100% PASS CIPS - HIGH PASS-RATE VALID EXAM L4M2 PREPARATION

100% Pass CIPS - High Pass-Rate Valid Exam L4M2 Preparation

100% Pass CIPS - High Pass-Rate Valid Exam L4M2 Preparation

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CIPS L4M2 (Defining Business Needs) Exam is a globally recognized certification exam offered by the Chartered Institute of Procurement and Supply (CIPS). It is designed to test the knowledge and skills of procurement professionals in identifying and defining business needs in order to develop effective procurement strategies. L4M2 exam is suitable for procurement professionals who are involved in the procurement process from the initial stages of identifying business needs to the final stages of contract management.

The CIPS L4M2 exam covers a broad range of topics related to defining business needs, including understanding the strategic context, conducting market research, developing a business case, and evaluating options. By passing the CIPS L4M2 Exam, professionals can demonstrate their ability to analyze complex business needs and develop procurement strategies that are effective and efficient. Defining Business Needs certification is also an excellent way to boost one's reputation in the industry and prove their commitment to ongoing professional development.

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CIPS Defining Business Needs Sample Questions (Q30-Q35):

NEW QUESTION # 30
Which of the following would a buyer include when issuing an output specification to suppliers?

  • A. A product sample
  • B. A requirements brief
  • C. The characteristics of the components
  • D. The manufacturing processes required

Answer: B

Explanation:
Detailed Explanation:An output specification defines the desired outcome or result of the procurement rather than specifying how the result should be achieved. A requirements brief outlines the goals, leaving flexibility for the supplier to propose solutions. Reference: CIPS Level 4, Output Specifications in Procurement.


NEW QUESTION # 31
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. Retails
  • C. Financial services
  • D. Construction

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 # 32
Which of the following is the disadvantage of embedding standards in a specification?

  • A. Standards are too flexible and may cause ambiguity in the specification
  • B. Standards do not improving buyer's bargaining power
  • C. Standards are too static and discourage innovation
  • D. Embedding standards into specification requires enormous time and effort

Answer: C

Explanation:
"Standards are often produced by professional bodies (maybe national or international bodies). Standards tend to be stable for a period of time, therefore, they are likely to be static and discourage innovation."


NEW QUESTION # 33
How can a procurement department meet the business needs when purchasing leverage items?

  • A. Developing efficient order processes such as e-procurement
  • B. Developing buying power such as competitive tendering
  • C. Developing long-term relationships such as partnerships
  • D. Developing effective contracts such as call-off contracts

Answer: B


NEW QUESTION # 34
Due to the growth of consumer electronics market, semiconductor industry develops exponentially. However, the industry is dominated by a dozens of manufacturer. Chipset need to be built in factories with highly controlled environments. New chip factories cost billions of dollars and can take two years to build. Right now, factories are running at full capacity, which produce almost perfect yields, meaning basic chipset can be made for less than a dollar and more advanced versions for not much more. What are the barriers to new entrants in the semiconductor industry?
1. Poor industry growth
2. High set-up costs
3. Economies of scale
4. Low switching costs

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

Answer: B

Explanation:
Barriers to entry is an economics and business term describing factors that can prevent or impede newcomers into a market or industry sector, and so limit competition. The most obvious barriers to entry are high start-up costs and regulatory hurdles which include the need for new companies to obtain licenses or regulatory clearance before operation. Also, industries heavily regulated by the government are usually the most difficult to penetrate. Other forms of barrier to entry that prevent new competitors from easily entering a business sector include special tax benefits to existing firms, patent protections, strong brand identity, customer loyalty, and high customer switching costs.
In the scenario, the new factory for chipset manufacturing costs billions of dollars, which indicates high set-up costs. Also, the incumbent manufacturers have reached economies of scale, allowing them to produce the components at optimal price.
The above descriptions are compiled from recent reports on current chip shortage (2021).


NEW QUESTION # 35
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