Exam Sample L4M2 Online - Dumps L4M2 Vce

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CIPS L4M2 exam is designed to test the candidate's understanding of how to define and analyze business needs effectively. L4M2 exam covers topics such as identifying internal and external stakeholders, understanding business processes and requirements, developing procurement strategies based on business needs, and evaluating procurement options. Passing L4M2 exam is crucial for anyone who wants to advance their career in procurement and supply chain management. It shows that the candidate has the necessary skills and knowledge to analyze business needs and develop procurement strategies that align with the organization's objectives.

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Dumps L4M2 Vce - L4M2 Accurate Prep Material

We all realize that how important an CIPS Level 4 Diploma in Procurement and Supply certification is, also understand the importance of having a good knowledge of it. Passing the L4M2 exam means you might get the chance of higher salary, greater social state and satisfying promotion chance. Once your professional ability is acknowledged by authority, you master the rapidly developing information technology. With so many advantages, why don’t you choose our reliable L4M2 Actual Exam guide, for broader future and better life? Our L4M2 exam questions won't let you down.

The Chartered Institute of Procurement and Supply (CIPS) offers a variety of certification exams that are recognized globally as a mark of excellence in the procurement and supply profession. One such certification exam is the CIPS L4M2 (Defining Business Needs) which is designed to help professionals develop a thorough understanding of business needs and how to translate them into effective procurement processes.

CIPS Defining Business Needs Sample Questions (Q60-Q65):

NEW QUESTION # 60
Which of the following is an useful tool for value engineering?

A. SAMOA
B. Star-burst method
C. Kraljic Portfolio Matrix
D. Kano model

Answer: D

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.
The Kano model is a theory for product development and customer satisfaction developed in the 1980s by Professor Noriaki Kano, which classifies customer preferences into five categories. Both Kano model and Value Engineering aims at optimising new product, so they can be combined to-gether. CIPS L4M2 study guide consider Kano model is a tool of Value Engineering

Example of Kano model (source: Wikipedia)
Reference:
LO 3, AC 3.4

NEW QUESTION # 61
After a project, the procurement team at CLK Ltd meets up and summarises on the performance. They see that they actually spent $5,000 less than planned budget. The team tries to identifies why there is such difference. This activity is known as...?

A. Rolling budget
B. Cost modelling
C. Variance analysis
D. Cash flow analysis

Answer: C

Explanation:
The procurement team in the scenario is analysing the difference between the plan and actual spend. This activity is known as variance analysis. The sum of all variances gives a picture of the overall over- performance or under-performance for a particular reporting period. For each item, companies assess their favorability by comparing actual costs to standard costs in the industry.
For example, if the actual cost is lower than the standard cost for raw materials, assuming the same volume of materials, it would lead to a favorable price variance (i.e., cost savings). However, if the standard quantity was 10,000 pieces of material and 15,000 pieces were required in production, this would be an unfavorable quantity variance because more materials were used than anticipated.

NEW QUESTION # 62
An example of a performance specification is a ...

A. Technical drawing
B. List of outputs
C. List of inputs
D. Brand name

Answer: B

NEW QUESTION # 63
Which of the following is the structured approach for defining customer requirements and translating them into technical specification?

A. Thomas-Kilmann model
B. Kano model
C. Quality function deployment
D. Mendelow's matrix

Answer: C

Explanation:
Quality function deployment (QFD) is a method to transform qualitative user demands into quantitative parameters, to deploy the functions forming quality, and to deploy methods for achieving the design quality into subsystems and component parts, and ultimately to specific elements of the manufacturing process.
Kano model of excitement and basic quality (Kano et al, 1984; Berger et al, 1993; Matzler et al, 1996) brings a different perspective for the analysis of improvement opportunities in products and services because it takes in consideration the asymmetrical and non-linear relationship between performance and satisfaction. The Kano model classifies customers requirements in five categories: basic requirements, performance requirements, attractive requirements, indifferent requirements and reverse requirements.
Mendelow's Matrix is a tool that may be used by an organisation to consider the attitude of their stakeholders at the start of a project or when they are setting out strategic objectives.
The Thomas Kilmann model identifies two dimensions when choosing a course of action in a con-flict situation, these are assertiveness and cooperativeness. Assertiveness is the degree to which you try to satisfy your own needs. Cooperativeness is the degree to which you try to satisfy the other person's concerns.

NEW QUESTION # 64
A purchaser is looking for alternative supplies if there is a major disruption to their supply chain, including logistics, manufacturing and all support services. Which of the following method is that purchaser applying?

A. Terminate the risk
B. Treat the risk
C. Transfer the risk
D. Tolerate the risk

Answer: B

Explanation:
Risk control is the process by which an organization reduces the likelihood of a risk event occurring or mitigates the effects that risk should it occur. CIPS preferred way to determine your risk control strategy is to use the four T's Process:
Transferring Risk can be achieved through the use of various forms of insurance, or the payment to third parties who are prepared to take the risk on behalf of the organization Tolerating Risk is where no action is taken to mitigate or reduce a risk. This may be because the cost of instituting risk reduction or mitigation activity is not cost-effective or the risks of impact are at so low that they are deemed acceptable to the business. Even when these risks are tolerated they should be monitored because future changes may make it no longer tolerable.
Treating Risk is a method of controlling risk through actions that reduce the likelihood of the risk occurring or minimize its impact prior to its occurrence. Also, there are contingent measures that can be developed to reduce the impact of an event once it has occurred. Finding an alternative sup-plier is an example of treating the risk.
Terminating Risk is the simplest and most often ignored method of dealing with risk. It is the ap-proach that should be most favored where possible and simply involves risk elimination. This can be done by altering an inherently risky process or practice to remove the risk. The same can be used when reviewing practices and processes in all areas of the business.
If an item presents a risk and can be changed or removed without it materially affecting the busi-ness, then removing the risk should be the first option considered; rather than attempting the treat, tolerate or transfer it.

NEW QUESTION # 65
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