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Latest L4M2 Preparation Materials: Defining Business Needs - L4M2 Study Guide - VCEDumps

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Undoubtedly, passing the CIPS L4M2 certification exam is one big achievement. Regardless of how tough the L4M2 exam is, it serves an important purpose of improving your skills and knowledge of a specific field. Once you become certified by CIPS L4M2, a whole new career scope will open up to you.

CIPS L4M2 (Defining Business Needs) Exam is a professional certification programme that is designed to help procurement and supply chain professionals to develop their knowledge and skills in identifying and defining the business requirements. The CIPS L4M2 exam is an intermediate level qualification that is aimed at professionals who are seeking to progress their career in the procurement field. L4M2 Exam covers a range of topics that are critical for defining business requirements, including stakeholder analysis, procurement strategy development, and requirements gathering and analysis.

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One of the modules in the CIPS Level 4 Diploma is L4M2 - Defining Business Needs. This module focuses on the importance of understanding the needs of the business before making procurement decisions. The module covers topics such as stakeholder management, business analysis techniques, and defining requirements. This module is ideal for anyone who wants to gain a deeper understanding of how procurement decisions impact the overall success of a business.

CIPS Defining Business Needs Sample Questions (Q126-Q131):

NEW QUESTION # 126
Buyers are more powerful than the supplier when they are purchasing from monopoly market. Is this statement true?

A. True, suppliers in monopoly market produce homogenous products
B. False, the buyer will be unable to track and manage supplier's performance
C. True, in monopoly market, buyer's switching costs from the incumbent supplier to an-other are relatively low
D. False, buyer will lack negotiating power on cost if the supplier has a monopoly in the market

Answer: D

Explanation:
A monopoly is a market with a single seller (called the monopolist) but with many buyers. In this market, the bargaining power of supplier is higher than of buyer since the supplier is the only seller.
Reference:
- CIPS study guide page 88-92
- Bargaining Power of Suppliers - Factors that Give Suppliers Power (corporatefinanceinsti-tute.com)
- Monopoly - Understanding How Monopolies Impact Markets (corporatefinanceinstitute.com) LO 2, AC 2.2

NEW QUESTION # 127
Product development consists of various stages, including planning and analysis, design develop-ment, pre-production, production and maintenance. At which stages the opportunities for cost re-duction will be the greatest?
1. Planning stage
2. Pre-design stage
3. Detail design stage
4. Production stage
5. Logistics support stage

A. 1 and 4 only
B. 2 and 5 only
C. 1 and 2 only
D. 2 and 3 only

Answer: C

Explanation:
Writing a specification and then procuring and using the product or service has a number of stages. The further on in the process you are, the less potential there is for cost reductions. Therefore, opportunities for cost reduction will be greatest in the two first stages: planning stage and pre-design stage.
LO 3, AC 3.1

NEW QUESTION # 128
A manufacturing organisation has initiated a project focusing on costs, with a view to making significant savings. A procurement manager is leading the project. The initial data sources have focused on the cost of raw materials. Which of the following describes this cost?

A. Direct, variable costs
B. Direct, fixed costs
C. Indirect, fixed costs
D. Indirect, variable costs

Answer: A

NEW QUESTION # 129
A procurement manager is writing a conformance specification for a non-core component. She thinks that if the requirements in specification are higher than ISO standards, her company can achieve greater cost-savings. Is the procurement manager's opinion correct?

A. Yes, because higher requirements will help buying organisation find the best supplier
B. No, because higher requirements in specification, the greater bargaining power of buying organisation
C. Yes, because optimising the specification is the only method to achieve value for money
D. No, because higher specification may incur additional costs for the buyer

Answer: D

Explanation:
The specification that is produced too detailed will incur unnecessary cost because it does not allow suppliers to use their expertise in finding the most efficient way to produce it.
'No, because higher requirements in specification, the greater bargaining power of buying organi-sation': more detailed specifications could tighten the supplier base and potentially leave buying organisation with fewer potential supplier. This may reduce buyer's bargaining power in negotia-tion.
'Yes, because higher requirements will help buying organisation find the best supplier': in some circumstances, higher requirements will lead to smaller supplier base. In the worst scenario, there is no supplier who has capability to carry out those requirements
'Yes, because optimising the specification is the only method to achieve value for money': There are other methods to achieve cost saving and value for money, inter alia, volume concentration, relationship restructuring, etc.
Reference:
LO 3, AC 3.1

NEW QUESTION # 130
John has been asked to develop a business case before obtaining approval to purchase a large piece of capital equipment for a glove manufacturing unit. Is this the right thing to do?

A. No, because risk consideration is not John's responsibility
B. Yes, because this will assist the purchase order
C. Yes, because this will help compare alternatives and options
D. No, because this can lead to business-focused thinking

Answer: C

Explanation:
Detailed Explanation:A business case allows for the evaluation of alternatives and ensures alignment with strategic goals. It also assesses risks, benefits, and financial impact, providing a comprehensive basis for decision-making. Reference: CIPS Level 4, Capital Expenditure and Business Case Development.

NEW QUESTION # 131
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