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Procurement and Supply in Practice: L4M8 Exam
"Procurement and Supply in Practice", also known as L4M8 exam, is a CIPS Certification. With the complete collection of questions and answers, ExamcollectionPass has assembled to take you through 198 Q&As to your L4M8 Exam preparation. In the L4M8 exam resources, you will cover every field and category in CIPS Level 4 Diploma in Procurement and Supply Certification helping to ready you for your successful CIPS Certification.
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CIPS L4M8 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
| Topic 2: Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
| Topic 3: Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
| Topic 4: Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
CIPS Procurement and Supply in Practice Sample Questions:
What is PQQ and what does it include?
Reveal Solution Discussion 0Correct Answer:
See the answer in explanation.
Explanation:
Pre-qualification questionnaire (PQQ) is often standard forms that buyers send to po-tential suppliers. The purpose is to ensure that these potential suppliers could, if they win the contract, supply the product or service to the standard required. PQQ includes requesting details from the potential suppliers on the following information
1. Company Details
2. Environment policies
3. Trading history
4. Ethical policies
5. Financial information
6. Health and safety policies
7. Quality standards
8. References
9. Insurance.
Write down a list of assets that belong to an organization with which you are familiar.
Reveal Solution Discussion 0Correct Answer:
See the answer in explanation.
Explanation:
Assets are things that an organization owns regarded as having value and available to meet debt and generate revenue. The following are list of assets owned by Fullpower project, a shoe manufacturing firm;
1) Machinery,
2) a factory,
3) an innovative software,
4) skills of its personnel,
5) land,
6) Distribution network.
7) Its long time relationship with experienced suppliers of raw materials and Distributors of finished shoes.
What are the five stages in Tuckman's team Development model?
Reveal Solution Discussion 0Correct Answer:
See the answer in explanation.
Explanation:
Tuckman's team development model depicts from where a team is formed to the various stages they might experience before the end where the objective is achieved and these includes.
1) Forming: here they are just being put together
2) Storming: conflict and competition begin to arise
3) Norming: here agreement and consensus is reached as roles and responsibility is clear.
4) Perform: They start carrying out the roles and responsibility
5) Adjourning: Task is complete and they are discharged
* Refer to the question column for response
What are the four methods that can be used to try to resolve dispute?
Reveal Solution Discussion 0Correct Answer:
See the answer in explanation.
Explanation:
Conflict or dispute is the final area a procurement professional considers when creating terms for a contract with a supplier. If conflict or dispute arises, there must be a process put in place in the contract to try to resolve it and these includes; a) Negotiation, b) mediation, c) arbitration and d) litigation.
Negotiation is usually carried out between senior people within organization that are in conflict, if they cannot reach an agreement through negotiation, mediation is the next stage, mediation is when a third party tries to help find a resolution among the parties in dispute. If mediation fails arbitration can start, arbitration involve independent professionals (arbitrators) working with all the party to try to reach an agreement. Parties do not have a formal or legal obligation to follow the arbitrator's recommendation. Arbitration is expensive. If arbitration fails to resolve the conflict, the final stage is litigation, litigation takes time and money, and most people avoid it. It is a legal process where a court decides on the outcome of the dispute. The judge's ruling is final.
* Refer to the question column for response
When should whole life asset management be applied?
Reveal Solution Discussion 0Correct Answer:
See the answer in explanation.
Explanation:
When organization has made the decision about which option is best for sourcing the asset, it can then begin to work on the whole life asset management strategy.
Whole life asset management is the process of evaluating the total price and all associated costs of a product to make an informed decision as to which option will provide the organization with the best value for money.
This strategy is only under taken for large-value procurements because; 1) It takes considerable time (2) It involves many stakeholders and require numerous resources; If whole life asset management were conducted on every purchase it would not create value for the organization and that may tie up valuable resources.
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