: A
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.
NEW QUESTION # 94
Which of the following specific markets is most likely to have product shortage by nature?
Answer: D
Explanation:
Products used in agriculture can be subject to shortage due to natural disasters.
NEW QUESTION # 95
Honda of America Manufacturing is a well established automobile manufacturer. It purchases tens of thousands of materials and parts from suppliers, however, only few of them are strategic. To these suppliers, Honda's procurement manager requires them to send details of labour, materials, overhead cost and profit.
However, the suppliers are reluctant to submit such confidential infor-mation. Is the procurement manager's action appropriate?
Answer: A
Explanation:
With strategic suppliers, the aim should be to work co-operatively with them to find ways of reducing costs to achieve a target cost. It is necessary to work with the suppliers in carrying out open book costing by having first persuaded them of the need to do it. Open book can be used to establish a Target Cost, a Compensation Event value and can eventually be used to ensure the payment of actual costs to an organization. A number of forms of contract cater for this functionality of which only the NEC goes to into any great depth of methodology.
If the suppliers worry about leak of confidential information, procurement team can suggest them to sign a non-disclosure agreement. The buying organisation should also comply with data protection regulations. The Employer / individual responsible for a project's costs should ultimately take a pragmatic and sensible approach with regard to commercially or personally sensitive data provided by the contractor. The primary goal of all open book cost management is to provide Employer comfort and security in the accuracy of commercial data; this effectively means striking a balance between undertaking full audits and blind faith.
Reference: CIPS study guide page 32
LO 1, AC 1.2
NEW QUESTION # 96
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