L4M2 DETAILED ANSWERS | L4M2 FREE DUMP DOWNLOAD

L4M2 Detailed Answers | L4M2 Free Dump Download

L4M2 Detailed Answers | L4M2 Free Dump Download

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CIPS Defining Business Needs Sample Questions (Q138-Q143):

NEW QUESTION # 138
A company has a lists of items that make up 15% of total spend. These items also do not largely impact on quality of final product. The supply continuity is secured. Which of the following will be the most appropriate managing approach to purchase these items?

  • A. Drive down cost based on market competition
  • B. Build partnership with suppliers
  • C. Enhance supply continuity
  • D. Simplify procurement process

Answer: D

Explanation:

Those items make up small portion of spend and the supply risk is low. So it is tactical item according to Kraljic portfolio matrix. Procurement should bundle these items into larger contracts, simplify procurement process.
LO 2, AC 2.1


NEW QUESTION # 139
Facing fiercer competition at home and abroad, IKEA, the leading furniture retailer, needs to im-prove its competitiveness. In order to do this, IKEA must decrease operating costs and improve quality of current and new retail stores. The company establishes a project team. The job of the team is to collect data on performance from multiple stores in several countries, then select the best performing one. The team will work closely with best performing store and study its processes. After the research, the team will recommend best practices to other retail stores. IKEA management can also apply these practices to new stores in the future. Which of the following correctly describe the process undertaken by IKEA project team?

  • A. Internal audit
  • B. Site visit
  • C. Internal benchmarking
  • D. Competitive benchmarking

Answer: C

Explanation:
Basically, IKEA project team is undertaking the following process:
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This is a typical benchmarking process. Benchmarking is defined as the process of measuring products, services, and processes against those of organizations known to be leaders in one or more aspects of their operations. Benchmarking provides necessary insights to help you understand how your organization compares with similar organizations, even if they are in a different business or have a different group of customers.
In the scenario, benchmarking process is undertaken within subsidiaries of IKEA, thus it is internal.


NEW QUESTION # 140
A buying organisation may not have technical capability to produce a highly complex specification. Which of the following are sources of information that can be used to create the specification? Select TWO that apply

  • A. Standard terms and conditions
  • B. Suppliers' know-how
  • C. Name cards
  • D. Industry standards
  • E. Constitution

Answer: B,D

Explanation:
If an organisation doesn't have capability to produce a technical specification, they can draft one based on standards or consulting the suppliers.
Reference:
LO 3, AC 3.1


NEW QUESTION # 141
A procurement manager is requested to source a major component. She needs information on sup-pliers' direct and indirect cost, fixed and variable costs to prepare for negotiations. Therefore, she collects 17 annual reports from potential suppliers who are competing in the same industry. In order to estimate an approximate value of fixed and variable costs in that industry, which of the following technique should be adopted by the procurement manager?

  • A. Line of best fit
  • B. Open-book costing
  • C. Total cost of ownership
  • D. Variance calculation

Answer: A

Explanation:
Public annual reports can be a source of information that helps the procurement professional to analyse an industry's cost and revenue using the line of best fit. Line of best fit is one of the most important outputs of regression analysis. Regression refers to a quantitative measure of the relationship between one or more independent variables and a resulting dependent variable. Regression is of use to professionals in a wide range of fields from science and public service to financial analysis.
In this case, by collecting and analysing 17 annual reports, the procurement manager can find the line of best fit which goes approximately through the middle of the data points with an equal num-ber of data points above and below it.
The slope of the line of best fit is the approximate variable costs the industry. The easiest way to calculate it is to take a point at the right-hand end of the line of best fit and note its cost and output levels. Divide the cost by the output and this gives and approximate figure for the cost per unit of output or variable cost. This gives an approximate value for the industry fixed and variable costs.
Reference:
LO 2, AC 2.3


NEW QUESTION # 142
Which of the following are features of a conformance specification? Select TWO that apply.

  • A. Diagrams
  • B. Performance
  • C. Deliverables
  • D. Functional requirements
  • E. Measurements

Answer: A,E


NEW QUESTION # 143
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