Pass Guaranteed Quiz 2025 CIPS High Pass-Rate L4M2: Valid Defining Business Needs Test Book

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To prepare for the CIPS L4M2 exam, candidates need to have a good understanding of procurement principles and practices, as well as a strong knowledge of the business environment. Study materials and exam preparation courses are available from CIPS, as well as from a range of other providers.

CIPS L4M2 exam assesses a candidate's ability to understand and apply procurement concepts related to defining business needs. L4M2 Exam consists of multiple-choice questions, and candidates are required to achieve a minimum pass mark of 50%. L4M2 exam is assessed by CIPS examiners, and candidates have three hours to complete the test.

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The Chartered Institute of Procurement and Supply (CIPS) is a global organization that provides training and certification for procurement and supply chain professionals. One of the certification exams offered by CIPS is the Level 4 Module 2 (L4M2) exam, which focuses on Defining Business Needs. L4M2 Exam is designed to test the knowledge and skills of procurement professionals in identifying and defining business needs in order to meet organizational objectives.

CIPS Defining Business Needs Sample Questions (Q238-Q243):

NEW QUESTION # 238
Which of the following factors might prompt an organisation to procure an alternative product? Select THREE that apply:

A. Switching cost
B. Brand loyalty
C. Threat of retaliation
D. Buying organisation's propensities to change
E. Relative value to money between options
F. Easy access to distribution channel

Answer: A,D,E

Explanation:
According to Michael Porter, the threat of substitution, is a function of three factors:
* The relative value/ price of a substitute compared to an industry's product
* The cost of switching to the substitute
* The buyer's propensity to switch
(Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278). Free Press. Kindle Edition.) Reference:
LO 2, AC 2.2

NEW QUESTION # 239
A procurement organisation is keen to encourage innovation available within the supply market in the execution of an upcoming significant contract opportunity. A team member suggests that the specification should define the performance indicators so that supplier's solution can be checked against them. Which of the following will enable the organisation to achieve this goal?

A. Using an output focused specification
B. Establishing transparent selection criteria
C. Applying a precise performance framework
D. Using an outcome focused specification

Answer: A

Explanation:
The buying organisation is keen to encourage innovation so they should use the outcome or output based specification. In an outcome-based specification, umbrella statements like 'good quality', 'ambient temperature', 'convenient way' are often used. This may confuse the suppliers, and it's hard to check the solution that supplier offers. On the other hand, ouput-based specifications often include measurable requirements. For example, a specification for air conditioning system states that the system should maintain the room temperature at 19-24 degrees Celsius. Therefore, output specification is more appropriate in this case.

NEW QUESTION # 240
To strengthen its market presence, ABC Group decided to develop a new product. A cross-functional team was formed to discuss the scope and the functions of the product. They will also survey the potential customers to see what they like, what they love, and what they dislike. What is this process called?

A. Value engineering
B. Product standardisation
C. Cash flow analysis
D. Value analysis

Answer: A

Explanation:
As you can see from the scenario, ABC Group is developing the new product. It might be using value engineering. The latter sentences confirm this: the cross-functional team in ABC is mapping the functions and surveying the customers. Their method is known as Kano model.
Reference:
LO 3, AC 3.4

NEW QUESTION # 241
Which of the following specific markets is most likely to have product shortage by nature?

A. Construction
B. Agriculture
C. Services
D. Financial
E. Retail

Answer: B

Explanation:
Products used in agriculture can be subject to shortage due to natural disasters.

NEW QUESTION # 242
A CPO is analyzing whole life cycle costing of a machinery. He realises that cost elements are not specific but come from a range of values. Which whole-life costing model should the CPO use to get the most accurate total cost of ownership?

A. Simulation models
B. Decision support models
C. Kraljic's preferencing model
D. Optimisation models

Answer: A

Explanation:
There are three basic groups of WLC (whole life-cycle costing) models:
- Decision support models
- Simulation models: Life cycle cost is an essential approach to decide on alternative rehabilitation strategies for infrastructure systems. Monte Carlo simulation approach is used to develop a stochastic life cycle cost (SLCC) model and methodology in order to compare different rehabilitation scenarios/alternatives for infrastructures, such as water mains. This method assumes that some inputs are randomly variable in a range of values.
- Optimisation models

NEW QUESTION # 243
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Pass Guaranteed Quiz 2025 CIPS High Pass-Rate L4M2: Valid Defining Business Needs Test Book

Authentic L4M2 Exam Hub | L4M2 Latest Exam Cost

CIPS Defining Business Needs Sample Questions (Q238-Q243):

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