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CIPS L4M5 exam, also known as Commercial Negotiation, is an important certification for procurement professionals seeking to enhance their negotiation skills. L4M5 exam is designed to test candidates' knowledge and understanding of the principles, techniques, and strategies used in commercial negotiation. It is an essential requirement for procurement professionals who want to excel in their careers and contribute to the growth of their organizations.
To be eligible for the CIPS L4M5 Certification Exam, candidates must have completed the CIPS L4M1 (Procurement and Supply Environments) and CIPS L4M2 (Procurement and Supply Operations) certification exams. Additionally, candidates must have a minimum of three years of relevant work experience in procurement or supply chain management. L4M5 exam is structured to test the candidate's ability to apply negotiation concepts to real-world scenarios and assess their competence in conducting complex negotiations.
Exam CIPS L4M5 Collection Pdf, Exam L4M5 OverviewsWith these real L4M5 Questions, you can prepare for the test while sitting on a couch in your lounge. Whether you are at home or traveling anywhere, you can do L4M5 exam preparation with our CIPS L4M5 dumps. L4M5 test candidates with different learning needs can use our three formats to meet their needs and prepare for the CIPS L4M5 test successfully in one go. Read on to check out the features of these three formats.
To prepare for the CIPS L4M5 Exam, candidates are recommended to have completed the CIPS L4M4 (Negotiating and Contracting in Procurement and Supply) module, which provides a solid foundation in negotiation theory and practice. Additionally, candidates should have practical experience in negotiating commercial contracts and be familiar with the legal and regulatory requirements that govern commercial transactions. CIPS Commercial Negotiation Sample Questions (Q169-Q174):NEW QUESTION # 169
Which of the following are examples of push techniques in commercial negotiations? Select TWO that apply.
A. Working together to define the problem, the goals and the best solution
B. Listening to, involving and supporting others
C. Argument based on information, logic and reason
D. Using language and imagery to 'paint a picture others can see'
E. Threat of punishment, costs and damage
Answer: C,E
Explanation:
:
There are two major persuasion methods: 'push' and 'pull'.
Persuasion can be defined as encouraging someone to do something that you want them to do for you.
Persuasion is reasoning with someone so that they will believe or do something they might not otherwise do.
Persuasion can be considered as 'pushing' on TOP so that they can accept the change in attitude or behaviour as a result of your actions.
Influence is the ability to affect the manner of thinking of another. Influence can be considered as pulling on TOP so that you achieve the same result, but TOP feels they have changed their attitude or behaviour as a result of their reflection and thinking, and not your direct actions.
There are 5 options in this question:
'Threat of punishment, costs and damage': The influencer tries to 'push' the other party to act as he/she wants by using force. This method is effective but short-lived. The influencer also risks to developing reputation for being heavy handed and dictatorial.
'Argument based on information, logic and reason': The influencer uses logic and reasons to persuade the other party. This is also known as 'Persuasive Reasoning' (Push)
'Using language and imagery to 'paint a picture others can see'': The influencer seeks to influence another by understanding the other's emotions, and stimulating that party's imagination to visualise the desired future goal of the influencer. This is also known as 'visionary (pull)'
'Working together to define the problem, the goals and the best solution': In this technique, the person seeking to influence another involves the other party in the decision making process. This is known as 'collaborative (pull)'
'Listening to, involving and supporting others': In this technique, the person seeking to influence another tries to discover the other party's emotion and aims at mutual understanding. This is also a collaborative approach.
NEW QUESTION # 170
A building firm has been awarded a contract to construct an office block. Which is a direct cost?
A. Cost of materials
B. Cost of insurance
C. Cost of office space
D. Cost of legal fees
Answer: A
Explanation:
Direct costs are attributable to a specific project - in construction, this includes materials and on-site labour.
Legal fees, insurance, and office space are indirect costs, as they support the business overall but are not tied to one project. For buyers, distinguishing direct from indirect costs ensures pricing transparency and helps challenge excessive overhead allocations. This knowledge strengthens cost breakdown negotiations in project contracts.
Reference: CIPS L4M5 (2nd ed.), LO 2.2 - Direct vs indirect costs in supplier pricing.
NEW QUESTION # 171
Mike is a junior buyer who has been working for a manufacturing organisation for two years, specializing in purchasing research. Over this time, he has built good relationships within his team and with other departments. Which of the following sources of power is Mike most likely to possess?
A. Coercive
B. Position
C. Referent
D. Reward
Answer: C
Explanation:
Referent power is based on personal relationships and the respect or admiration one earns within an organization. Given Mike's positive relationships and his rapport with team members and other departments, he is most likely to have referent power. This power type is influential in negotiation as people are more willing to work with someone they respect, as outlined in CIPS power dynamics in negotiation.
NEW QUESTION # 172
Which of the following is a disadvantage of absorption costing method?
A. Using marginal cost of producing addition units
B. Fixedcost allocated to products on the basis of the cost of activities used in producing them
C. Limited understanding of true costs incurred
D. Variable costs are not taken into product final costs
Answer: C
Explanation:
Absorption costing is an approach to allocating overheads in which indirect costs are loaded or absorbed into direct costs related to specific jobs, processes or outputs, using an estimated basis of allocation.
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NEW QUESTION # 173
Which of the following are most likely to be fundamentals of Fisher & Ury's principled negotiation?
1. Depersonalise the argument
2. Focus on positions
3. Generate creative options
4. Using subjective criteria
A. 2 and 3 only
B. 1 and 3 only
C. 2 and 4 only
D. 1 and 4 only
Answer: B
Explanation:
Principled negotiation is based on four fundamentals: people, interest, options and criteria:
Diagram Description automatically generated
1st Principle: separate the people from the problem: Negotiator should depersonalise the situation and accepting that the subject matter of the negotiation. This can be difficult for untrained negotiators, but this is a key skill to develop
2nd principle: focus on interests, not positions: It is important in principled negotiations not to focus on their parties' positions (what are expressed during negotiations), but on the interests (underlying needs) behind them
3rd principle: invent options for mutual gains: this principle aims to help the parties find a solution that both would benefit from. The more options - or tradeables - that can be brought to the table the better.
4th principle: insist on using objective criteria: is about making sure that the negotiation stays focused on outcomes based on objective criteria and that it is productive.
LO 1, AC 1.2
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