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Preparing for the CIPS L4M2 Exam requires a significant amount of study and preparation. Candidates are advised to review the exam syllabus in detail and to ensure that they have a good understanding of the key concepts and principles. They should also familiarize themselves with the case study format and practice answering case study questions to build their confidence and improve their skills.
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CIPS L4M2 (Defining Business Needs) Certification Exam is a professional certification program that is designed to test the knowledge and skills of individuals who are interested in a career in business analysis or project management. Defining Business Needs certification exam is part of the Chartered Institute of Procurement and Supply (CIPS), which is a global organization that offers professional development and training for individuals working in procurement, supply chain management, and related fields.
NEW QUESTION # 91
The position of a product in its life cycle can affect the price that suppliers set. Is this statement correct?
Answer: D
Explanation:
A firm also has to look at a myriad of other factors before setting its prices. Those factors include the offering's costs, the demand, the customers whose needs it is designed to meet, the external environment-such as the competition, the economy, and government regulations-and other aspects of the marketing mix, such as the nature of the offering, the current stage of its product life cycle, and its promotion and distribution. If a company plans to sell its products or services in international markets, research on the factors for each market must be analyzed before setting prices. Organizations must understand buyers, competitors, the economic conditions, and political regulations in other markets before they can compete successfully.
[...]
The costs of the product-its inputs-including the amount spent on product development, testing, and packaging required have to be taken into account when a pricing decision is made. So do the costs related to promotion and distribution. For example, when a new offering is launched, its promotion costs can be very high because people need to be made aware that it exists. Thus, the offering's stage in the product life cycle can affect its price.
Reference:
- CIPS study guide page 90-91
- 15.2 Factors That Affect Pricing Decisions - Principles of Marketing (umn.edu) LO 2, AC 2.2
NEW QUESTION # 92
Which of the following provides in-depth detail for both functional and non-functional require-ments and covers assumptions, constraints, performance, dimensions, weights and reliability of a product?
Answer: C
Explanation:
Design specification is a detailed document providing a list of points regarding a product or pro-cess. For example, the design specification could include required dimensions, environmental fac-tors, ergonomic factors, aesthetic factors, maintenance that will be needed, etc. It may also give specific examples of how the design should be executed, helping others work properly (a guideline for what the person should do).
Performance specification is written requirement that describes the functional performance criteria required for a particular equipment, material, or product.
Tolerance is the permissable limit of a variable used to define a product Statement of work is the document that captures and defines all aspects of a project, including the activities, deliverables and the timetable for the project.
NEW QUESTION # 93
Which of the following are typically reasons why an organisation implements value analysis? Select TWO that apply:
Answer: B
Explanation:
Value analysis is a systematic review of the production, purchasing and product design processes to reduce overall product costs. This can be accomplished through a variety of activities, including the following:
- Designing products to use lower-tolerance parts that are less expensive
- Switching to lower-cost components
- Standardizing parts across product platforms in order to achieve volume discounts
- Altering production processes to minimize the amount of production cycle time, thereby reducing labor costs
- Introducing automation to strip labor costs out of the production process
- Altering product packaging to lower its cost while still protecting the product The process is not a wholesale attack on costs. Costs are only reduced when the result will not im-pact the perceived level of quality experienced by customers, or the level of customer satisfaction.
NEW QUESTION # 94
Buyers can ascertain the prices by examining information provided by primary and secondary sources of market data. Which of the following is a secondary source of market data?
Answer: A
Explanation:
Detailed Explanation:
Price comparison websites are secondary sources as they aggregate data collected from multiple suppliers.
Primary sources (like RFQs and brochures) come directly from the supplier. Reference: CIPS Level 4, Market Data Analysis.
NEW QUESTION # 95
Which of the following indicates types of waste that procurement department concentrates on when adopting Lean methods?
Answer: C
Explanation:
Copious amounts of waste can occur in the workplace, particularly in a manufacturing process, but do you know what the eight most commons wastes are and how they impact your organization?
Taiichi Ohno, considered the father of Toyota Production System, created a lean manufacturing framework, which was based on the idea of preserving (or increasing) value with less work. Any-thing that doesn't increase value in the eye of the customer must be considered waste, or "Muda", and every effort should be made to eliminate that waste. The following 8 lean manufacturing wastes, mostly derived from the TPS, have a universal application to businesses today. The acro-nym for the eight wastes is DOWNTIME. Downtime stands for:
- Defects
- Overproduction
- Waiting
- Not utilizing talent
- Transportation
- Inventory excess
- Motion waste
- Excess processing
OWN-IT is the acronym for the process of collecting and analysing the data and information needed in any field SCAMPER is acronym for options addressing the underlying issues and achieving target VA/VE is value analysis and value engineering LO 3, AC 3.4
NEW QUESTION # 96
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