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>> CIPS L4M2 Exam Questions Vce <<
The Defining Business Needs (L4M2) examination is necessary for career advancement, therefore, doing your best to prepare for the Defining Business Needs (L4M2) certification exam is essential. To succeed on the Defining Business Needs (L4M2) exam, you require a specific Defining Business Needs (L4M2) exam environment to practice. But before settling on any one method, you make sure that it addresses their specific concerns about the L4M2 Exam, such as whether or not the platform they are joining will aid them in passing the Defining Business Needs (L4M2) exam on the first try, whether or not it will be worthwhile, and will it provide the necessary L4M2 Questions.
CIPS L4M2 exam is divided into two parts, A and B. Part A consists of 15 multiple-choice questions that test the candidate’s knowledge of procurement and supply chain management concepts, principles, and practices. Part B is a case study where candidates are required to analyze a real-life scenario and provide recommendations on how to address the business needs of the organization. This case study is designed to test the candidate’s ability to apply their knowledge and skills to practical situations.
Stakeholder management is another critical element of the CIPS L4M2 exam. L4M2 exam covers the importance of identifying and engaging with stakeholders throughout the procurement process. This involves understanding their interests, concerns, and expectations, and developing strategies to manage their involvement effectively. Effective stakeholder management is crucial for ensuring that procurement projects are successful and that the needs of all stakeholders are met.
CIPS L4M2 Certification Exam is ideal for professionals who are involved in business analysis, procurement, and supply chain management. L4M2 exam covers a range of topics, including stakeholder management, business needs assessment, requirements gathering, and solution development. Candidates who successfully complete the exam will be able to identify and analyze business needs, develop business cases, and provide solutions that meet the needs of stakeholders.
NEW QUESTION # 27
What will be the result of retaliation between business rivals in an industry?
Answer: D
Explanation:
Industry rivalry-or rivalry among existing firms-is one of Porter's five forces used to deter-mine the intensity of competition in an industry. Other factors in this competitive analysis are:
- Barriers to entry
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of substitutes
Industry rivalry usually takes the form of jockeying for position using various tactics (for example, price competition, advertising battles, product introductions). This rivalry tends to increase in intensity when companies either feel competitive pressure or see an opportunity to improve their position.
In most industries, one company's competitive moves will have a noticeable impact on the competition, who will then retaliate to counter those efforts. Companies are mutually dependent, so the pattern of action and reaction may harm all companies and the industry.
Some types of competition (for example, price competition) are very unstable and negatively influence industry profitability. Other tactics (for example, advertising battles) may positively influence the industry, as they increase demand or enhance product differentiation.
References
Porter, M. (1998). Competitive Strategy. New York: Free Press. pp. 17-23.
CIPS study guide page 86-87
LO 2, AC 2.2
NEW QUESTION # 28
A procurement manager is discussing with other stakeholders about the scope and the implementation of the upcoming construction project. A stakeholder argues that the construction projects are often risky as the overall scope of the work can't be accurately estimated from the beginning. Furthermore, the project spans over a long period, the costs of materials can fluctuate widely. The procurement manager suggests that the pricing structure should be able to cover the supplier's costs plus 10% markup on total costs. This arrangement is known as...?
Answer: B
Explanation:
As you can see from the scenario, the procurement manager is suggesting to use cost plus pricing arrangement.
A cost-plus contract is an agreement to reimburse a company for expenses incurred plus a specific amount of profit, usually stated as a percentage of the contract's full price. These type of contracts are primarily used in construction where the buyer assumes some of the risk but also provides a degree of flexibility to the contractor.
Cost-plus contracts can be separated into four categories. They each allow for the reimbursement of costs as well as an additional amount for profit:
1. Cost-plus award fee contracts allow the contractor to be awarded a fee usually for good per-formance.
2. Cost-plus fixed-fee contracts cover both direct and indirect costs, in addition to a fixed fee.
3. Cost-plus incentive fee contracts happen when the contractor is given a fee if his or her perfor-mance meets or exceeds expectations.
4. Cost-plus percent-of-cost contracts allow the amount of reimbursement to rise if the contrac-tor's costs rise.
In the scenario, the procurement manager suggests a pricing structure that covers supplier's costs and adds
10% markup. This is cost-plus fixed-percentage.
NEW QUESTION # 29
The bargaining strength of suppliers is likely to be high in which of the following situations? Select TWO that apply:
Answer: D,E
Explanation:
Detailed Explanation:
B (Limited number of suppliers): Fewer suppliers lead to higher bargaining power due to reduced competition.
E (Urgent buyer requirement): Suppliers gain leverage when buyers have limited time to source alternatives.
Education on markets and buyer size are factors that strengthen buyer, not supplier, bargaining power.
Reference: CIPS Level 4, Supplier Negotiation and Market Power.
NEW QUESTION # 30
At which stage of through-life contract management, procurement team needs to identify sources of risk and the ways to mitigate them?
Answer: B
Explanation:
Risk management has become incredibly complex, especially for capital purchase which requires through-life contract. Any source of risks should be identified and closely managed from the specification stage.
There should be sufficient information in the specification to minimise risks later in the through-life contract. Here is something to consider:
- Make sure the parties to the contract are clearly identified. This is particularly important if a prime contractor is being used. Allow them to subcontract elements of the specification.
- Clearly identify any testing and quality assurance procedures and who will perform them.
- Document every important aspect of the specification including a project plan
- Include a reasonable limitation of liability clause in the contract and reference it in the specifica-tion
- Identify any guarantees that are needed
- Be clear on what insurance will and will not cover
- Make sure there is clear audit trail of any changes to the specification together with approvals LO 3, AC 3.2
NEW QUESTION # 31
Which of the following are major factors when determining the bargaining power of buyers? Select THREE that apply.
Answer: B,C,F
NEW QUESTION # 32
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