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The CIPS L4M2 course covers a range of topics related to defining business needs, including the identification of business requirements, the development of business cases and the creation of procurement strategies. The course also covers the use of market analysis and stakeholder engagement to ensure that procurement activities are aligned with business needs. The course is designed to provide a comprehensive understanding of the importance of defining business needs in procurement and how it can contribute to the success of an organization.

Achieving the CIPS L4M2 certification is a great way to demonstrate your expertise and knowledge in the field of business analysis. The certification is recognized globally and is highly regarded by employers in the procurement and supply chain management industry. By passing the certification exam, you will gain a competitive edge over other candidates and increase your chances of securing a higher-paying job or a promotion within your organization. Additionally, the CIPS L4M2 certification is a great way to demonstrate your commitment to professional development and lifelong learning.

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CIPS Defining Business Needs Sample Questions (Q106-Q111):

NEW QUESTION # 106
To improve the productivity, Plantation Ltd is planning to purchase a tractor, which it has never bought before. The project must be quick to catch up with the next growing season. Leanne, a jun-ior procurement staff at the company, assumes that she could skip market analysis stage to save time. Is this assumption reasonable?

A. No, the company assesses supplier's performance solely based on market analysis
B. No, market analysis will inform the company of the pricing as well as latest technology trends
C. Yes, Leanne just needs to purchase the tractor from her friend's company
D. Yes, the company has extensive experience in purchasing tractor

Answer: B

Explanation:
Market analysis is a stage in CIPS Procurement and Supply Cycle. This stage informs the purchaser about the number of suppliers, the average pricing, and product trends. Even urgent purchase should undergo market analysis. Without undertaking this stage, the buying organisation may not purchase the right product, or they may purchase at higher price.
Reference:
LO 2, AC 2.1

NEW QUESTION # 107
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. Product standardisation
B. Value engineering
C. Cash flow analysis
D. Value analysis

Answer: B

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 # 108
A procurement manager includes provision on recovery from natural disaster into a through-life specification. Some suppliers suppose that provision is unnecessary. Is procurement manager's action justified?

A. No, because with current technology, natural disaster can't disrupt supply chain.
B. Yes, because the regulations require contract to have recovery provision
C. Yes, because natural disaster may cause risks in organisation's supply chain
D. No, because this provision will incur unnecessary cost to supplier

Answer: C

Explanation:
Risks like natural disasters - fire, flood, or weather-related event, and cyber-attacks can disrupt the supply chain seriously. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. Risks must be identified early and supplier should have a plan that ensures continuous operations during disasters.
There are several steps many companies must follow to develop a solid business continuity plan. They include:
- Business Impact Analysis: Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
- Recovery: In this portion, the business must identify and implement steps to recover critical business functions.
- Organization: A continuity team must be created. This team will devise a plan to manage the disruption.
- Training: The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.
Reference:
LO 3, AC 3.2

NEW QUESTION # 109
What is the document that defines the activities, deliverables and timelines a supplier must carry out during contract performance?

A. Work instruction
B. Statement of work
C. Framework agreement
D. Project initial document

Answer: B

Explanation:
Statement of Work (SoW) is the document that captures and defines all aspects of your project. You'll note the activities, deliverables and the timetable for the project. It's an extremely detailed document as it will lay the groundwork for the project plan.
Project Initial Document is an important document and should precede any specification writing project. It sets out the scope of the project and it is the team's mandate from senior management Work instructions are also called work guides, Standard Operating Procedures (SOPs), job aids or user manuals, depending on the situation. In any case, the purpose of work instructions is to clearly explain how a particular work task is performed.
Framework agreements are arrangements between one or more buyers and one or more suppliers that provide the terms governing contracts to be established for a certain period of time, in particular with regard to price and, where necessary, the quantity envisaged.
Reference:
LO 3, AC 3.1

NEW QUESTION # 110
XYZ Ltd is producing an engine which consists of many components. The procurement manager wants to find cost reduction opportunities and minimise part varieties. Which of the following may help her to achieve these objectives?
1. Value analysis
2. Segment analysis
3. Variety reduction
4. Standardisation

A. 1 and 4 only
B. 3 and 4 only
C. 2 and 3 only
D. 1 and 3 only

Answer: A

Explanation:
Value analysis is often defined as a systematic process for improving the value of a product, service or project. It is typically used in the following ways:
- To determine the value of each component used
- To find cost reduction opportunities by optimising the components used Segment analysis helps procurement and supply to shape and manage the supply markets.
There is no concept known as Variety reduction.
Standardisation is the process which is used to reduce varieties of products or parts.
In this scenario, the company's objective is cost reduction, then value analysis or value engineering is more likely to be applied. Also the company aims at reducing variety, standardisation can be combined with value analysis to produce the best results.
LO 3, AC 3.4

NEW QUESTION # 111
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