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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | Commercial Negotiation |
| Exam Number: | L4M5 |
| Related Certifications: | L4M4 Ethical and Responsible Sourcing L4M6 Supplier Relationships L4M2 Defining Business Need L4M8 Procurement and Supply Operations L4M7 Whole-Life Asset Management L4M3 Commercial Contracting L4M1 Scope and Influence of Procurement and Supply L4M9 Purchasing Practice |
| Available Languages: | English |
| Exam Duration: | 90 minutes |
| Real Exam Qty: | 60 |
| Exam Price: | ยฃ63 (UK member), ยฃ84 (non-member), varies by region |
| Passing Score: | 50% |
| Certificate Validity Period: | Valid for life upon completion of full diploma |
| Exam Format: | Objective Response, Scenario-based, Multiple Choice |
| Recommended Training: | CIPS Official Study Guide L4M5 CIPS Approved Training Providers |
| Exam Registration: | Official CIPS Registration |
| Sample Questions: | CIPS L4M5 Sample Questions |
| Exam Way: | Online remote proctored or in-person at authorised test centres |
| Pre Condition: | No formal prerequisites; recommended for those with basic procurement knowledge or work experience |
| Official Syllabus URL: | https://www.cips.org/qualifications/diploma-in-procurement-supply/commercial-negotiation |
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CIPS L4M5 Commercial Negotiation exam is designed to test the knowledge and skills of procurement professionals in commercial negotiations. L4M5 exam is part of the Chartered Institute of Procurement and Supply (CIPS) Level 4 diploma in procurement and supply. Commercial negotiation is a critical skill that procurement professionals must have to be successful in their roles. L4M5 Exam assesses the candidate's understanding of the negotiation process, tactics, and strategies, among other essential skills.
NEW QUESTION # 246
Neville is a senior procurement specialist in a automaker. He has good relationship with his team mates and other departments because of his amazing purchasing skills and kindness. Which of the following sources of power is Neville likely to possess?
Answer: C
Explanation:
In 1959, French and Raven described five bases of power:
1. Legitimate - This comes from the belief that a person has the formal right to make demands, and to expect others to be compliant and obedient.
2. Reward - This results from one person's ability to compensate another for compliance.
3. Expert - This is based on a person's high levels of skill and knowledge.
4. Referent - This is the result of a person's perceived attractiveness, worthiness and right to others' respect.
5. Coercive - This comes from the belief that a person can punish others for noncompliance.
Six years later, Raven added an extra power base:
6. Informational - This results from a person's ability to control the information that others need to accomplish something.
In the scenario, Neville attracts and keeps good relationship with his colleagues not because of neither position nor reward nor coercion. He has good skills and kindness, which increase his charisma. His source of power is referent power.
Reference:
CIPS study guide page 47-50
French and Raven's Five Forms of Power
NEW QUESTION # 247
A public agency opens a tendering process for a road building project that lasts approximately 1 year. They post their requirements on public journal and receive some interests. After conducting due diligence process and selecting the lowest bidder, the project commences. However, the supplier complains that price of material increases because of a shortage of supply, then they demands an 5% uptick in contract value. The agency investigates the increment and sees that there is indeed a fluctuation in prices of supplier's input. They are likely to accept the proposal, but they are also concerned that supplier may demand more. To avoid making another concession with the supplier, which of the following should be a priority action of the agency?
Answer: B
Explanation:
The agency (buyer) has made a concession about the price. Possibly the supplier will request another concession (the salami tactics). To avoid this to be happened, the agency should only allow a concession as an exception, make sure that the concession is documented and only permitted against some exceptional circumstances, and seek agreement to this from the supplier.
LO 3, AC 3.2
NEW QUESTION # 248
Listening is a key activity in any negotiation. Which of the following are characteristics of effective listeners?
Answer: D
NEW QUESTION # 249
From the principled point of view about negotiation environment, which of the following is a true statement?
Answer: A
Explanation:
Explanation
From a principled point of view, the focus of negotiation is on resolving the issue and not on winning temporary advantage over TOPthrough exploiting home advantage. From the principled point of view, the location and room layout should not be viewed as a source of tactical advantage and should not be used to try to gain advantage over TOP or unfairly influence them in the meeting room.
From a pragmatic point of view, not all of these elements in the ideal negotiation environment may be feasible, so the host may have to make compromises and explain these to TOP.
From a distributive point of view, the host will seek to create an advantage for themselves either explicitly or more subtly. It is arguable that any advantage gained through intentionally creating an uncomfortable environment to put short-term pressure on TOP is likely to be short-lived as TOP will likely reflect on this laterand seek means to get even.
LO 2, AC 2.4
NEW QUESTION # 250
Which of the following are ways of developing rapport when undertaking a negotiation?
Answer: D
NEW QUESTION # 251
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