L4M2 Guide Torrent: Defining Business Needs & L4M2 Learning Materials

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One of the primary objectives of the CIPS L4M2 exam is to equip learners with the skills and knowledge to define business needs accurately. This involves understanding the needs of the business, identifying gaps, and developing strategies to address those gaps. L4M2 exam also covers the importance of engaging with stakeholders to ensure that the business needs are fully understood and that solutions are developed collaboratively.

To be eligible for the CIPS L4M2 certification exam, candidates must have completed the L4M1 module or have equivalent work experience. They must also meet the requirements set out by CIPS, which includes a minimum of two years of work experience in a relevant field. Once the candidate has met these requirements, they can register for the exam and start preparing for the test.

Successful completion of the CIPS L4M2 Exam demonstrates to employers and colleagues that you have the skills and knowledge required to manage procurement activities effectively. It is also an excellent way to advance your career and increase your earning potential, as many organizations require their procurement professionals to hold CIPS certification.

CIPS Defining Business Needs Sample Questions (Q133-Q138):

NEW QUESTION # 133
A CPO is making a business case for acquiring a new computer system. He has set out objective, generated options, cost and benefit of each option and implementation plan. Which of the following elements should be included in the business case?

A. Operation management
B. Risk assessment
C. Invitation to tender
D. Contract management

Answer: B

Explanation:
Before a project commences (either capital purchase or switching to a new supplier), a business case should be developed. The business case outlines the why, what, how, and who necessary to decide if it is worthwhile continuing a project.
Basically, the following criteria can be applied to the assessment of a business case:
1. Objectives
This part describes why you are doing the project. The business objective answers the following questions:
- What is your goal?
- What is needed to overcome the problem?
- How will the project support the business strategy?
2. Option identification and selection
Identify the potential solutions to the problem and describe them in enough detail for the reader to understand.
For instance, if the business case and proposed solution makes use of technology, make sure to explain how the technology is used and define the terms used in a glossary. Since most problems have multiple solutions an option appraisal is often needed. This will explore the potential solutions and recommend the best option.
When writing the initial business case the option appraisal is likely to contain a long list of options and will cover many possibilities. As the project continues a number of options will be rejected. The final business case may contain three to five options # the short list # that includes a do nothing or benchmark option.
3. Benefits and limitations
The benefits and limitations section describes the financial and non-financial benefits in turn. The purpose is to explain why you need a project.
For instance, to:
- Improve quality
- Save costs through efficiencies
- Reduce working capital
- Generate revenue
- Remain competitive
- Improve customer service
- Align to corporate strategy
The business case should also include any limitations since these present potential risk to the pro-ject.
4. Risk management
The risk assessment summarizes the significant project risks and opportunities and how they are managed.
The risks included should cover those that could arise from your project or the organiza-tion's ability to deliver change.
This section answers the following questions:
- What risks are involved?
- What are the consequences of a risk happening?
- What opportunities may emerge?
- What plans are in place to deal with the risks?
- Every project should include a risk log.
When writing a business case, make sure this is included as it explains how risk and opportunity are managed.
5. Implementation plan
The outline plan provides a summary of the main activities and overall timescale # project schedule # for the project.
Ideally, the project should be divided into stages with key decisions preceding each stage. Use this section to answer the following questions:
- What is required?
- How is it done?
- Who does what?
- When will things happen?
This outline plan lists the major deliverables and includes a brief project description plus accountabilities for each activity.
In the scenario, the CPO has set out objective, generated options, cost and benefit of each option and implementation plan. In order to make the business case more compelling, he should reinforce it with risk management.

NEW QUESTION # 134
Which of the following is the disadvantage of embedding standards in a specification?

A. Standards are too flexible and may cause ambiguity in the specification
B. Embedding standards into specification requires enormous time and effort
C. Standards are too static and discourage innovation
D. Standards do not improving buyer's bargaining power

Answer: C

Explanation:
"Standards are often produced by professional bodies (maybe national or international bodies). Standards tend to be stable for a period of time, therefore, they are likely to be static and discourage innovation." Reference:
LO 3, AC 3.1

NEW QUESTION # 135
Which of the following are typically included in a conformance specification? Select TWO that apply.

A. Brand name
B. List of outcome
C. Packaging requirements
D. Product dimensions
E. Product functions

Answer: C,D

Explanation:
A conformance specification is a specification that defines the technical and physical characteristics and/or measurements of a product, such as physical aspects (e.g. dimensions, colour, and surface finish), design details, material properties, energy requirements, processes, maintenance requirements and operational requirements.
On the other hand, performance specification typically includes list of output or outcome or func-tional requirements. Brand name can be a part of performance specification because brand is a re-minder of quality that customers remember. For example, when talking about Roll Royce, people will think about an elegant car.
Reference:
LO 3, AC 3.1

NEW QUESTION # 136
Apple's CPO is planning a budget for purchasing carbon-free aluminium next year. There are 27.4 tonnes of aluminum in stock, while Apple will need 200 tonnes for production next year and double inventory for production in the following year. How much aluminum will Apple need to purchase in next year?

A. 117.8 tonnes
B. 227.4 tonnes
C. 282.2 tonnes
D. 172.6 tonnes

Answer: B

Explanation:
The quantity of aluminium Apple needs to buy is calculated as follows:
Quantity needed for production + the inventory needed at the end of the year - inventory at start of the year That formula is quantified as: 200 + 54.8 - 27.4 = 227.4 Reference:
LO 2, AC 2.3

NEW QUESTION # 137
A company has a lists of items that make up 15% of total spend. These items also do not largely impact on quality of final product. The supply continuity is secured. Which of the following will be the most appropriate managing approach to purchase these items?

A. Drive down cost based on market competition
B. Build partnership with suppliers
C. Simplify procurement process
D. Enhance supply continuity

Answer: C

Explanation:

Those items make up small portion of spend and the supply risk is low. So it is tactical item according to Kraljic portfolio matrix. Procurement should bundle these items into larger contracts, simplify procurement process.
LO 2, AC 2.1

NEW QUESTION # 138
......

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