HOTTEST L4M2 CERTIFICATION - L4M2 VCE FREE

Hottest L4M2 Certification - L4M2 Vce Free

Hottest L4M2 Certification - L4M2 Vce Free

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Tags: Hottest L4M2 Certification, L4M2 Vce Free, New L4M2 Test Testking, Reliable L4M2 Exam Braindumps, L4M2 Updated Dumps

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The Level 4 Diploma in Procurement and Supply consists of eight units, and one of these units is Defining Business Needs (L4M2). This unit is designed to equip learners with the knowledge and skills required to identify and evaluate business needs, assess the feasibility of solutions, and develop business cases to support decision-making.

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CIPS L4M2 (Defining Business Needs) Certification Exam is a globally recognized certification for professionals who wish to specialize in business analysis. Defining Business Needs certification is designed to provide candidates with the necessary skills and knowledge to define and analyze business needs, develop business cases, and provide solutions to business problems. Defining Business Needs certification is offered by the Chartered Institute of Procurement and Supply (CIPS), which is a leading professional body for procurement and supply chain management.

CIPS Defining Business Needs Sample Questions (Q173-Q178):

NEW QUESTION # 173
At which stage of product life cycle, price competition between sellers will be the most intense?

  • A. Maturity stage
  • B. Decline stage
  • C. Growth stage
  • D. Introductory stage

Answer: B

Explanation:
The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages-introduction, growth, maturity, and decline.
Chart, line chart Description automatically generated
Source: https://blueoceanoutsource.co.ke/the-product-life-cycle-concept/ At maturity stage, price competition sets in as more and more supply capacity has been added by new entrants, then the competition will be the most intense.


NEW QUESTION # 174
Which of the following is the disadvantage of embedding standards in a specification?

  • A. Embedding standards into specification requires enormous time and effort
  • B. Standards do not improving buyer's bargaining power
  • C. Standards are too flexible and may cause ambiguity in the specification
  • D. Standards are too static and discourage innovation

Answer: D

Explanation:
"Standards are often produced by professional bodies (maybe national or international bodies). Standards tend to be stable for a period of time, therefore, they are likely to be static and discourage innovation." Reference:
LO 3, AC 3.1


NEW QUESTION # 175
Which of the following are the fair and reasonable comparators in price analysis? Select TWO that apply:

  • A. Competitive bidding
  • B. Strike price
  • C. Price indices
  • D. Pricing formula
  • E. Cost driver

Answer: C,D

Explanation:
Price Analysis is the process of deciding if the asking price for a product or service is fair and rea-sonable, without examining the specific cost and profit calculations the vendor used in arriving at the price. It is basically a process of comparing the price with known indicators of reasonableness. When adequate price competition does not exist, some other form of analysis is required. Some reasons that could affect adequate price competition are: specifications are not definitive, tolerances are restrictive, or production capacity limits those eligible to bid.
Examples of other forms of price analysis information include:
* Analysis of previous prices paid
* Comparison of vendor's price with the in-house estimate
* Comparison of quotations or published price lists from multiple vendors
* Comparisons with government agencies (such as GSA in the US) published prices A strike price is the set price at which a derivative contract can be bought or sold when it is exercised. For call options, the strike price is where the security can be bought by the option holder; for put options, the strike price is the price at which the security can be sold. Strike price is also known as the exercise price.
A cost driver is the direct cause of a cost and its effect is on the total cost incurred. For example, if you are to determine the amount of electricity consumed in a particular period, the number of units consumed determines the total bill for electricity. In such a scenario, the number of units of electricity consumed is a cost driver.


NEW QUESTION # 176
A company is analysing its existing product's components and aims at reducing costs without damaging customer value proposition. They want to check which components are critical and which are unnecessary. Which of the following should be adopted by the company?

  • A. Under specification
  • B. Value engineering
  • C. Variety reduction
  • D. Value analysis

Answer: D

Explanation:
In marketing, a customer value proposition (CVP) consists of the sum total of benefits which a vendor promises a customer will receive in return for the customer's associated payment (or other value-transfer).
Value analysis is concerned with existing products. It involves a current product being analysed and evaluated by a team, to reduce costs, improve product function or both. Value Analysis exercises use a plan which step-by-step, methodically evaluates the product in a range of areas. These include costs, function, alternative components and design aspects such as ease of manufacture and assembly.
Value engineering is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evalua-tion and analysis. This takes place before any capital is invested in tooling, plant or equipment.
In this scenario, the company's objective is cost reduction, then value analysis or value engineering is more likely to be applied. The products are existing, so value analysis is the best option.
LO 3, AC 3.4


NEW QUESTION # 177
At which stage of through-life contract management, procurement team needs to identify sources of risk and the ways to mitigate them?

  • A. Supplier relationship stage
  • B. Specification stage
  • C. Tendering stage
  • D. Contracting stage

Answer: A

Explanation:
Risk management has become incredibly complex, especially for capital purchase which requires through-life contract. Any source of risks should be identified and closely managed from the specification stage.
There should be sufficient information in the specification to minimise risks later in the through-life contract. Here is something to consider:
- Make sure the parties to the contract are clearly identified. This is particularly important if a prime contractor is being used. Allow them to subcontract elements of the specification.
- Clearly identify any testing and quality assurance procedures and who will perform them.
- Document every important aspect of the specification including a project plan
- Include a reasonable limitation of liability clause in the contract and reference it in the specifica-tion
- Identify any guarantees that are needed
- Be clear on what insurance will and will not cover
- Make sure there is clear audit trail of any changes to the specification together with approvals LO 3, AC 3.2


NEW QUESTION # 178
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