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CIPS L4M2 (Defining Business Needs) exam is tailored for professionals who are involved in the procurement and supply cycle within their organizations. Defining Business Needs certification is best suited for individuals who are responsible for identifying and defining the business needs of their organizations and developing effective procurement strategies that meet those needs. It is ideal for professionals who are looking to advance their careers in procurement and supply by developing the skills and knowledge needed to operate at a high level of competency.
CIPS Defining Business Needs Sample Questions (Q225-Q230):
NEW QUESTION # 225
When analyzing direct and indirect costs of potential suppliers for negotiations and planning pur-chasing budget, the procurement manager collects reports from specialist organisations like Mintel, Gartner and Forrester. Which kind of information source is used by the procurement manager?
- A. Market data
- B. Technical data
- C. Company annual report
- D. RFI
Answer: A
Explanation:
Using Porter's value chain helps procurement professionals know what are direct and indirect costs of supplier. Information on direct and indirect costs will have been collected as part of the market analysis.
Information sources that may help include the following:
- Company annual reports
- Market data
- Technical data
- Request for information
- Plan visits
- Discount lists
Market data is the information that is collected and analysed by specialist organisations like Mintel, Gartner, Forrester,...
NEW QUESTION # 226
EV Inc is facing the following challenges:
1. The capital investment is enormous.
2. Most of company's working capital is in form of inventories, which include raw materials, work-in-progress and finished goods.
3. Competitors are increasingly deploying robotics and automation to boost productivity.
Which of the below business sectors does EV Inc belong to?
- A. Manufacturing
- B. Construction
- C. Financial services
- D. Retails
Answer: A
Explanation:
Every sector among the options requires intensive capital investment. However, only manufacturing and retails bury much of their working capital in form of inventory. Raw materials and WIP only present in manufacturing sector.
The manufacturing industry is undergoing massive change, rivaling the Industrial Revolution that began in England and continued on Detroit's assembly lines. But today's revolution is "smart," thanks to factories using artificial intelligence and robots.
A new trend is the "cobot" - a collaborative robot designed to work with humans. One company called Moduform uses them to make furniture in the U.S. The company credits using cobots for reducing their staffing turnover, since the robots do mundane repetitive tasks that bore humans, while people can now do cognitive tasks requiring judgment and diversified responsibilities. Other innovations include 3D printing, Artificial Intelligence and automation.
Today's artificial intelligence manufacturing revolution improves performance in two key areas of manufacturing: productivity and quality control.
Reference:
- The Key Characteristics of Manufacturing (bizfluent.com)
- CIPS study guide page 74-76
LO 2, AC 2.1
NEW QUESTION # 227
A buyer can use sources of information to review indirect costs associated with the manufacture of goods to support supplier negotiations. Is this statement true?
- A. No, because the supplier's quotation is the only source of information
- B. Yes, because indirect costs are always variable
- C. No, because the only information available is for direct costs
- D. Yes, because the buyer can understand the cost build-up of the goods
Answer: D
Explanation:
Detailed Explanation:Analyzing both direct and indirect costs helps buyers understand cost structures and negotiate effectively. Indirect costs, like overheads, can be identified through supplier data and market benchmarks, aiding in cost transparency. Reference: CIPS Level 4, Cost Management and Negotiation.
NEW QUESTION # 228
The finance department of a large organisation is collating budget information received from its various departments, including sales, marketing, and production. These budgets include forecast information on costs and revenues. The finance department will be using the information to establish which of the following?
- A. The volume of returns
- B. The predicted changes in the economy
- C. The level of market competition
- D. The expected profit levels
Answer: D
NEW QUESTION # 229
ABC Ltd has enormous investment in facilities and machinery. It also employs skilled workforce. To be profitable, the company has to produce at massive quantity. Which sector does ABC Ltd belong to?
- A. Manufacturing
- B. Retail
- C. Construction
- D. Finance
- E. Agriculture
Answer: A
Explanation:
In the scenario, ABC Ltd has the following characteristics:
- Large investment in facilities and machinery
- Access to skilled workforce
- Mass production.
This company is a manufacturer. Manufacturing is an industry that makes products from raw ma-terials by the use of manual labour or machinery and that is usually carried out systematically with a division of labour.
Manufacturing requires investment in machinery and access to a suitably skilled workforce as well as materials and components.
Reference:
- CIPS study guide page 74-76
- manufacturing | Definition, Types, & Facts | Britannica
LO 2, AC 2.1
NEW QUESTION # 230
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