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| Section | Objectives |
|---|---|
| Understand market management in procurement and supply | - Compare the competitive forces that influence markets
|
| Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
| Understand the use of specifications in procurement and supply |
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NEW QUESTION # 209
FSB Group is developing a specification for the construction of a new building. The project stakeholders need the specification to set specific criteria to ensure fair labour practices and local employment opportunities are prioritised. Which of the following describes this type of sustainability criteria?
Answer: D
Explanation:
Detailed Explanation:Social sustainability focuses on ethical considerations like fair labour practices, inclusivity, and community development. By addressing these criteria, FSB Group aligns with responsible business practices. Reference: CIPS Level 4, Sustainability in Procurement.
NEW QUESTION # 210
Which of the following factors would mean a buyer had high bargaining power in a competitive market?
Select TWO that apply.
Answer: C,E
Explanation:
Bargaining power in a market refers to how much influence either buyers or suppliers have in commercial negotiations. Buyers gain power when they have many options and can influence terms.
According to the CIPS L4M2 Study Guide, Chapter 2: Market Management, buyer power is increased when:
"There are many alternative suppliers or substitute products, switching costs are low, and the buyer is large or purchases in high volumes." Let's examine each option:
* A. High switching costs for the buyer - This reduces buyer flexibility and thus decreases bargaining power.
* B. Many substitute products are available - This increases buyer power, as buyers have more alternatives and are less dependent on any single supplier.
* C. Products are highly differentiated - This gives more power to the supplier, as the buyer has fewer equivalent options.
* D. Buyers are procuring a low volume of products - Smaller volume buyers typically have less power to influence terms.
* E. Buyers are demanding large volumes - Large-volume purchasing gives buyers greater leverage, as suppliers are motivated to win or retain their business.
The correct answers are B (Many substitute products are available) and E (Buyers are demanding large volumes).
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 2: Market Management
* Section: Porter ' s Five Forces - Buyer Bargaining Power
NEW QUESTION # 211
A company department is writing a business case to justify the purchase of an expensive piece of capital equipment. Which of the following should be included in the business case?
* Terms and conditions of contract
* Tender evaluation criteria
* Degree of added value
* Financial plan
Answer: C
Explanation:
A business case for capital investment should focus on value, costs, financial return, and strategic benefit - not detailed procurement steps like contract terms or tender scoring.
The CIPS L4M2 Study Guide, Chapter 4: Business Case Development, states:
"The business case should demonstrate the value added to the organisation and include financial justifications such as cost-benefit analysis, payback period, and ROI." Option analysis:
* 1. Terms and conditions - Belong in the contract stage, not in the business case.
* 2. Tender evaluation criteria - Important for sourcing but not part of the business justification.
* 3. Degree of added value - Correct. A core element of any business case.
* 4. Financial plan - Correct. Financial implications, ROI, and funding models must be included.
Correct answer: C (3 and 4 only)
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 4: Business Case Development
* Section: Contents of a Business Case
NEW QUESTION # 212
Which of the following are advantages of zero-based financial budgeting?
* Use of previous year figures
* Emphasis on short-term planning
* Budget treated as flexible
* Focus on operational issues
Answer: C
Explanation:
Detailed Explanation:
Zero-based budgeting emphasizes starting from scratch and justifying all expenses.
* 3 (Budget flexibility): Ensures resources are allocated dynamically based on needs.
* 4 (Focus on operational issues): Encourages alignment with operational priorities rather than historical trends.Using prior figures (1) is contrary to zero-based budgeting principles. Reference: CIPS Level 4, Financial Planning and Budgeting.
NEW QUESTION # 213
Which of the following are considered as direct costs in a construction company? Select TWO op-tions
Answer: B,E
Explanation:
Direct costs are directly associated with the production of a good or service. In this question, 'An employee is hired to work on a project, either exclusively or for an assigned number of hours' and 'Raw materials' are directly related to producing the product.
Indirect costs are the general costs of the organisation - these costs cannot easily be attributed to specific products or services (also known as overheads). 'The materials and supplies needed for the company's day-to- day operations' or 'Clerical assistants who maintain the office' or 'Advertising and marketing communication' is example of indirect cost.
Reference: CIPS study guide page 25-26
LO 1, AC 1.2
NEW QUESTION # 214
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