Vce CIPS L4M2 Exam & L4M2 Exam Study Guide

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CIPS L4M2 exam assesses a candidate's ability to understand and apply procurement concepts related to defining business needs. L4M2 exam consists of multiple-choice questions, and candidates are required to achieve a minimum pass mark of 50%. L4M2 Exam is assessed by CIPS examiners, and candidates have three hours to complete the test.

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L4M2 Exam Study Guide | Exam L4M2 Discount

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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.

Aspiring business analysts who are interested in acquiring a globally recognized certification can benefit from taking the CIPS L4M2 Exam. L4M2 exam is particularly useful for those who are seeking to develop their skills in business analysis and gain a deeper understanding of how to identify and define business needs. Passing L4M2 exam can demonstrate to employers that you have the knowledge and skills required to be an effective business analyst, and can help you stand out in a competitive job market.

CIPS Defining Business Needs Sample Questions (Q67-Q72):

NEW QUESTION # 67
A "modified re-buy" means ...

A. The specification should not be considered for future treatment as a stock item because of the modification
B. The existing supplier should be asked to supply the requirement because it is a modified re-buy of the same item
C. The existing specifications should be reviewed but not the supply market, as this type of purchase is complex
D. Both the specification and the market should be reviewed to manage the new circumstances

Answer: D

NEW QUESTION # 68
Which of the following agencies can produce a technical standard?

A. House of Lords
B. BSI
C. Department of State
D. Marketing department

Answer: B

Explanation:
Technical standards are often produced by a national or international body such as British Standard Institute (BSI) LO 3, AC 3.1

NEW QUESTION # 69
At which stage of product life cycle, price competition between sellers will be the most intense?

A. Maturity stage
B. Decline stage
C. Growth stage
D. Introductory stage

Answer: B

Explanation:
The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages-introduction, growth, maturity, and decline.

Source: https://blueoceanoutsource.co.ke/the-product-life-cycle-concept/ At maturity stage, price competition sets in as more and more supply capacity has been added by new entrants, then the competition will be the most intense.
Reference:
LO 2, AC 2.2

NEW QUESTION # 70
Which of the following factors might prompt an organisation to procure an alternative product? Select THREE that apply:

A. Buying organisation's propensities to change
B. Relative value to money between options
C. Easy access to distribution channel
D. Switching cost
E. Brand loyalty
F. Threat of retaliation

Answer: A,B,D

Explanation:
According to Michael Porter, the threat of substitution, is a function of three factors:
* The relative value/ price of a substitute compared to an industry's product
* The cost of switching to the substitute
* The buyer's propensity to switch
(Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278). Free Press. Kindle Edition.)

NEW QUESTION # 71
A drawing is an example of...?

A. Outcome specifications
B. Output specifications
C. Technical specifications
D. Statements of work

Answer: C

Explanation:
A technical specification details the standards that a product or service must meet. Drawings (often called engineering drawings or technical drawings) are complementary to technical specifications

NEW QUESTION # 72
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