REAL CIPS L4M2 EXAM QUESTIONS WITH ACCURATE ANSWERS

Real CIPS L4M2 Exam Questions with Accurate Answers

Real CIPS L4M2 Exam Questions with Accurate Answers

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CIPS L4M2 (Defining Business Needs) Exam is an important certification for professionals who want to develop their skills in procurement and supply chain management. L4M2 exam is designed to test the ability of individuals to identify and define business needs, and to develop effective procurement strategies to meet those needs. L4M2 exam covers a range of topics, including the procurement process, stakeholder management, and risk management.

CIPS L4M2 (Defining Business Needs) certification exam is designed to test the knowledge and skills of professionals in the field of procurement and supply chain management. Defining Business Needs certification program is recognized globally and is highly valued by employers and industry professionals alike. The CIPS L4M2 Exam is aimed at individuals who are looking to advance their careers in procurement and supply chain management.

The Defining Business Needs module is designed to equip procurement and supply chain professionals with the skills and knowledge required to identify and assess the needs of their organization. This includes understanding the business context, identifying stakeholders, analyzing data, and developing a clear understanding of the requirements of the organization.

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CIPS Defining Business Needs Sample Questions (Q192-Q197):

NEW QUESTION # 192
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. Form partnership with supplier
  • B. Bundle these instruments into larger contract
  • C. Seek continuity of supply
  • D. Leverage market competition to drive down cost

Answer: A

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:


NEW QUESTION # 193
Which of the following standards specifies requirements for a quality management system?

  • A. ISO 14001:2015
  • B. ISO 27001
  • C. ISO 9001:2015
  • D. ISO 22000:2018

Answer: C

Explanation:
ISO 9001:2015 specifies requirements for a quality management system.
ISO 14001:2015 specifies the requirements for an environmental management system that an or-ganization can use to enhance its environmental performance. ISO 14001:2015 is intended for use by an organization seeking to manage its environmental responsibilities in a systematic manner that contributes to the environmental pillar of sustainability.
ISO 22000:2018 specifies food safety management systems - Requirements for any organization in the food chain ISO 27001 provides requirements for an information security management system.
LO 3, AC 3.1


NEW QUESTION # 194
Which of the following may allow suppliers free to choose the materials, manufacturing process or delivery process?

  • A. Design specification
  • B. Performance specification
  • C. Technical specifications
  • D. Conformance specification

Answer: B

Explanation:
The Performance Specifications define what the system being designed must do, and not how it must do it. In this step a list of needs and wants should be created. The needs are customer requirements, while the wants are engineering desires. If a buyer adopts performance specification, the supplier will be free to choose how to make and deliver the product.
A technical specification document outlines how you're going to address a technical problem by designing and building a solution for it.
A design specification is a detailed document providing a list of points regarding a product or pro-cess. For example, the design specification could include required dimensions, environmental fac-tors, ergonomic factors, aesthetic factors, maintenance that will be needed, etc. It may also give specific examples of how the design should be executed, helping others work properly (a guideline for what the person should do).
With conformance specification the buyer says what they want and how they want it and the supplier has to meet this


NEW QUESTION # 195
After a project, the procurement team at CLK Ltd meets up and summarises on the performance. They see that they actually spent $5,000 less than planned budget. The team tries to identifies why there is such difference. This activity is known as...?

  • A. Variance analysis
  • B. Cash flow analysis
  • C. Cost modelling
  • D. Rolling budget

Answer: A

Explanation:
The procurement team in the scenario is analysing the difference between the plan and actual spend. This activity is known as variance analysis. The sum of all variances gives a picture of the overall over-performance or under-performance for a particular reporting period. For each item, companies assess their favorability by comparing actual costs to standard costs in the industry.
For example, if the actual cost is lower than the standard cost for raw materials, assuming the same volume of materials, it would lead to a favorable price variance (i.e., cost savings). However, if the standard quantity was 10,000 pieces of material and 15,000 pieces were required in production, this would be an unfavorable quantity variance because more materials were used than anticipated.
Reference:
- CIPS study guide page 57-58
- Variance Analysis - Learn How to Calculate and Analyze Variances (corporatefinanceinsti-tute.com) LO 1, AC 1.4


NEW QUESTION # 196
SET Group are a start-up company trying to estimate the direct costs of materials for a project. The organisation has limited procurement records available. Would using general industry averages as a benchmark provide an accurate estimation of the project costs?

  • A. No, industry benchmarks do not consider specific specifications, quality requirements, or real-time market conditions
  • B. No, the organisation will not have access to industry benchmarks as they are a new organisation
  • C. Yes, cost predictions do not need to be accurate as they are just an initial guess
  • D. Yes, industry benchmarks are always kept up to date to consider real-time market conditions

Answer: A


NEW QUESTION # 197
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