PASS L4M2 GUARANTEED, L4M2 EXAM EXERCISE

Pass L4M2 Guaranteed, L4M2 Exam Exercise

Pass L4M2 Guaranteed, L4M2 Exam Exercise

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CIPS L4M2: Defining Business Needs is an essential course for any procurement professional who wants to develop their knowledge and skills in defining business needs. L4M2 exam is designed to help procurement professionals understand the importance of defining business needs and how it can impact procurement activities. L4M2 course is part of the Chartered Institute of Procurement and Supply (CIPS) Level 4 Diploma in Procurement and Supply.

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The Defining Business Needs module is targeted towards professionals who are responsible for procurement and supply chain activities within their organizations. This module is ideal for procurement managers, supply chain managers, and other professionals who want to develop their skills in identifying and analyzing business needs. The module is also relevant for professionals who are interested in pursuing a career in procurement and supply chain management.

CIPS L4M2 Exam covers a broad range of topics, including the identification of business requirements, the development of business cases, the analysis of data, and the creation of effective procurement strategies. L4M2 course is interactive and designed to provide learners with hands-on experience in real-world scenarios. This approach ensures that learners are equipped with the practical skills required to apply the knowledge gained in their workplace.

CIPS Defining Business Needs Sample Questions (Q216-Q221):

NEW QUESTION # 216
In Kano model, which of the following types of requirement should be excluded from the product or service?

  • A. Performance requirements
  • B. Attractive requirements
  • C. Must-be requirements
  • D. Reverse requirements

Answer: D

Explanation:
Kano model of excitement and basic quality (Kano et al, 1984; Berger et al, 1993; Matzler et al, 1996) brings a different perspective for the analysis of improvement opportunities in products and services because it takes in consideration the asymmetrical and non-linear relationship between performance and satisfaction. The Kano model classifies customers requirements in three categories (figure 3):
a) Basic Requirements (or Must-be requirement). The basic requirements fulfill the basic func-tions of a product. If they are not present or their performance is insufficient, customers will be extremely dissatisfied.
On the other hand, if they are present or have sufficient performance, they don't bring satisfaction. Customers see them as prerequisites. For instance, for luxury automobiles, "air bags" are considered basic. A customer won't feel satisfied if the automobile has "air bag", however he/she will not buy it if "air bag" is not present.
b) Performance Requirements (or One-dimensional requirements). As for these requirements, satisfaction is proportional to the performance level - the higher the performance, the higher the customer's satisfaction will be and vice-versa. Gas consumption in automobiles is an example of these requirements. Usually customers explicitly demand performance requirements.
c) Excitement Requirements (or Attractive requirements). These requirements are key to cus-tomer satisfaction. If they are present or have sufficient performance, they will bring superior satisfaction. On the other hand, if they are not present or their performance is insufficient, customers will not get dissatisfied. For instance, a surprise gift at the end of a dinner in a restaurant will certainly bring satisfaction, but it will not cause dissatisfaction if not offered. These requirements are not demanded nor expected by customers.
Two other types of requirements may be identified in the Kano model: neutral and reverse ones. Neutral requirements do not bring either satisfaction or dissatisfaction. Reverse require-ments bring more satisfaction if absent than if present.
Diagram Description automatically generated


NEW QUESTION # 217
When should procurement professional tolerate a risk?

  • A. When the risk may disrupt the production
  • B. When the risk breaks the relationship with the strategic supplier
  • C. When the risk causes some trivial annoyance
  • D. When the risk imposes an existential threat

Answer: C

Explanation:
Risk control is the process by which an organization reduces the likelihood of a risk event occurring or mitigates the effects that risk should it occur. Our preferred way to determine your risk control strategy is to use the four T's Process:
Transferring Risk can be achieved through the use of various forms of insurance, or the payment to third parties who are prepared to take the risk on behalf of the organization Tolerating Risk is where no action is taken to mitigate or reduce a risk. This may be because the cost of instituting risk reduction or mitigation activity is not cost-effective or the risks of impact are at so low that they are deemed acceptable to the business (such as some trivial annoyance). Even when these risks are tolerated they should be monitored because future changes may make it no longer tolerable.
Treating Risk is a method of controlling risk through actions that reduce the likelihood of the risk occurring or minimize its impact prior to its occurrence. Also, there are contingent measures that can be developed to reduce the impact of an event once it has occurred.
Terminating Risk is the simplest and most often ignored method of dealing with risk. It is the ap-proach that should be most favored where possible and simply involves risk elimination. This can be done by altering an inherently risky process or practice to remove the risk. The same can be used when reviewing practices and processes in all areas of the business.
If an item presents a risk and can be changed or removed without it materially affecting the busi-ness, then removing the risk should be the first option considered; rather than attempting the treat, tolerate or transfer it.
Reference:
LO 3, AC 3.3


NEW QUESTION # 218
Which of the following problems may be identified as open-ended problems? Select TWO that apply:

  • A. The suppliers don't comply with the company's policy on underage labour.
  • B. Logistics costs incur a large portion in wholesale prices
  • C. A cyber attack takes down whole company's IT system
  • D. Engine failures cause flight cancellations.
  • E. Shortage of key medicines in healthcare industry

Answer: A,B

Explanation:
Open-ended problem is something stopping the achievement of an objective or blocking progress. To solve this type of problems, procurement professional should find a way to unblock the block-age. In the above question, high logistics cost is an obstacle to cost cutting objective while suppli-er's incompliance prevents the company to achieve its sustainable objective.


NEW QUESTION # 219
What is the document that defines the activities, deliverables and timelines a supplier must carry out during contract performance?

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

Answer: C

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.


NEW QUESTION # 220
According to Porter's value chain, which of the following activities is categorised as support activity?

  • A. Develop digital SRM technology to manage suppliers better
  • B. Distribution of products from factory to retailer
  • C. Supervising the production line
  • D. Product warranties and special services
  • E. Storage of raw materials

Answer: A

Explanation:
Primary activities consist of inbound logistics, operations, outbound logistics, sales & marketing, service.
Second activities consist of firm infrastructure, human resource management, technology development and procurement Graphical user interface, diagram Description automatically generated

Support activities (also known as secondary activities) include Firm infrastructure, Human resource management, Technology development and Procurement. Developing digital SRM technology to manage suppliers better is Technology development.
LO 1, AC 1.2


NEW QUESTION # 221
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