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L4M2 Exam Preview | Instant L4M2 Download

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The L4M2 certification exam is a crucial step in the career development of procurement and supply chain professionals. L4M2 exam covers a wide range of topics, including stakeholder management, market analysis, and supply chain mapping. By passing L4M2 Exam, candidates can demonstrate their ability to effectively identify and define business needs, which is a critical skill in any procurement or supply chain role.

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CIPS Level 4 Defining Business Needs certification is essential for procurement and supply chain professionals who wish to enhance their skills and knowledge in identifying business needs and translating them into procurement requirements. Defining Business Needs certification exam is a challenging evaluation of the candidate's understanding of the module's concepts and practical application. Passing L4M2 Exam demonstrates the candidate's competence in defining business needs and contributes to their professional development.

CIPS Defining Business Needs Sample Questions (Q261-Q266):

NEW QUESTION # 261
Honda of America Manufacturing is a well established automobile manufacturer. It purchases tens of thousands of materials and parts from suppliers, however, only few of them are strategic. To these suppliers, Honda's procurement manager requires them to send details of labour, materials, overhead cost and profit. However, the suppliers are reluctant to submit such confidential infor-mation. Is the procurement manager's action appropriate?

A. No, because procurement manager should conduct life-cycle analysis
B. Yes, because the procurement manager can get a good insight from the market
C. No, because no suppliers are willing to show sensitive information on their costs and profit.
D. Yes, because strategies can be introduced for reducing cost and improving the supplier relationships.

Answer: D

Explanation:
With strategic suppliers, the aim should be to work co-operatively with them to find ways of reducing costs to achieve a target cost. It is necessary to work with the suppliers in carrying out open book costing by having first persuaded them of the need to do it. Open book can be used to establish a Target Cost, a Compensation Event value and can eventually be used to ensure the payment of actual costs to an organization. A number of forms of contract cater for this functionality of which only the NEC goes to into any great depth of methodology.
If the suppliers worry about leak of confidential information, procurement team can suggest them to sign a non-disclosure agreement. The buying organisation should also comply with data protection regulations. The Employer / individual responsible for a project's costs should ultimately take a pragmatic and sensible approach with regard to commercially or personally sensitive data provided by the contractor. The primary goal of all open book cost management is to provide Employer comfort and security in the accuracy of commercial data; this effectively means striking a balance between undertaking full audits and blind faith.
Reference:
LO 1, AC 1.2

NEW QUESTION # 262
What issue is a buyer most likely to experience if the technical specification sent to suppliers as part of a Request For Quotation (RFQ) is insufficient?

A. The buyer will receive costs from suppliers in different formats, which will make it difficult to compare costs on a like-for-like basis
B. The buyer will need to work with their finance colleagues and business stakeholders to adjust the budget available for the project
C. The buyer will not be able to compare different suppliers' costs directly as the suppliers will have had to make assumptions on the specification
D. The buyer will receive quotes at different times from suppliers, which will require greater coordination with other members of the sourcing team

Answer: C

NEW QUESTION # 263
Which of the following are fixed costs? Select TWO that apply.

A. Utilities costs
B. Staff overtime
C. Materials costs
D. Premises costs
E. Sales commission

Answer: A,D

NEW QUESTION # 264
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. Contract management
B. Operation management
C. Risk assessment
D. Invitation to tender

Answer: C

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 # 265
Which of the following are considered as direct costs in a construction company? Select TWO op-tions

A. An employee is hired to work on a project, either exclusively or for an assigned number of hours
B. The materials and supplies needed for the company's day-to-day operations.
C. Advertising and marketing communication
D. Clerical assistants who maintain the office
E. Raw materials

Answer: A,E

Explanation:
Direct costs are directly associated with the production of a good or service. In this question, 'An employee is hired to work on a project, either exclusively or for an assigned number of hours' and 'Raw materials' are directly related to producing the product.
Indirect costs are the general costs of the organisation - these costs cannot easily be attributed to specific products or services (also known as overheads). 'The materials and supplies needed for the company's day-to- day operations' or 'Clerical assistants who maintain the office' or 'Advertising and marketing communication' is example of indirect cost.
Reference: CIPS study guide page 25-26
LO 1, AC 1.2

NEW QUESTION # 266
......

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Joe King Joe King

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