Free PDF CIPS - L4M2 - Defining Business Needs–Professional Reliable Exam Price

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CIPS L4M2 (Defining Business Needs) Exam is a certification exam designed for procurement and supply chain professionals who are seeking to enhance their knowledge and skills in defining business needs. L4M2 exam is part of the Chartered Institute of Procurement and Supply (CIPS) Level 4 Diploma in Procurement and Supply program, which is a globally recognized qualification for procurement professionals. L4M2 Exam covers various topics, such as understanding business requirements, identifying stakeholders, and developing a business case, among others.

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CIPS Level 4M2 Defining Business Needs module is crucial for professionals who are looking to progress in their procurement and supply careers. This module provides learners with the skills and knowledge needed to identify and analyze organizational needs, which is a key competency for any procurement professional. By taking this module, learners will be able to demonstrate their expertise in procurement and supply chain management.

CIPS Defining Business Needs Sample Questions (Q130-Q135):

NEW QUESTION # 130
Which of the following is the process for improving the value of a new product or service?

A. Value engineering
B. Planning and design
C. Value analysis
D. Porter's Five Forces

Answer: A

Explanation:
Value Engineering (VE) 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 evaluation and analysis. This takes place before any capital is invested in tooling, plant or equipment.
This is very significant, because according to many reports, up to 80% of a product's costs (throughout the rest of its life-cycle), are locked in at the design development stage. This is under-standable when you consider the design of any product determines many factors, such as tooling, plant and equipment, labour and skills, training costs, materials, shipping, installation, maintenance, as well as decommissioning and recycle costs.
Reference:
LO 3, AC 3.4

NEW QUESTION # 131
Which of the following standards specifies requirements for a quality management system?

A. ISO 9001:2015
B. ISO 22000:2018
C. ISO 14001:2015
D. ISO 27001

Answer: A

Explanation:
ISO 9001:2015 specifies requirements for a quality management system.
ISO 14001:2015 specifies the requirements for an environmental management system that an or-ganization can use to enhance its environmental performance. ISO 14001:2015 is intended for use by an organization seeking to manage its environmental responsibilities in a systematic manner that contributes to the environmental pillar of sustainability.
ISO 22000:2018 specifies food safety management systems - Requirements for any organization in the food chain ISO 27001 provides requirements for an information security management system.
LO 3, AC 3.1

NEW QUESTION # 132
Warwickshire Ambulance Service (WAS) is an NHS Trust. It operates throughout Warwickshire and the neighbouring areas. It has three core areas of activity, namely the provision of Emergency Ambulance Services, routine Patient Transport Services, and Logistic Medical Services. The agency is working towards higher service level through benchmarking. Which of the following is the benefit of benchmarking to WAS?

A. It will help WAS create performance standards derived from an analysis of the best in business
B. Benchmarking is a panacea for all WAS's problems
C. It will help WAS analyse the competitors in the industry
D. It helps WAS identify better ways to deliver service through a cookbook process

Answer: A

Explanation:
Benchmarking is 'the pursuit by organisations of enhanced performance by learning from the suc-cessful practices of others. Benchmarking is a continuous activity; key internal processes are adjusted, performance is monitored, new comparisons are made with the current best performers and further changes are explored. Where information about these key processes is obtained through a co-operative partnership with specific organisations (rather than via a third party such as an independently-maintained database), there is an expectation of mutual benefit over a period of time.

Reference:
- The Department of Navy Benchmarking Handbook: A system view
- CIPS study guide page 49-51
LO 1, AC 1.3

NEW QUESTION # 133
Which of the following are typically reasons why an organisation implements value analysis? Select TWO that apply:

A. To find cost reduction opportunities by optimising the components used
B. To determine the value of each component used
C. To decide whether there will be sufficient surplus funds to reinvest in the business
D. To shape and manage supply market
E. To provide an outline business case for the specification

Answer: B

Explanation:
Value analysis is a systematic review of the production, purchasing and product design processes to reduce overall product costs. This can be accomplished through a variety of activities, including the following:
- Designing products to use lower-tolerance parts that are less expensive
- Switching to lower-cost components
- Standardizing parts across product platforms in order to achieve volume discounts
- Altering production processes to minimize the amount of production cycle time, thereby reducing labor costs
- Introducing automation to strip labor costs out of the production process
- Altering product packaging to lower its cost while still protecting the product The process is not a wholesale attack on costs. Costs are only reduced when the result will not im-pact the perceived level of quality experienced by customers, or the level of customer satisfaction.
Reference:
LO 3, AC 3.4

NEW QUESTION # 134
When procuring an IT equipment, at which stage the buyer's expectations are translated into a technical specification?

A. Installation
B. In-service support
C. Customer support
D. Design

Answer: D

Explanation:
IT equipment is typically linked with through-life contracts. This type of contract not only deal with the specification and the price of a machinery, but also other stages such as design, manufacture, installation, in-service support, decommission and disposal. Among these stages, the design stage is when buyer's requirements are translated into technically correct specification.
Reference:
LO 3, AC 3.2

NEW QUESTION # 135
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Free PDF CIPS - L4M2 - Defining Business Needs–Professional Reliable Exam Price

Valid L4M2 Test Cram, L4M2 Test Question

CIPS Defining Business Needs Sample Questions (Q130-Q135):

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