EXAM L4M2 DURATION | L4M2 VALID BRAINDUMPS FILES

Exam L4M2 Duration | L4M2 Valid Braindumps Files

Exam L4M2 Duration | L4M2 Valid Braindumps Files

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Procurement professionals who pass the CIPS L4M2 certification exam demonstrate a deep understanding of the principles and practices of defining business needs. Defining Business Needs certification is ideal for professionals who are involved in procurement strategy development, supplier selection, and contract management. The CIPS L4M2 Certification Exam is recognized internationally and is highly valued by employers in the procurement and supply chain industry.

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CIPS Defining Business Needs Sample Questions (Q14-Q19):

NEW QUESTION # 14
Which type of specification is less time-consuming to develop?

  • A. Technical drawings
  • B. Outcome-based specification
  • C. Conformance specification
  • D. Design specification

Answer: B

Explanation:
There are two major types of specification: conformance and performance specifications. They have the following characteristics:
Table Description automatically generated

Since performance specification is often a list of outputs or outcomes, it usually takes less time to develop than conformance specification.


NEW QUESTION # 15
A CPO is making a business case for acquiring a new computer system. He has set out objective, generated options, cost and benefit of each option and implementation plan. Which of the following elements should be included in the business case?

  • A. Operation management
  • B. Risk assessment
  • C. Invitation to tender
  • D. Contract management

Answer: B

Explanation:
Before a project commences (either capital purchase or switching to a new supplier), a business case should be developed. The business case outlines the why, what, how, and who necessary to decide if it is worthwhile continuing a project.
Basically, the following criteria can be applied to the assessment of a business case:
1. Objectives
This part describes why you are doing the project. The business objective answers the following questions:
- What is your goal?
- What is needed to overcome the problem?
- How will the project support the business strategy?
2. Option identification and selection
Identify the potential solutions to the problem and describe them in enough detail for the reader to understand.
For instance, if the business case and proposed solution makes use of technology, make sure to explain how the technology is used and define the terms used in a glossary. Since most problems have multiple solutions an option appraisal is often needed. This will explore the potential solutions and recommend the best option.
When writing the initial business case the option appraisal is likely to contain a long list of options and will cover many possibilities. As the project continues a number of options will be rejected. The final business case may contain three to five options - the short list - that includes a do nothing or benchmark option.
3. Benefits and limitations
The benefits and limitations section describes the financial and non-financial benefits in turn. The purpose is to explain why you need a project.
For instance, to:
- Improve quality
- Save costs through efficiencies
- Reduce working capital
- Generate revenue
- Remain competitive
- Improve customer service
- Align to corporate strategy
The business case should also include any limitations since these present potential risk to the pro-ject.
4. Risk management
The risk assessment summarizes the significant project risks and opportunities and how they are managed. The risks included should cover those that could arise from your project or the organiza-tion's ability to deliver change.
This section answers the following questions:
- What risks are involved?
- What are the consequences of a risk happening?
- What opportunities may emerge?
- What plans are in place to deal with the risks?
- Every project should include a risk log.
When writing a business case, make sure this is included as it explains how risk and opportunity are managed.
5. Implementation plan
The outline plan provides a summary of the main activities and overall timescale - project schedule - for the project.
Ideally, the project should be divided into stages with key decisions preceding each stage. Use this section to answer the following questions:
- What is required?
- How is it done?
- Who does what?
- When will things happen?
This outline plan lists the major deliverables and includes a brief project description plus accountabilities for each activity.
In the scenario, the CPO has set out objective, generated options, cost and benefit of each option and implementation plan. In order to make the business case more compelling, he should reinforce it with risk management.
Reference:
LO 1, AC 1.3


NEW QUESTION # 16
Which of the following is a social factor that a buyer should take into account when reviewing responses to a specification?

  • A. The emissions produced by the supplier's machinery
  • B. The logistical infrastructure available to the supplier
  • C. The age of the machinery being used by the supplier
  • D. The available labour in the supplier's geographic location

Answer: D


NEW QUESTION # 17
Which of the following activities are considered as secondary activities of an organization? Select TWO that apply

  • A. Component fabrication
  • B. Training
  • C. Information system development
  • D. Service response
  • E. Shipping

Answer: B,C

Explanation:
According to Porter's value chain, secondary activities consist of firm infrastructure, human re-source management, technology development and procurement.
Training is an example of human resource development, while information system is a part of firm infrastructure.
LO 2, AC 2.1


NEW QUESTION # 18
Which of the following technology is likely to be an innovation in financial sector?

  • A. E-commerce
  • B. Robotics
  • C. E-auction
  • D. Blockchain

Answer: D

Explanation:
Traditional financial systems operate with a centralised database, usually with a single point of authority. Blockchain technology, on the other hand, allows for a distributed database that holds a growing number of records. Instead of existing in one place, the ledger is continually updated and synchronised across multiple computers in a network. Therefore, any participant in the network with the proper authorisation can view the entire ledger - without relying on an intermediary or any one authority.
Another key feature of blockchain technology is a "smart contract," which is a self-executing protocol that enforces a previously agreed arrangement. For example, a smart contract could trigger an automatic refund under certain conditions or the automatic payment of an agreed commission after a sale. These smart contracts can eliminate delays in traditional Finance processes, while increasing transparency and reducing reliance on middlemen to follow through on their commitments. Moreover, like other parts of a blockchain, smart contracts are immutable, so they can enhance accuracy in the financial statements.
LO 2, AC 2.1


NEW QUESTION # 19
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