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CIPS L4M2 exam is a critical step for procurement and supply chain professionals who want to advance their career in the field. Defining Business Needs certification demonstrates the candidate's proficiency in defining business needs and developing procurement strategies that align with organizational goals. It is also a valuable asset for organizations looking to hire procurement professionals who can deliver value by identifying and defining business needs effectively. The CIPS L4M2 Exam is a rigorous and challenging certification that requires extensive study and preparation, but it is also a rewarding achievement that can open up new opportunities for procurement and supply chain professionals.
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CIPS L4M2 (Defining Business Needs) Certification Exam is a professional certification exam that is designed for individuals who are looking to advance their career in the field of business analysis. Defining Business Needs certification exam is offered by the Chartered Institute of Procurement and Supply (CIPS), which is a leading global professional body that provides certification, training, and networking opportunities to individuals working in procurement and supply chain management. CIPS Defining Business Needs Sample Questions (Q181-Q186):NEW QUESTION # 181
Sealines Inc is developing its fleet of cargo ships. The company is planning to build a new ship powered by natural gas. Brian, the procurement manager at Sealines, suggests the project team to develop a through-life specification before engaging with the supplier. Is this a correct approach?
A. No, a ship is used only once, through-life management is unnecessary
B. No, the company just needs to select the lowest bidder
C. Yes, this approach will lower the total cost of ownership
D. Yes, decommissioning and disposal costs will not be accounted in this approach
Answer: C
Explanation:
Through-life management is a approach applied to capital asset. According to Ward and Graves, Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer. According to CIPS study guide, through-life management comprises of 6 parts:
1. Design
2. Manufacture
3. Installation
4. In-service support
5. Decommission and disposal
6. Customer support
In this scenario, the company is planning to procure a ship, which is a capital asset. Through life management is a good approach. Sealines can start with developing through-life specification. This approach may have several benefits:
- It lowers the costs over the whole life of the asset
- It lowers the risks as there is a single company accountable for costs and service over the life of the asset
- A closer match between the asset delivered and the users' needs
- Development of capability over the life of the asset as the supplier continues to get experience of the users' needs and can adapt services to meet them.
NEW QUESTION # 182
Which of the following is a challenge of making a business case for straight re-buys?
A. Identifying suitable suppliers
B. Research of procurement process
C. Effective inventory control
D. Terms and conditions
Answer: C
Explanation:
For straight re-buy, the specifications for the products are known. Generally, there will be an existing contract with supplier in place. The business need is challenged annually, only on the annual demand. So effective inventory control will help procurement successfully manage straight re-buy.
NEW QUESTION # 183
Variances occur when there are differences between the budgeted costs and the actual costs. When are labour cost variances likely to arise?
When the sales prices change over time due to inflation
When there is more overtime than is expected
When a different wage grade of worker is used to complete a task than was planned for When the supplier changes from manual to electronic invoicing systems for all transactions
A. 1 and 3 only
B. 2 and 4 only
C. 1 and 2 only
D. 2 and 3 only
Answer: D
NEW QUESTION # 184
Sealines Inc is developing its fleet of cargo ships. The company is planning to build a new ship powered by natural gas. Brian, the procurement manager at Sealines, suggests the project team to develop a through-life specification before engaging with the supplier. Is this a correct approach?
A. No, a ship is used only once, through-life management is unnecessary
B. No, the company just needs to select the lowest bidder
C. Yes, this approach will lower the total cost of ownership
D. Yes, decommissioning and disposal costs will not be accounted in this approach
Answer: C
Explanation:
Through-life management is a approach applied to capital asset. According to Ward and Graves, Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer. According to CIPS study guide, through-life management comprises of 6 parts:
1. Design
2. Manufacture
3. Installation
4. In-service support
5. Decommission and disposal
6. Customer support
In this scenario, the company is planning to procure a ship, which is a capital asset. Through life management is a good approach. Sealines can start with developing through-life specification. This approach may have several benefits:
- It lowers the costs over the whole life of the asset
- It lowers the risks as there is a single company accountable for costs and service over the life of the asset
- A closer match between the asset delivered and the users' needs
- Development of capability over the life of the asset as the supplier continues to get experience of the users' needs and can adapt services to meet them.
Reference:
- CIPS study guide page 130-131;
- Through-life management: The provision of total customer solutions in the aerospace industry, by Yvonne Ward and Andrew Graves LO 3, AC 3.2
NEW QUESTION # 185
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. Internet searches
C. Focus groups
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.
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