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CIPS L4M2 (Defining Business Needs) Exam is an essential certification for individuals looking to develop their knowledge and skills in procurement and supply chain management. L4M2 course provides learners with the practical skills required to identify and define business needs, develop business cases, analyze data, and create effective procurement strategies. Defining Business Needs certification is highly valued by employers globally and demonstrates an individual's ability to contribute to the success of their organization.
CIPS L4M2 Exam covers a broad range of topics, including the identification of business requirements, the development of business cases, the analysis of data, and the creation of effective procurement strategies. L4M2 course is interactive and designed to provide learners with hands-on experience in real-world scenarios. This approach ensures that learners are equipped with the practical skills required to apply the knowledge gained in their workplace.
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ABC Ltd has enormous investment in facilities and machinery. It also employs skilled workforce. To be profitable, the company has to produce at massive quantity. Which sector does ABC Ltd belong to?
A. Retail
B. Manufacturing
C. Agriculture
D. Construction
E. Finance
Answer: B
Explanation:
In the scenario, ABC Ltd has the following characteristics:
- Large investment in facilities and machinery
- Access to skilled workforce
- Mass production.
This company is a manufacturer. Manufacturing is an industry that makes products from raw ma-terials by the use of manual labour or machinery and that is usually carried out systematically with a division of labour.
Manufacturing requires investment in machinery and access to a suitably skilled workforce as well as materials and components.
NEW QUESTION # 206
What is the document that defines the activities, deliverables and timelines a supplier must carry out during contract performance?
A. Statement of work
B. Work instruction
C. Project initial document
D. Framework agreement
Answer: A
Explanation:
Statement of Work (SoW) is the document that captures and defines all aspects of your project. You'll note the activities, deliverables and the timetable for the project. It's an extremely detailed document as it will lay the groundwork for the project plan.
Project Initial Document is an important document and should precede any specification writing project. It sets out the scope of the project and it is the team's mandate from senior management Work instructions are also called work guides, Standard Operating Procedures (SOPs), job aids or user manuals, depending on the situation. In any case, the purpose of work instructions is to clearly explain how a particular work task is performed.
Framework agreements are arrangements between one or more buyers and one or more suppliers that provide the terms governing contracts to be established for a certain period of time, in particular with regard to price and, where necessary, the quantity envisaged.
NEW QUESTION # 207
The main benefit of using standards in a specification is ...
A. that British standards are aligned with all other international standards
B. that standards allow the supplier to give the buyer a bespoke product
C. that standards provide a clear guide with no ambiguity or uncertainty
D. it will ensure the latest technology standards are kept up to date
Answer: C
NEW QUESTION # 208
Why is the specification considered as the most important document in procurement?
A. It eliminates all possible supply risks
B. It always shifts the balance of bargaining power in favour of the buyer
C. It helps the buyer to gain at supplier's loss
D. It provides a mean to appraise the performance of supplier
Answer: D
Explanation:
Specification is the most important document in procurement because it sets out the quality which supplier must provide. If there is no spec or the spec lacks clarity and details, supplier's perfor-mance may vary and possibly lower than actual requirements. This puts the buyer at risks. On the other hand, if the spec is clear and detailed, the supplier is liable to provide 'fit for purpose' products or perform the service at required level of quality. This will ensure that the buyer achieve 'Right Quality'.
NEW QUESTION # 209
A food manufacturer wants to predict the pricing point for a new and innovative health drink. Which method of market research would be beneficial to receive the most accurate information?
A. Sales trends
B. Focus groups
C. Internet searches
D. Consumer data
Answer: D
Explanation:
Detailed Explanation:
Consumer data provides specific, measurable insights into purchasing behavior, preferences, and willingness to pay. This is the most accurate method for setting a pricing strategy, as it uses real-world data rather than subjective opinions or generic trends. Reference: CIPS Level 4, Market Research Techniques.
NEW QUESTION # 210
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