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[General] New CIPS L4M2 Exam Objectives & Test L4M2 Score Report

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【General】 New CIPS L4M2 Exam Objectives & Test L4M2 Score Report

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The CIPS L4M2 Exam covers a variety of topics, including the identification of business needs, the development of procurement strategies, and the implementation of procurement plans. It also covers the importance of stakeholder engagement and communication, as well as risk management and the monitoring and evaluation of procurement activities.
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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.
CIPS L4M2 certification exam is a comprehensive exam that covers a broad range of topics related to defining business needs. It includes topics such as requirements gathering and analysis, stakeholder management, business process modeling, and solution evaluation. L4M2 Exam is recognized globally and is an industry-standard certification that demonstrates a candidate's expertise and competence in the field of business analysis. Passing L4M2 exam will not only enhance the candidate's knowledge and skills but will also open up new career opportunities and provide a competitive edge in the job market.
CIPS Defining Business Needs Sample Questions (Q132-Q137):NEW QUESTION # 132
Which of the following indicates types of waste that procurement department concentrates on when adopting Lean methods?
  • A. SCAMPER
  • B. DOWNTIME
  • C. VA/VE
  • D. OWN-IT
Answer: B
Explanation:
Copious amounts of waste can occur in the workplace, particularly in a manufacturing process, but do you know what the eight most commons wastes are and how they impact your organization?
Taiichi Ohno, considered the father of Toyota Production System, created a lean manufacturing framework, which was based on the idea of preserving (or increasing) value with less work. Any-thing that doesn't increase value in the eye of the customer must be considered waste, or "Muda", and every effort should be made to eliminate that waste. The following 8 lean manufacturing wastes, mostly derived from the TPS, have a universal application to businesses today. The acro-nym for the eight wastes is DOWNTIME. Downtime stands for:
- Defects
- Overproduction
- Waiting
- Not utilizing talent
- Transportation
- Inventory excess
- Motion waste
- Excess processing
OWN-IT is the acronym for the process of collecting and analysing the data and information needed in any field SCAMPER is acronym for options addressing the underlying issues and achieving target VA/VE is value analysis and value engineering LO 3, AC 3.4

NEW QUESTION # 133
Which of the following would be considered to be direct costs? Select TWO that apply:
  • A. Manufacturing staff wages
  • B. Company car depreciation
  • C. Production materials
  • D. Head office salaries
  • E. Buildings insurance
Answer: A,C
Explanation:
Detailed Explanation:
A (Production materials): These are directly tied to the production of goods and are variable costs.
D (Manufacturing staff wages): Labour directly involved in the production process is a direct cost.
Indirect costs like salaries, depreciation, and insurance are related to overheads and not directly tied to production. Reference: CIPS Level 4, Cost Structures.

NEW QUESTION # 134
A market has many buyers and suppliers. Loyalty is low and switching is common. Which market characteristic supports this behaviour?
  • A. Barriers to market entry
  • B. Supplier bargaining strength
  • C. The availability of substitute products
  • D. Increasing use of technology
Answer: C
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Market Dynamics) When substitute products are available, buyers can easily switch to alternatives, lowering loyalty and increasing price sensitivity.
Thus, Option C correctly identifies the key factor enabling frequent switching.
Relevant L4M2 references:
* "Impact of substitute products on buyer behaviour"
* "orter's Five Forces - threat of substitutes"

NEW QUESTION # 135
XYZ Ltd is producing an engine which consists of many components. The procurement manager wants to find cost reduction opportunities and minimise part varieties. Which of the following may help her to achieve these objectives?
1. Value analysis
2. Segment analysis
3. Variety reduction
4. Standardisation
  • A. 1 and 3 only
  • B. 2 and 3 only
  • C. 1 and 4 only
  • D. 3 and 4 only
Answer: C
Explanation:
Value analysis is often defined as a systematic process for improving the value of a product, service or project. It is typically used in the following ways:
- To determine the value of each component used
- To find cost reduction opportunities by optimising the components used Segment analysis helps procurement and supply to shape and manage the supply markets.
There is no concept known as Variety reduction.
Standardisation is the process which is used to reduce varieties of products or parts.
In this scenario, the company's objective is cost reduction, then value analysis or value engineering is more likely to be applied. Also the company aims at reducing variety, standardisation can be combined with value analysis to produce the best results.
LO 3, AC 3.4

NEW QUESTION # 136
A hospital extensively spends on medical and implantable devices, medical, surgical and pharma-ceutical supplies, costs of supplies related to buildings and maintenance operations. Hospital's procurement manager suggests that the hospital has an opportunity to reduce operational costs by reducing variation of medical devices and pharmaceutical supplies. Which of the following best describe the procurement manager's suggestion?
  • A. Process standardisation
  • B. Process re-engineering
  • C. Product standardisation
  • D. Value engineering
Answer: C
Explanation:
The hospital is buying too many product variants. This may cause bottleneck in its operation and increase operational expense. So procurement manager suggests to standardise products.
This is an example of the benefits of product standardisation:
Saint Thomas Health, a system of 5 hospitals, needed to find a way to reduce costs. They were purchasing different SKUs for products that were very similar, in this case, labels. They bought label rolls for $3 and a very similar product for $1. This oversight in product purchases impacted the overall costs of the system.
After partnering with a sole source vendor it was able to save $200,000 over a four year span. They accomplished this simply by standardizing label products. These savings, however, only account for the immediate savings from standardizing products. The saving that are not factored into that number are the savings from soft or hidden costs.
On a national scale, hospitals lose millions of dollars per year in hidden expenses due to missed opportunities for cost containment and incorporation. Some of the hidden elements that increase overall costs for a healthcare provider include the following:
- Redundant purchasing
- Freight
- Excessive purchase orders
- Multiple vendor relations
- Low efficiency
- Joint commission fines
- HAI
By implementing product standardization, hospitals and health systems reduce vendors, are able to reduce SKUs, purchase orders, inefficiency, freight costs, fines, and off-contract spending. All of this adds up to large savings for the organization as a whole.
96% of the respondents in the survey agree that consolidating suppliers and standardizing product purchases across organization would reduce hidden costs.

NEW QUESTION # 137
......
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