What's more, part of that CertkingdomPDF L4M2 dumps now are free: https://drive.google.com/open?id=1aFEPN9OF8F5lnD0sA-CKQVucVHbbp4Qz
The thousands of Channel Partner Program L4M2 certification exam candidates have passed their dream Defining Business Needs L4M2 certification and they all used the valid and real Channel Partner Program Defining Business Needs L4M2 Exam Questions. You can also trust Defining Business Needs L4M2 pdf questions and practice tests.
| Section | Objectives |
|---|---|
| Topic 1: Understand market management in procurement and supply | - Contrast direct costs and indirect costs
|
| Topic 2: Understand the use of specifications in procurement and supply | |
| Topic 3: Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
>> Reliable L4M2 Learning Materials <<
To address the problems of L4M2 exam candidates who are busy, CertkingdomPDF has made the L4M2 dumps PDF format of real Defining Business Needs (L4M2) exam questions. This format's feature to run on all smart devices saves your time. Because of this, the portability of L4M2 dumps PDF aids in your preparation regardless of place and time restrictions. The second advantageous feature of the L4M2 Questions Pdf document is the ability to print Defining Business Needs (L4M2) exam dumps to avoid eye strain due to the usage of smart devices.
NEW QUESTION # 136
A sports organisation requires additional racing equipment to match exact technical specifications for compatibility. Which type of specification is most appropriate?
Answer: B
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Specification Control) A conformance specification defines exact technical details (dimensions, materials, design).
It ensures identical compatibility with existing items.
Hence, Option A is correct.
Performance or outcome specifications would allow variations, which are not acceptable here.
Relevant L4M2 references:
* "Conformance vs performance specifications"
* "Specification alignment for compatibility"
NEW QUESTION # 137
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: C
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 # 138
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: D
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 # 139
Which of the following is a tool to define roles and responsibilities of a project team?
Answer: A
Explanation:
A responsibility assignment matrix[1] (RAM), also known as RACI matrix[2] (/relsi/) or linear responsibility chart[3] (LRC), describes the participation by various roles in complet-ing tasks or deliverables for a project or business process. RACI is an acronym derived from the four key responsibilities most typically used: responsible, accountable, consulted, and informed.[4] It is used for clarifying and defining roles and responsibilities in cross-functional or departmental projects and processes.[5] There are a number of alternatives to the RACI model.
Role distinction[edit]
There is a distinction between a role and individually identified people: a role is a descriptor of an associated set of tasks; may be performed by many people; and one person can perform many roles. For example, an organization may have ten people who can perform the role of project manager, although traditionally each project only has one project manager at any one time; and a person who is able to perform the role of project manager may also be able to perform the role of business analyst and tester.
R = Responsible (also recommender)Those who do the work to complete the task.[6] There is at least one role with a participation type of responsible, although others can be delegated to assist in the work required (see also RASCI below for separately identifying those who participate in a sup-porting role).
A = Accountable (also approver or final approving authority)The one ultimately answerable for the correct and thorough completion of the deliverable or task, the one who ensures the prerequi-sites of the task are met and who delegates the work to those responsible.[6] In other words, an accountable must sign off (approve) work that responsible provides. There must be only one accountable specified for each task or deliverable.[7] C = Consulted (sometimes consultant or counsel)Those whose opinions are sought, typical-ly subject-matter experts; and with whom there is two-way communication.[6] I = Informed (also informee)Those who are kept up-to-date on progress, often only on completion of the task or deliverable; and with whom there is just one-way communication.[6] Very often the role that is accountable for a task or deliverable may also be responsible for com-pleting it (indicated on the matrix by the task or deliverable having a role accountable for it, but no role responsible for its completion, i.e. it is implied). Outside of this exception, it is generally recommended that each role in the project or process for each task receive, at most, just one of the participation types. Where more than one participation type is shown, this generally implies that participation has not yet been fully resolved, which can impede the value of this technique in clarifying the participation of each role on each task.
Reference:
- CIPS study guide page 17
- Responsibility assignment matrix - Wikipedia
LO 1, AC 1.1
NEW QUESTION # 140
Azram, a procurement analyst, has been tasked with applying whole-life asset management when purchasing a piece of laboratory equipment. Was this the correct course of action?
Answer: C
Explanation:
Whole-life costing (WLC) is a key part of asset management. It focuses not only on purchase price, but also on operation, maintenance, energy use, training, and disposal.
As defined in the CIPS L4M2 Study Guide, Chapter 3: Whole-life costing:
"Whole-life asset management involves considering the total cost of ownership - from purchase through to disposal - ensuring that procurement decisions account for all associated costs, not just the initial purchase price." Assessment:
* A. Focus on price only - Incorrect. WLC considers more than just price.
* B. All associated costs - Correct. This is the definition of whole-life asset management.
* C. Costs of quality - Quality cost is one component but not the full scope of WLC.
* D. Transactional costs - These may be included, but WLC is broader.
Correct answer: B
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 3: Whole-life costing and cost management
* Topic: Whole-life asset management
NEW QUESTION # 141
......
Our L4M2 exambraindumps are known for the quality as well as the high pass rate. The pass rate is above98%. If you buy the L4M2 learning materials, in our website, we will guarantee the safety of your electric instrument as well as a sound shopping environment, you can set it as a safety web, since our professionals will check it regularly for the safety. If you have the desire, contact us.
Exam L4M2 Simulations: https://www.certkingdompdf.com/L4M2-latest-certkingdom-dumps.html
What's more, part of that CertkingdomPDF L4M2 dumps now are free: https://drive.google.com/open?id=1aFEPN9OF8F5lnD0sA-CKQVucVHbbp4Qz