CIPS Valid L4M8 Braindumps: Procurement and Supply in Practice - TrainingDump Help you Prepare Efficiently

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CIPS L4M8 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Application of Procurement Cycle	25%	- Key stages of procurement cycle in practice 1. Tendering and selection processes 2. Contract formation and management 3. Defining business needs and requirements 4. Market analysis and supplier research
Topic 2: Ethics, Responsibility & Compliance	25%	- Ethical and responsible sourcing application 1. Regulatory compliance and ethical governance 2. Sustainability and ESG integration 3. CIPS Code of Conduct and professional standards 4. Anti-bribery, corruption and human rights protection
Topic 3: Sourcing Process & Supplier Management	25%	- Stages of strategic sourcing 1. Stakeholder engagement and communication 2. Supplier evaluation, selection and award 3. Creation of contract terms and specifications 4. Supplier performance monitoring and development
Topic 4: Whole Life Asset & Cost Management	25%	- Total cost of ownership concept 1. Purchase, operation, maintenance and disposal costs 2. Legal, environmental and waste management obligations 3. Cross-functional collaboration and data use 4. Hidden costs and supply chain risks

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Exam L4M8 Syllabus | L4M8 Valid Test Duration

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CIPS Procurement and Supply in Practice Sample Questions (Q147-Q152):

NEW QUESTION # 147
Explain how procurement should decide whether to make or buy a product or service.

Answer:

Explanation:
Make or buy decision are about whether a products or services should be made within the organization or bought-in from an external supplier.
For a procurement professional to establish which method (make or buy) offers the best value, the item in question must be thought through if it is core to the organization and which option will add more value to the organization, as regards achieving its strategic goals. If it is core the procurement professional decide to make it and if it is not core the product or services can be bought in.

NEW QUESTION # 148
What is depreciation and deterioration?

Answer:

Explanation:
When an organization want to purchase an asset, it considers the depreciation and deterioration in the whole life of the asset and how it will be manage.
Depreciation is the reduction in value of a tangible and a fixed asset over time. The purpose of calculating the depreciation of the asset is to give the organization a fair and current view of what the asset is worth at a particular time. Depreciation is a way of converting the cost of an asset into an expense over a period of time.
Depreciation is a permanent feature listed against an asset throughout its life time and it based on wear and tear, reduction in performance and reduction in value.
Deterioration is the process of something becoming lower in quality or performance. The longer the asset can last without deteriorating the better value the asset represents.

NEW QUESTION # 149
What is depreciation and deterioration?

Answer:

Explanation:
When an organization want to purchase an asset, it considers the depreciation and deterioration in the whole life of the asset and how it will be manage.
Depreciation is the reduction in value of a tangible and a fixed asset over time. The purpose of calculating the depreciation of the asset is to give the organization a fair and current view of what the asset is worth at a particular time. Depreciation is a way of converting the cost of an asset into an expense over a period of time. Depreciation is a permanent feature listed against an asset throughout its life time and it based on wear and tear, reduction in performance and reduction in value.
Deterioration is the process of something becoming lower in quality or performance. The longer the asset can last without deteriorating the better value the asset represents.

NEW QUESTION # 150
What are the definition of a new buy and a modified re-buy?

Answer:

Explanation:
See the answer in explanation.
Explanation:
A new buy is the purchase of goods and services by an organization or an individual for its first time. For example a transport organization for the very first time contracting the purchase of a Lorry out to an external supplier. In situations like this, it is advisable to start the procurement cycle from the very first stage. Which is understanding the need and developing high level specification.
Modified re-buy is the purchase of goods or services that an organization has bought before there was a need but with changes to the specification or supplier or quantity or quality. In carrying out modified re-buy, procurement professional should start from the very first stage of the procurement cycle to justify the added need and follow through. Not in all cases that buyer would have to start from understanding the need. In a situation where the changes required is a change of supplier, the organization will start from its preferred suppliers list and contract the next ranking supplier as the case may be.
* Refer to the question column for response

NEW QUESTION # 151
Which four procurement cycle stages happen after the award of the contract?

Answer:

Explanation:
See the answer in explanation.
Explanation:
The procurement cycle is the heart of purchasing, sourcing and supplying and should be followed in day-to- day practice in the industry. The procurement cycle has thirteen stages. Contract award is stage 9, and the stages after the contract award are; Stage 10: ware house, logistic and receipt Stage 11: Contract performance review and continuous improvement Stage 12: SRM/SCM and contract management Stage 13: Asset management, lessons learned, end of life.

NEW QUESTION # 152
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