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CIPS L4M8 certification exam is the perfect choice for individuals who want to enhance their knowledge and skills in procurement and supply chain management. Procurement and Supply in Practice certification is particularly relevant for those who are working in the industry and want to improve their understanding of best practices and industry standards.
CIPS L4M8 (Procurement and Supply in Practice) Certification Exam is designed for procurement and supply professionals who are looking to further their knowledge and skills in the field. L4M8 Exam covers a wide range of topics that are relevant to procurement and supply, including supplier selection, contract management, negotiation, and risk management. L4M8 exam is designed to test candidates' understanding of these topics, as well as their ability to apply their knowledge in practical, real-world scenarios.
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CIPS L4M8 certification exam is an excellent investment for anyone looking to advance their career in procurement and supply. L4M8 exam is challenging, but with the right preparation and study materials, candidates can succeed. Procurement and Supply in Practice certification is a valuable addition to any resume and can help professionals stand out in a competitive job market. Additionally, the CIPS L4M8 Certification Exam is an opportunity for professionals to enhance their knowledge and skills, which can lead to better job opportunities and career advancement.
NEW QUESTION # 118
Explain why you think quality should be investigated before working with potential supplier?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Quality is fitness for purpose. It is important that quality is investigated by procurement professionals before forming relationship with potential supplies.
If quality is not investigated before selecting supplier the organization might stand the risk of facing the following disadvantages; Reputational Damages Cost of Rework Cost of Downtime Cost of Material Cost of being stocked with the wrong supplier Cost of being stocked in a project that may not come to an end at the forecasted time.
How buyer can choose a supplier with a good quality culture is first by defining the quality of the product or services to be carried out .Having knowledge of the product or service quality, supplies can rightly select and evaluated supplier with total quality management (TQM) in their system, ISO 9001 accreditation. TQM includes everyone in the organization with knowledge on the required quality; there would be little or no rejection/reworks. Thus is an added value to the organization.
NEW QUESTION # 119
Describe two negative factors associated with ordering excess inventory.
Answer:
Explanation:
In the decision to not run out of supplies, organizations can anticipate a peak were by it products will be in a high demand or a period of scarcity of raw materials and may want to increase the in-ventory. However, if this forecast is not accurate, it may lead the organization to holding excess inventory. This can expose the organization to some negative factors.
Acquisition Cost: The organization will incur an acquisition cost for the excess inventory which is inclusive of the cost of placing the order and the cost of purchasing the goods.
Holding Cost: The organization will spend more money holding the stock, trying to keep it in good condition by providing the required light, temperature, skilled handlers and so on.
Working Capital not adding value: This will off shoot the holding cost. Also valuable working capital in excess stock which in the time not adding value, can affect the liquidity of the business. This is also an opportunity cost and increase solvency.
* Refer to the question column for response
NEW QUESTION # 120
Explain how procurement should decide whether to make or buy a product or service.
Answer:
Explanation:
Make or buy decision are about whether a products or services should be made within the organization or bought-in from an external supplier.
For a procurement professional to establish which method (make or buy) offers the best value, the item in question must be thought through if it is core to the organization and which option will add more value to the organization, as regards achieving its strategic goals. If it is core the procurement professional decide to make it and if it is not core the product or services can be bought in.
NEW QUESTION # 121
What is depreciation and deterioration?
Answer:
Explanation:
When an organization want to purchase an asset, it considers the depreciation and deterioration in the whole life of the asset and how it will be manage.
Depreciation is the reduction in value of a tangible and a fixed asset over time. The purpose of calculating the depreciation of the asset is to give the organization a fair and current view of what the asset is worth at a particular time. Depreciation is a way of converting the cost of an asset into an expense over a period of time.
Depreciation is a permanent feature listed against an asset throughout its life time and it based on wear and tear, reduction in performance and reduction in value.
Deterioration is the process of something becoming lower in quality or performance. The longer the asset can last without deteriorating the better value the asset represents.
* Refer to the question column for response
NEW QUESTION # 122
Explain the difference between bonded and forced labor.
Answer:
Explanation:
Bonded labour and forced labour are among the five types of modern slavery which is against ethical and responsible sourcing.
Bonded labour also known as debt bondage, this is an individual's promise to provide services through exploitation as repayment, or part of them, of a debt or other obligation whereas forced labour is work that people are forced to do with the heat of punishment if it is not carried out.
NEW QUESTION # 123
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