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CIPS Level 4 Module 2 (L4M2) certification exam is an important step in the career development of procurement and supply chain professionals. L4M2 exam tests candidates’ ability to identify and define business needs in order to meet organizational objectives. Preparing for the exam requires a significant amount of study and practice, but passing the exam can demonstrate a candidate’s knowledge and skills in procurement and supply chain management.
CIPS L4M2 Certification Exam is an essential qualification for professionals looking to advance their careers in the field of business analysis. Defining Business Needs certification is specifically designed for individuals who are responsible for identifying and defining business needs within their organization. It is the second module in the Level 4 program and builds upon the foundation established in the L4M1 module.
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CIPS Defining Business Needs Sample Questions (Q197-Q202):
NEW QUESTION # 197
Which of the following specific markets is most likely to have the lowest entry barrier?
Answer: B
Explanation:
Start-up costs are generally low in service industries, and the main requirement is a level of knowledge and skill in that particular service.
LO 2, AC 2.1
NEW QUESTION # 198
Aldar Properties is a property developer in UAE. In last month, it spent $2,160 for 10 tons of steel. In this month, it had planned 10% increment in budget for steel comparing to last month. But the number of orders boosted and total spend on steel reached $1,992.1 while Aldar has imported 11 tons. What is the main cost driver of steel budget?
Answer: B
Explanation:
In this question, you have to calculate price variance and quantity variance.
Last month, 1 tonne of steel costed $216. This month, the price decreases to $181.1. Price variance = (P1 - P2)
*Q2 = ($216-$181.1)*11 = $383.9
Quantity variance = (Q1-Q2)*P1 = -$216
Price variance is greater than quantity variance, therefore, price variance is the main cost driver.
LO 1, AC 1.4
NEW QUESTION # 199
Which of the following are most likely to increase the buyer's bargaining power?
1. Buyers are price sensitive
2. High set-up cost for new entrants
3. Threat of forward integration is high
4. Threat of backward integration is significant
Answer: D
Explanation:
Price sensitivity is the degree to which the price of a product affects consumers' purchasing behaviours. Buyer power will be stronger if buying organisation are price sensitive and vice versa.
Backward integration is a form of vertical integration in which a buying organisation expands its role to fulfil tasks formerly completed by businesses up the supply chain. Buyer power is strong if threat of backward integration is high.
Set-up cost is a determinant of threat of new entry. Some industries require very expensive assets in order to make products. The financial risk of entering the industry and not succeeding can deter many potential new entrants. The fewer new entrants, the fewer available substitutes, then the bar-gaining power of buyer can be negatively affected.
Forward integration is a business strategy that involves a form of vertical integration whereby business activities are expanded to include control of the direct distribution or supply of a compa-ny's products. Threat of forward integration is a determinant of supplier's bargaining power.
Reference: CIPS study guide page 88-91
LO 2, AC 2.2
NEW QUESTION # 200
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?
Answer: B
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 # 201
Due to increasing demand, a local restaurant is requesting its fish vendor to supply larger quantity. The restaurant manager also asks the vendor whether it is possible to reduce the total price by 5%. This is known as...?
Answer: C
Explanation:
There are three major types of buying situations, which are new purchase, modified rebuy and straight rebuy.
Three factors make the buying situations be different from the others, customers may face different problems in these situations.
A new purchase is a situation requiring the purchase of a product for the very first time.
A straight rebuy is when a company places a second order with a supplier that is identical to the first purchase it made.
A modified rebuy is when a company orders again from a supplier, but wants to change some as-pect of the order, such as the quantity, packaging, product features, or delivery times. The scenario above is an example of modified rebuy.
Reference:
- What is a straight rebuy example?
- CIPS study guide page 3-4
NEW QUESTION # 202
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