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L4M2 Reliable Exam Topics - L4M2 Actual Braindumps

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CIPS L4M2 (Defining Business Needs) Certification Exam is designed to test the knowledge and skills of professionals who are involved in the process of defining business needs. L4M2 exam is an essential part of the CIPS (Chartered Institute of Procurement and Supply) certification program and is a requirement for professionals who wish to obtain the CIPS Level 4 Diploma in Procurement and Supply.

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CIPS Defining Business Needs Sample Questions (Q212-Q217):

NEW QUESTION # 212
A drawing is an example of...?

A. Outcome specifications
B. Statements of work
C. Output specifications
D. Technical specifications

Answer: D

Explanation:
A technical specification details the standards that a product or service must meet. Drawings (often called engineering drawings or technical drawings) are complementary to technical specifications Reference: CIPS study guide page 116-117 LO 3, AC 3.1

NEW QUESTION # 213
Bob is a new procurement specialist at XYZ Ltd. He is assigned to categorise the company's sup-plies. After analysing, Bob realises that a group of low value products is sourced from a tiny geo-graphical area which is prone to flooding. What would be the best strategy to manage this category of products?

A. Find an alternative source to secure supply
B. Form partnership relationship with the current supplier
C. Source this group of products from only one supplier
D. Assign some of procurement jobs to user department

Answer: A

Explanation:
In the scenario, the products have low value and high risk of supply. This group is known as bottleneck or critical in Kraljic's portfolio matrix. The objective for such items would be securing the supply. The company can achieve this goal by 'making' the products themselves, or finding an alternative option.

Reference:
LO 2, AC 2.1

NEW QUESTION # 214
Which of the following is true in relation to estimating the costs associated with whole life asset management?

A. All quoted prices are exaggerated and therefore discounts must be demanded to save costs
B. The supplier's quoted price represents the true end final cost of purchase
C. The supplier's quoted price includes direct costs only and therefore other costs should be estimated
D. Every purchase represents an 'iceberg of costs of which the price it the 'tip'

Answer: D

NEW QUESTION # 215
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. Seek continuity of supply
B. Bundle these instruments into larger contract
C. Form partnership with supplier
D. Leverage market competition to drive down cost

Answer: C

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: CIPS Study guide page 84.
LO 2, AC 2.1

NEW QUESTION # 216
Which of the following are potential advantages of using a product performance specification?
It reduces the need for the buyer to produce a detailed design
It can widen the potential supply base
The buyer can specify the product's actual design in detail
Products are provided using the buyer's methodology

A. 2 and 3
B. 1 and 2
C. 3 and 4
D. 1 and 4

Answer: B

Explanation:
Detailed Explanation:
1 (Reduces design need): Performance specifications focus on outcomes rather than detailed designs, saving buyer resources.
2 (Wider supply base): Allowing suppliers to propose their own solutions can attract a broader range of suppliers.Options 3 and 4 align with conformance specifications, not performance-based ones. Reference:
CIPS Level 4, Specification Writing.

NEW QUESTION # 217
......

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