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| Section | Objectives |
|---|---|
| Topic 1: Risk, sustainability, and compliance considerations | - Legal and regulatory constraints affecting specifications - Sustainability and ethical sourcing requirements - Managing procurement and supply risks |
| Topic 2: Specification development | - Types of specifications (input, output, conformance) - Stakeholder engagement in requirements definition - Key performance indicators and measurable requirements |
| Topic 3: Demand management and value for money | - Balancing cost, quality, and risk - Whole life costing and total cost of ownership - Demand analysis and forecasting |
| Topic 4: Understanding and defining business needs | - Alignment of procurement with organisational objectives - Role of procurement in identifying and defining needs |
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NEW QUESTION # 188
When analysing competitive forces in a market, which of the following can be seen as a supplier having low bargaining power? Select TWO that apply.
Answer: B,C
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Market Analysis) Supplier power is low when:
* Buyers can easily substitute products (Option B).
* Switching costs are low, so buyers can change suppliers without difficulty (Option D).
Low competition (A) or low innovation (E) strengthens supplier power, not weakens it. High quality (C) increases supplier leverage.
Relevant L4M2 references:
* "Factors influencing supplier bargaining power"
* "Porter's Five Forces model - supplier power and substitution"
NEW QUESTION # 189
Royal Navy is preparing a through-life contract. They put to the contract a term on rectification of operational defects and planning and delivery of Fleet Time Support Periods. Which part of through-life requirement does this term belong to?
Answer: A
Explanation:
There are 6 main components of the through-life requirements of an asset: Design, Manufacture, Installation, In-service support, Decommission and disposal and Customer support.
Rectification of operational defects and planning and delivery of Fleet Time Support Periods are maintenance activities which belong to in-service support. You may have chosen Customer support. However, in through- life asset management context, customer support does not include maintenance services. Instead, it is the services that go along the stages of asset life. It may include consulting, communication and information exchange.
Diagram, table Description automatically generated
Source: Andrew Graves
Reference: CIPS page 130-131
LO 3, AC 3.2
NEW QUESTION # 190
Department for Transport (DfT) needs to buy new locomotives to expand the capacity of trains fleet. In 2009, they were criticized for beginning the procurement "without any clear idea of how many trains would be needed, which routes they would run on and what form of power would be required". What should procurement manager of DfT do first to manage risk in making the specification?
Answer: B
Explanation:
There are 4 steps to risk managing process:
Step 1: Identify hazards
Step 2: Assess the risk
Once a risk has been identified, a risk assessment should be conducted.
You should carry out a risk assessment for any manual tasks identified as being hazardous, unless the risk is well known and you know how to control it. A risk assessment can help you determine, which postures, movements and forces of the task pose a risk, where during the task they pose a risk, why they are occurring and what needs to be fixed.
Step 3: Control the risk
The ways of controlling risks are ranked from the highest level of protection and reliability to the lowest, which is known as the hierarchy of control. You must always aim to eliminate the hazard, which is the most effective control.
Step 4: Review risk control
Control measures that have been implemented must be reviewed, and, if necessary, revised to make sure they work as planned and to maintain a work environment that is without risks to health and safety.
Source: WorkCover Queensland
NEW QUESTION # 191
When purchasing routine items such as common stationery supplies. how can the business need for efficiency be met?
1. Including incentives and penalties in contracts
2. Introducing e-procurement solutions
3. Introducing competitive bidding
4. Vendor Managed Inventory
Answer: B
NEW QUESTION # 192
A UK engineering company imports more than 75% of its products from the USA. The finance manager is creating the budget for next year and has told the procurement manager that, to do this, finance simply add a published inflation index to prices paid last year. Is this a way for a business to precisely predict prices for next year?
Answer: B
Explanation:
Comprehensive and Detailed Explanation (paraphrased from CIPS L4M2 content) CIPS L4M2 explains that general inflation indices (like consumer or retail price indices) are based on a basket of goods and services for the whole economy, not tailored to a specific company's imports or input mix.
For an engineering business importing from the USA, its price changes will depend on:
Specific industrial input price indices (e.g. metals, components, specialist goods), Exchange rate movements GBP/USD, Sector-specific factors (technology, capacity, freight, tariffs).
Therefore, simply "adding a published inflation index" to last year's prices cannot precisely predict next year' s prices, particularly when:
The index may include irrelevant items like food, clothing, local services, etc.
It may not reflect the specific mix of industrial inputs or the effects of exchange rates.
Thus:
Option A correctly explains the limitation: the inflation index may include products and services that are not relevant to the company's purchases.
Option B mentions price adjustment formulas (which can be more precise if designed well), but the question emphasises whether using a general index alone is precise - option A goes straight to the core reason.
Options C and D describe partial truths (indices can show general trends and give a quick check) but they do not support precise forecasting.
Relevant CIPS L4M2 areas:
Use and limitations of inflation indices in cost forecasting
Factors influencing prices in international procurement (currency, indices, market conditions) Building realistic cost assumptions in a business case
NEW QUESTION # 193
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