100% Pass Quiz 2025 CIPS Authoritative L4M2: Defining Business Needs Latest Exam Price

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Preparing for the CIPS L4M2 certification exam requires a comprehensive understanding of business needs, procurement strategy, and stakeholder management. Candidates can prepare for the exam through various study materials such as textbooks, online courses, and practice exams. L4M2 exam consists of multiple-choice questions that test the candidate's understanding of procurement principles, best practices, and industry standards. Passing the CIPS L4M2 certification exam is a significant accomplishment for procurement professionals and can lead to career advancement opportunities.

Upon successful completion of the CIPS L4M2 exam, candidates will be awarded 12 credits towards the CIPS Level 4 Diploma. This qualification is highly regarded in the procurement and supply chain management industry and can lead to a range of career opportunities. Candidates who pass the CIPS L4M2 Exam will have demonstrated their ability to analyze business needs and make informed procurement decisions that contribute to the success of the business.

The CIPS L4M2 exam covers a wide range of topics, including the importance of defining business needs, the key stakeholders involved in the process, and the various techniques used to gather requirements. It also covers the different types of requirements, such as functional and non-functional requirements, and how to prioritize them based on their importance. L4M2 exam also assesses the candidate's ability to evaluate and validate requirements and to communicate them effectively to stakeholders.

CIPS Defining Business Needs Sample Questions (Q92-Q97):

NEW QUESTION # 92
Robert is a senior buyer at MMC Construction Ltd. His company is doing multiple development projects in the country, which increases procurement workload significantly. Meanwhile, most of the tasks are handled manually, which causes bottlenecks in the workflows. The procurement team is overwhelmed by the workload and complains from other departments. From previous experience, Robert knows that electronic system may help his procurement team. He writes a business case to submit to the senior management, in which he insists on the possible productivity improvement by adopting e-system in procurement. Is Robert's action reasonable?

A. No, adopting e-system may make procurement department jobless
B. Yes, his reason may appeal the senior management
C. Yes, productivity improvement is a mandatory element in every business case
D. No, there's no need to make a business case for new purchase

Answer: B

Explanation:
Composing a compelling business case requires the proposer to write in the language of the approvers.
Generally, approvers are business executives or important shareholders whose major interest is the profitability of the firm. Business case proposer may embed the following contents:
- Return on investment: according to Investopedia, Return on Investment (ROI) is a performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments. ROI tries to directly measure the amount of return on a particular investment, relative to the investment's cost. A business case would seem more attractive if the proposal is expected to have high ROI.
- Time to market: Time-to-market (TTM) refers to the time from which a company initially con-ceives a product or service idea to the point when the actual product or service is accessible to buyers in the market (Afonso et al., 2008). The speed at which companies can introduce products into the market is critical for sustaining competitive advantage, and the reduction of product development cycle time has become a strategic objective for many technology-driven firms.
- Customer satisfaction: Keeping existing customer to stay in the business can affect greatly on the profit margin of a firm. A new proposal that finds the way to innovate while keeping the current customers satisfied may gain the interest of senior management.
- Improving productivity: Productivity is the measure of how efficient and effective a firm is. Im-proving the productivity means that with the same or lesser input, better output is generated. In-creasing productivity also improves the profitability of a company.
- Risk management: Any business activity contains inherent risks. For example, for a mining company to be truly responsible, it must keep all of its workers safe, healthy and motivated, meet the expectations of the local community and government for the region in which it is operating, ensure it impacts on the environment positively if at all, as well as achieve the financial objectives set by its investors for both the short and long term. Managing risks well improves the production throughput and maintains customer satisfaction.
In the scenario, Robert is trying to convince the senior management to adopt e-procurement system by insisting on potential productivity improvement. This is the right approach. A business plan should engage and please senior management and directors. An appealing business case tells them how important things to the business (such as productivity, return on investment, customer satisfaction or costs) are affected by the plan.

NEW QUESTION # 93
Which of the following problems may be identified as closed problems? Select TWO that apply:

A. A cyber attack takes down whole company's IT system
B. There are not enough data for procurement analytics
C. The suppliers don't comply with the company's policy on underage labour.
D. Shortage of key medicines in healthcare industry
E. Logistics costs incur a large portion in wholesale prices

Answer: A,D

Explanation:
Closed problem is something happens that should not have happened. To solve this type of prob-lem, procurement professional should find a way to correct the situation or try to adapt to it. On the other hand, open ended problem is a obstacle to your short-term objective. You will need to overcome this obstacle.
Shortage of key medicines is a situation in which procurement must find a substitution or try to save the current stock.
In case of cyber attack, procurement should find a way to recover the IT system as soon as possible.
Otherwise, 'There are not enough data for procurement analytics' is an open-ended problem be-cause it prevents company to conduct procurement analytics (an objective).
'Logistics costs incur a large portion in wholesale prices': In this situation, logistics costs are hur-dles that prevent companies to reach lower wholesale.
'The suppliers don't comply with the company's policy on underage labour': In this situation, pro-curement should seek ways to help supplier comply with the company's labour policy.
LO 1, AC 1.1

NEW QUESTION # 94
Halfords is a major bicycle and car parts retailer with long history in the market. Its suppliers are plentiful and there is no threat of forward integration. Some other smaller retailers are applying 3D-printing technology to make personalized bicycle parts but their market share is relatively low. 3D-printing technology is an example of which competitive force?

A. New entrants may enter the market
B. Bargaining power of buyer
C. Threat of substitute
D. Rivalry within the industry

Answer: C

Explanation:
3D-printed parts can replace traditional metal parts. They are also more easily customised to fit customer's needs. This technology is an example of threat of substitute in Porter's Five Forces model.
Substitute goods or services that can be used in place of a company's products or services pose a threat. Companies that produce goods or services for which there are no close substitutes will have more power to increase prices and lock in favorable terms. When close substitutes are available, customers will have the option to forgo buying a company's product, and a company's power can be weakened.
Reference:
- CIPS study guide page 85-96
- Porter's 5 Forces Definition: Analyzing Businesses (investopedia.com) LO 2, AC 2.2

NEW QUESTION # 95
Which of the following statements is the best definition of 'value engineering?

A. Analysing perceived value after the product is available for sale
B. Value achieved by an engineering department
C. Building value into a new product from design stage onwards
D. Producing good value products right first time.

Answer: C

Explanation:
Value Engineering (VE) is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evaluation and analysis. This takes place before any capital is invested in tooling, plant or equipment.
This is very significant, because according to many reports, up to 80% of a product's costs (throughout the rest of its life-cycle), are locked in at the design development stage. This is under-standable when you consider the design of any product determines many factors, such as tooling, plant and equipment, labour and skills, training costs, materials, shipping, installation, maintenance, as well as decommissioning and recycle costs.
LO 3, AC 3.4

NEW QUESTION # 96
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. Decision support models
B. Optimisation models
C. Simulation models
D. Kraljic's preferencing model

Answer: C

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 # 97
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