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CIPS L4M2 Questions - Highly Recommended By Professionals

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The L4M2 certification exam is a crucial step in the career development of procurement and supply chain professionals. L4M2 exam covers a wide range of topics, including stakeholder management, market analysis, and supply chain mapping. By passing L4M2 Exam, candidates can demonstrate their ability to effectively identify and define business needs, which is a critical skill in any procurement or supply chain role.

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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.

CIPS Defining Business Needs Sample Questions (Q208-Q213):

NEW QUESTION # 208
A procurement manager is writing a conformance specification for a non-core component. She thinks that if the requirements in specification are higher than ISO standards, her company can achieve greater cost- savings. Is the procurement manager's opinion correct?

A. No, because higher specification may incur additional costs for the buyer
B. Yes, because higher requirements will help buying organisation find the best supplier
C. Yes, because optimising the specification is the only method to achieve value for money
D. No, because higher requirements in specification, the greater bargaining power of buying organisation

Answer: A

Explanation:
The specification that is produced too detailed will incur unnecessary cost because it does not allow suppliers to use their expertise in finding the most efficient way to produce it.
'No, because higher requirements in specification, the greater bargaining power of buying organi-sation': more detailed specifications could tighten the supplier base and potentially leave buying organisation with fewer potential supplier. This may reduce buyer's bargaining power in negotia-tion.
'Yes, because higher requirements will help buying organisation find the best supplier': in some circumstances, higher requirements will lead to smaller supplier base. In the worst scenario, there is no supplier who has capability to carry out those requirements
'Yes, because optimising the specification is the only method to achieve value for money': There are other methods to achieve cost saving and value for money, inter alia, volume concentration, relationship restructuring, etc.

NEW QUESTION # 209
What is the output of regression analysis?

A. Dependent variables
B. Forecasting process
C. Line of best fit
D. Independent variables

Answer: C

Explanation:
Regression refers to a quantitative measure of the relationship between one or more independent variables and a resulting dependent variable. Regression is of use to professionals in a wide range of fields from science and public service to financial analysis.
To perform a regression analysis, a statistician collects a set of data points, each including a com-plete set of dependent and independent variables. For example, the dependent variable could be a firm's stock price and the independent variables could be the Standard and Poor's 500 index and the national unemployment rate, assuming that the stock is not listed in the S&P 500. The sample set could be each of these three data sets for the past 20 years.
On a chart, these data points would appear as scatter plot, a set of points that may or may not appear to be organized along any line. If a linear pattern is apparent, it may be possible to sketch a line of best fit that minimizes the distance of those points from that line. If no organizing axis is visually apparent, regression analysis can generate a line based on the least squares method. This method builds the line which minimizes the squared distance of each point from the line of best fit.
Line of best fit is one of the most important outputs of regression analysis.

NEW QUESTION # 210
ABC Ltd has enormous investment in facilities and machinery. It also employs skilled workforce. To be profitable, the company has to produce at massive quantity. Which sector does ABC Ltd belong to?

A. Construction
B. Manufacturing
C. Retail
D. Agriculture
E. Finance

Answer: B

Explanation:
In the scenario, ABC Ltd has the following characteristics:
- Large investment in facilities and machinery
- Access to skilled workforce
- Mass production.
This company is a manufacturer. Manufacturing is an industry that makes products from raw ma-terials by the use of manual labour or machinery and that is usually carried out systematically with a division of labour.
Manufacturing requires investment in machinery and access to a suitably skilled workforce as well as materials and components.

NEW QUESTION # 211
At which stage of product life cycle, price competition between sellers will be the most intense?

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

Answer: D

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.

Chart, line chart Description automatically generated
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.

NEW QUESTION # 212
Raw materials used in the production of a saleable product are classed as ...

A. Overheads
B. Fixed costs
C. Indirect costs
D. Direct costs

Answer: D

NEW QUESTION # 213
......

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