Latest L4M2 Exam Notes | L4M2 Detailed Study Plan

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Passing an exam requires diligent practice, and using the right study CIPS Certification Exams material is crucial for optimal performance. With this in mind, PracticeMaterial has introduced a range of innovative L4M2 Practice Test formats to help candidates prepare for their L4M2.

CIPS L4M2 (Defining Business Needs) Exam is an important certification for professionals who want to develop their skills in procurement and supply chain management. L4M2 exam is designed to test the ability of individuals to identify and define business needs, and to develop effective procurement strategies to meet those needs. L4M2 exam covers a range of topics, including the procurement process, stakeholder management, and risk management.

CIPS L4M2 Exam is a comprehensive exam that requires candidates to demonstrate their knowledge and skills across a range of areas. L4M2 exam is divided into two parts: a multiple-choice section and a case study section. The multiple-choice section tests the candidate's knowledge of the key concepts and principles related to defining business needs, while the case study section tests their ability to apply these concepts in a practical setting.

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The Best Latest L4M2 Exam Notes & Leading Provider in Qualification Exams & Complete L4M2 Detailed Study Plan

Our L4M2 study materials are compiled and verified by the first-rate experts in the industry domestically and they are linked closely with the real exam. Our products’ contents cover the entire syllabus of the exam and refer to the past years’ exam papers. Our test bank provides all the questions which may appear in the real exam and all the important information about the exam. You can use the practice test software to test whether you have mastered the L4M2 Study Materials and the function of stimulating the exam to be familiar with the real exam’s pace, atmosphere and environment.

Defining Business Needs is a crucial module in the Level 4 Diploma in Procurement and Supply. This module focuses on the importance of identifying and analyzing business needs to ensure that procurement and supply chain activities are aligned with organizational goals. The module covers topics such as stakeholder analysis, requirements gathering, and market analysis. The goal of this module is to equip procurement and supply chain professionals with the skills and knowledge needed to effectively identify and analyze business needs.

CIPS Defining Business Needs Sample Questions (Q42-Q47):

NEW QUESTION # 42
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. Yes, Leanne just needs to purchase the tractor from her friend's company
B. No, the company assesses supplier's performance solely based on market analysis
C. Yes, the company has extensive experience in purchasing tractor
D. No, market analysis will inform the company of the pricing as well as latest technology trends

Answer: D

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 # 43
In which circumstances would it be relevant to require supplier accreditation to the ISO 14001 international standard in a contract specification? Select THREE that apply.

A. The requirements will use natural resources
B. The requirements will generate waste
C. The requirements need specific quality assurance
D. The requirements cause emissions to air and water
E. The requirements involve the processing of data
F. The requirements impact on occupational health

Answer: A,B,D

NEW QUESTION # 44
Which of the following are typical benefits of through-life asset management to buying organisa-tion? Select the TWO that apply.

A. Lower total cost of ownership
B. Shorter specifications
C. Better capability of supplier over time
D. Lower risks as there are many suppliers accountable for costs and service over the life of the asset
E. Greater supplier's bargaining power

Answer: A,C

Explanation:
According to Andrew Graves, "Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer." Benefits of through-life asset management can be:
- Lower total life-cycle costs
- Better match between the asset and end-user's needs
- Better supplier capabilities over time because it gains experience of buying organisation's needs.
Reference:
LO 3, AC 3.2

NEW QUESTION # 45
A large sports organisation requires some additional racing equipment to be built. It should match exactly the pre-determined technical specifications and requires exact compatibility. Which of the following specifications would be most appropriate?

A. Performance specification
B. Conformance specification
C. Product specification
D. Outcome specification

Answer: B

NEW QUESTION # 46
Which of the following specific markets is most likely to have the lowest entry barrier?

A. Services
B. Retail
C. Financial
D. Manufacturing
E. Agriculture

Answer: A

Explanation:
Start-up costs are generally low in service industries, and the main requirement is a level of knowledge and skill in that particular service.
LO 2, AC 2.1

NEW QUESTION # 47
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Latest L4M2 Exam Notes | L4M2 Detailed Study Plan

The Best Latest L4M2 Exam Notes & Leading Provider in Qualification Exams & Complete L4M2 Detailed Study Plan

CIPS Defining Business Needs Sample Questions (Q42-Q47):

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