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CIPS Level 4 Defining Business Needs certification exam is a rigorous evaluation of a candidate's understanding of the module's concepts and practical application. L4M2 exam is designed to test the candidate's ability to identify business needs, translate them into procurement requirements, and effectively communicate with stakeholders. L4M2 Exam comprises multiple-choice questions and scenario-based questions that assess the candidate's ability to apply the module's concepts to real-world scenarios.
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The Chartered Institute of Procurement and Supply (CIPS) is a global organization that provides training and certification for procurement and supply chain professionals. One of the certification exams offered by CIPS is the Level 4 Module 2 (L4M2) exam, which focuses on Defining Business Needs. L4M2 Exam is designed to test the knowledge and skills of procurement professionals in identifying and defining business needs in order to meet organizational objectives.
NEW QUESTION # 149
In which circumstances would it be relevant to require supplier accreditation to the ISO 14001 international standard in a contract specification? Select THREE that apply.
Answer: C,D,E
NEW QUESTION # 150
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: B
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 # 151
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: C,D
NEW QUESTION # 152
This is the information on an organisation's activities over the past year
* Sale were $5,000,000. The value of accounts receivable was $450,000 at the start of the year and $525,000 at the end of the year
* The value of direct costs was $2,500,000 and 75% of this was bought on credit
* Indirect costs were $3,000,000 and 25% of this was bought on credit
* During the year the organization spent $1,500,000 on new assets and sold $150,000 of old assets.
$1,000,000 of the spend on assets was funded by a bank loan
* The organization declared a dividend of $200,000 at the end of the year but this was not paid for another two months
* Opening balance was $175,000
Which of the following is the bank balance of that organization at the end of the year?
Answer: A
Explanation:
In this question, you should understand the concept of cash flow and formula of cash flow. Cash flow calculates the physical money moving in and out a company's bank balance. The cash flow from sale activity is:
cash flow from sale = account receivable at beginning of the year + revenue - account receivable at the end of the year = $450,000 + $5,000,000 - $525,000 = $4,925,000
75% of direct costs was bought by credit, therefore, the company spent 25% on direct cost: -$2,500,000*25
/100 = -$625,000
25% of indirect costs was bought on credit. Cash flow out on indirect costs is: -$3,000,000*75/100 =
-$2,250,000
Company spent $1,500,000 on new assets funded by a loan of $1,000,000. Cash flow out from this activity is
-$500,000
Company received $150,000 from selling old assets
Dividends have not been paid for another 2 months, thus, they are not accounted as cash flow out.
The bank balance at the end of the year is: $175,000 + $4,925,000 - $625,000 - $2,250,000 - $500,000 +
$150,000 = $1,875,000
LO 1, AC 1.4
NEW QUESTION # 153
Which type of specification is less time-consuming to develop?
Answer: A
Explanation:
There are two major types of specification: conformance and performance specifications. They have the following characteristics:
Table Description automatically generated
Since performance specification is often a list of outputs or outcomes, it usually takes less time to develop than conformance specification.
NEW QUESTION # 154
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