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CIPS L4M2 exam is designed to test the knowledge and skills required for defining business needs. L4M2 exam covers a range of topics related to business analysis, including understanding and analyzing business requirements, developing business cases, and identifying and evaluating potential solutions.
CIPS L4M2 certification exam has been designed to help procurement and supply chain professionals develop a comprehensive understanding of the various factors that influence the identification of business needs. L4M2 Exam covers a wide range of topics, including stakeholder analysis, market analysis, and risk analysis, among others. Professionals who pass the CIPS L4M2 exam can demonstrate their ability to identify and analyze business requirements effectively, which can help them make informed decisions that lead to better business outcomes.
Get Reliable Valid L4M2 Exam Notes and Pass Exam in First AttemptThe more efforts you make, the luckier you are. As long as you never abandon yourself, you certainly can make progress. Now, our L4M2 exam questions just need you to spend some time on accepting our guidance, then you will become popular talents in the job market. As a matter of fact, you only to spend about 20 to 30 hours on studying our L4M2 Practice Engine and you will get your certification easily. Our L4M2 training guide can help you lead a better life. CIPS Defining Business Needs Sample Questions (Q127-Q132):NEW QUESTION # 127
A procurement manager is helping to improve a specification for an existing product. They list all existing functions, processes, their costs, and the value they add. This exercise aims to support writing an improved specification for future purchasing. Which of the following is this an example of?
A. Value chain
B. Value engineering
C. Value analysis
D. Value procurement
Answer: B
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Specification and Value Management) CIPS L4M2 defines value engineering (VE) as a structured process used to examine functions of a product or service to ensure that each function delivers maximum value for minimum cost.
In this case, analysing functions, costs, and value-add is a textbook example of the value engineering process
- used to improve or redesign specifications for future purchases.
* Value analysis is retrospective, focusing on cost reduction in existing products.
* Value engineering looks forward, improving design/specifications.
Since the goal is to benefit future purchasing, this is VE.
Relevant L4M2 references:
* "Applying value analysis and value engineering"
* "Optimising performance and cost through specification review"
NEW QUESTION # 128
Which of the following may allow suppliers free to choose the materials, manufacturing process or delivery process?
A. Design specification
B. Technical specifications
C. Performance specification
D. Conformance specification
Answer: C
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 Reference:
LO3, AC 3.1
NEW QUESTION # 129
As the lead procurement manager you have been asked to compile a business case for a large project. Which of the following should you include in the business case?
* Costs and risks
* List of large suppliers
* Business benefits
* Informal recommendation
A. 2 and 4 only
B. 1 and 4 only
C. 2 and 3 only
D. 1 and 3 only
Answer: D
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Business Case Development) A robust business case must:
* Quantify costs and risks (financial, operational, environmental).
* Identify and justify business benefits (savings, value, compliance, performance).
Supplier lists or informal notes are not appropriate inclusions.
Thus, Option A (1 and 3 only) is correct.
Relevant L4M2 references:
* "Structure and content of a business case"
* "Cost, risk, and benefit evaluation in justification"
NEW QUESTION # 130
Robert is a buyer at Pickton's Farm Products (PFP), a manufacturer of food products that are sold to supermarkets. Robert will be sourcing from local farmers to supply PFP with raw materials for PFP's products. What is a major supply chain risk that Robert needs to be aware of which is specific to this market?
A. Extreme or unexpected weather conditions may affect the supplier's ability to supply PFP in line with quantity and timing requirements
B. Suppliers to PFP may also supply other customers which they prioritise over PFP, leading to delays in PFP's production process
C. The quality of goods received by PFP may be of varying quality and need to be returned to the supplier for replacement
D. A supplier may deliver an incorrect quantity of materials to PFP, leading to PFP incurring storage charges
Answer: A
NEW QUESTION # 131
Buyers in the same industry with the same understanding of relative value and price may still make different decisions about whether to switch. Which of the following factors may prompt a buying organization to incline toward substitute products?
1. There is potential for backward integration
2. Access to financial resources
3. The switching cost is high
4. The substitute fits organisation's strategy
A. 1 and 2 only
B. 2 and 4 only
C. 1 and 4 only
D. 3 and 4 only
Answer: B
Explanation:
The threat of substitution is a function of three factors:
* The relative value/ price of a substitute compared to an industry's product
* The cost of switching to the substitute
* The buyer's propensity to switch
Buyers with different circumstances and in different industries do not all have equal propensities to substitute when faced with a comparable economic motivation. Differences in their circumstances lead buyers to respond to a given relative value to price (RVP) and switching cost differently. While such differences might be treated as factors that modify RVP or switching costs, it is more helpful in practice to isolate them.
Resources. Substitution often involves up-front investments of capital and other resources. Access to such resources will differ from one buyer to another.
Risk Profile. Buyers often have very different risk profiles, the result of such things as their past history, age and income, ownership structure, background and orientation of management, and nature of competition in their industry. Buyers prone to risk taking are more likely to substitute than buyers that are risk-averse.
Technological Orientation. Buyers experienced with technological change may be less concerned with some kinds of substitution risks, while extremely aware of others that a less technologically sophisticated buyer would be oblivious to.
Previous Substitutions. The second substitution may be easier for a buyer than the first, unless the first substitution has been a failure. The buyer's uncertainties over undertaking a substitution may have diminished if a past substitution has been successful, or risen if a past substitution has led to difficulties. In the soft drink industry, this seems to have worked to the benefit of aspartame.
Intensity of Rivalry. Buyers under intense competitive pressure and searching for competitive ad-vantage will tend to substitute more quickly to gain a given advantage than those that are not.
Generic Strategy. The RVP of a substitute will have different significance depending on the com-petitive advantage that industrial, commercial, or institutional buyers are seeking or the value of time and particular performance needs of the household buyer. A substitute that offers a cost saving will tend to be of more interest to a cost leader than a differentiator, for example.
Many of these factors that shape the buyer's propensity to substitute will be a function of the particular decision maker who is involved in the purchase decision.
Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278-289). Free Press. Kindle Edition.
NEW QUESTION # 132
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