How Does CIPS L4M2 Certification help To Make Your Professional Career Better?

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CIPS L4M2 Certification Exam is suitable for professionals who are involved in the procurement and supply chain management field, including procurement officers, supply chain managers, business analysts, and project managers. L4M2 exam is designed to assess the candidate's ability to identify and define business needs, and to develop effective strategies to meet those needs. L4M2 exam consists of 60 multiple-choice questions, and candidates have two hours to complete it. Successful candidates will be awarded the CIPS L4M2 Certification, which is a valuable credential that demonstrates their expertise in defining business needs and developing effective procurement strategies.

The Chartered Institute of Procurement and Supply (CIPS) L4M2 Exam, also known as Defining Business Needs, is a crucial step in the procurement process. L4M2 exam focuses on the importance of understanding the business requirements and aligning them with procurement strategies. It also covers various techniques that procurement professionals can use to identify business needs, such as conducting stakeholder analysis, business process mapping, and SWOT analysis.

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CIPS Defining Business Needs Sample Questions (Q41-Q46):

NEW QUESTION # 41
Which of the following would be considered to be direct costs? Select TWO that apply:

A. Manufacturing staff wages
B. Production materials
C. Buildings insurance
D. Head office salaries
E. Company car depreciation

Answer: A,B

Explanation:
Detailed Explanation:
A (Production materials): These are directly tied to the production of goods and are variable costs.
D (Manufacturing staff wages): Labour directly involved in the production process is a direct cost.
Indirect costs like salaries, depreciation, and insurance are related to overheads and not directly tied to production. Reference: CIPS Level 4, Cost Structures.

NEW QUESTION # 42
To improve the productivity, Plantation Ltd is planning to purchase a tractor, which it has never bought before. The project must be quick to catch up with the next growing season. Leanne, a jun-ior procurement staff at the company, assumes that she could skip market analysis stage to save time. Is this assumption reasonable?

A. No, market analysis will inform the company of the pricing as well as latest technology trends
B. Yes, Leanne just needs to purchase the tractor from her friend's company
C. Yes, the company has extensive experience in purchasing tractor
D. No, the company assesses supplier's performance solely based on market analysis

Answer: A

Explanation:
Market analysis is a stage in CIPS Procurement and Supply Cycle. This stage informs the purchaser about the number of suppliers, the average pricing, and product trends. Even urgent purchase should undergo market analysis. Without undertaking this stage, the buying organisation may not purchase the right product, or they may purchase at higher price.

NEW QUESTION # 43
A procurement manager is writing a conformance specification for a non-core component. She thinks that if the requirements in specification are higher than ISO standards, her company can achieve greater cost- savings. Is the procurement manager's opinion correct?

A. No, because higher specification may incur additional costs for the buyer
B. Yes, because higher requirements will help buying organisation find the best supplier
C. Yes, because optimising the specification is the only method to achieve value for money
D. No, because higher requirements in specification, the greater bargaining power of buying organisation

Answer: A

Explanation:
The specification that is produced too detailed will incur unnecessary cost because it does not allow suppliers to use their expertise in finding the most efficient way to produce it.
'No, because higher requirements in specification, the greater bargaining power of buying organi-sation': more detailed specifications could tighten the supplier base and potentially leave buying organisation with fewer potential supplier. This may reduce buyer's bargaining power in negotia-tion.
'Yes, because higher requirements will help buying organisation find the best supplier': in some circumstances, higher requirements will lead to smaller supplier base. In the worst scenario, there is no supplier who has capability to carry out those requirements
'Yes, because optimising the specification is the only method to achieve value for money': There are other methods to achieve cost saving and value for money, inter alia, volume concentration, relationship restructuring, etc.

NEW QUESTION # 44
British Steel needs to source a set of instruments that will improve quality of steel. Without these instruments British Steel will loss control of the temperature. The bucket may freeze up, or if it is too hot it leaks out of the casting process, damaging the machine. There is limited supply on the market and quality varies greatly. Which of the following will be the most appropriate managing approach to procure these items?

A. Leverage market competition to drive down cost
B. Bundle these instruments into larger contract
C. Seek continuity of supply
D. Form partnership with supplier

Answer: D

Explanation:
The instrument plays a crucial role in steel manufacturing because it presents in the majority of products, in which case lacking this instrument would have significant impact on the organisation's output (production lines stop or damaging other machine). Otherwise, the risk of supply is high because there is limitation in supply. Therefore, it is considered as a strategic item in term of Kraljic's portfolio matrix. Procurement manager should form partnership with suppliers to maximise the value.
The following graph illustrates Kraljic's portfolio matrix:

Reference:
LO 2, AC 2.1

NEW QUESTION # 45
Which of the following is the new technology that has impact on manufacturing sector?

A. Social Media
B. E-commerce
C. Blockchain
D. Robotics

Answer: D

Explanation:
Robots in manufacturing help to create jobs by reshoring more manufacturing work. Robots protect workers from repetitive, mundane and dangerous tasks, while also creating more desirable jobs, such as engineering, programming, management and equipment maintenance.
LO 2, AC 2.1

NEW QUESTION # 46
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How Does CIPS L4M2 Certification help To Make Your Professional Career Better?

L4M2 Reliable Test Online & L4M2 Certification Exam Dumps

CIPS Defining Business Needs Sample Questions (Q41-Q46):

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