Questions For The CIPS L4M2 Exam With A Money-Back Guarantee

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CIPS L4M2: Defining Business Needs exam is an essential qualification for procurement professionals who want to develop their skills and progress in their careers. It provides a comprehensive understanding of the procurement process and the skills required to develop effective procurement strategies, making it a valuable asset for any procurement professional.

The Defining Business Needs module is targeted towards professionals who are responsible for procurement and supply chain activities within their organizations. This module is ideal for procurement managers, supply chain managers, and other professionals who want to develop their skills in identifying and analyzing business needs. The module is also relevant for professionals who are interested in pursuing a career in procurement and supply chain management.

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CIPS L4M2 Reliable Test Guide - L4M2 Valid Dumps Questions

When preparing to take the L4M2 exam dumps, knowing where to start can be a little frustrating, but with CIPS L4M2 practice questions, you will feel fully prepared. Using our L4M2 practice test VerifiedDumps, you can prepare for the increased difficulty on L4M2 Exam day. Plus, we have various question types and difficulty levels so that you can tailor your L4M2 exam dumps preparation to your requirements.

CIPS Level 4M2 Defining Business Needs module is ideal for professionals who want to enhance their procurement and supply chain management skills. This module is designed to help learners understand the importance of identifying and analyzing organizational needs, and how to develop effective procurement strategies that meet those needs. By taking this module, learners will be able to demonstrate their commitment to their profession and their willingness to continuously improve their skills.

CIPS Defining Business Needs Sample Questions (Q128-Q133):

NEW QUESTION # 128
Daytona Ltd is developing a new product which is more environmental friendly. Though the objectives are set, the project team has no idea on which functions will be customers' favourites. Which of the following will help them decide the 'should-have' functions of the new product?

A. Thomas-Kilmann model
B. Taguchi method
C. Kano model
D. Six Sigma

Answer: C

Explanation:
The Kano model is useful in gaining a thorough understanding of a customer's needs. You can translate and transform the resulting verbatims using the voice of the customer table that, subse-quently, becomes an excellent input as the whatsin a quality function deployment (QFD) House of Quality.
The model involves two dimensions:
Achievement (the horizontal axis), which goes from the supplier didn't do it at all to the supplier did it very well.
Satisfaction (the vertical axis), which goes from total dissatisfaction with the product or service to total satisfaction with the product or service.
Dr. Noriaki Kano isolated and identified three levels of customer expectations: that is, what it takes to positively impact customer satisfaction. The figure below portrays the three levels of need: expected, normal, and exciting.

The Thomas-Kilmann Conflict Mode Instrument (TKI) is a conflict style inventory, which is a tool developed to measure an individual's response to conflict situations.
Genichi Taguchi, a Japanese engineer, proposed several approaches to experimental designs that are sometimes called "Taguchi Methods." These methods utilize two-, three-, and mixed-level fractional factorial designs. Large screening designs seem to be particularly favored by Taguchi adherents.
Six Sigma is a method that provides organizations tools to improve the capability of their business processes. This increase in performance and decrease in process variation helps lead to defect re-duction and improvement in profits, employee morale, and quality of products or services.
Source:
- CIPS study guide page 171-172
- WHAT IS THE KANO MODEL?
LO 3, AC 3.4

NEW QUESTION # 129
A procurement manager is discussing with other stakeholders about the scope and the implementation of the upcoming construction project. A stakeholder argues that the construction projects are often risky as the overall scope of the work can't be accurately estimated from the beginning. Furthermore, the project spans over a long period, the costs of materials can fluctuate widely. The procurement manager suggests that the pricing structure should be able to cover the supplier's costs plus 10% markup on total costs. This arrangement is known as...?

A. Cost-plus incentive fee contracts
B. Cost-plus fixed-fee
C. Cost-plus award fee
D. Cost-plus Fixed percentage

Answer: D

Explanation:
As you can see from the scenario, the procurement manager is suggesting to use cost plus pricing arrangement.
A cost-plus contract is an agreement to reimburse a company for expenses incurred plus a specific amount of profit, usually stated as a percentage of the contract's full price. These type of contracts are primarily used in construction where the buyer assumes some of the risk but also provides a degree of flexibility to the contractor.
Cost-plus contracts can be separated into four categories. They each allow for the reimbursement of costs as well as an additional amount for profit:
1. Cost-plus award fee contracts allow the contractor to be awarded a fee usually for good per-formance.
2. Cost-plus fixed-fee contracts cover both direct and indirect costs, in addition to a fixed fee.
3. Cost-plus incentive fee contracts happen when the contractor is given a fee if his or her perfor-mance meets or exceeds expectations.
4. Cost-plus percent-of-cost contracts allow the amount of reimbursement to rise if the contrac-tor's costs rise.
In the scenario, the procurement manager suggests a pricing structure that covers supplier's costs and adds 10% markup. This is cost-plus fixed-percentage.
Reference:
- Cost-Plus Contract Definition (investopedia.com)
- CIPS study guide page 30-36
LO 1, AC 1.2

NEW QUESTION # 130
XYZ Ltd is the largest consumer of brass in the country. It consumes 48% of all brass manufactured, while the second-largest consumes less than 10% of brass manufactured. Which force or power does XYZ Ltd possess?

A. Buyer bargaining power
B. Threat of substitute force
C. Market rivalry force
D. Supplier bargaining power

Answer: A

NEW QUESTION # 131
Which of the following are typically included in a conformance specification? Select TWO that apply.

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

Answer: B,E

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.

NEW QUESTION # 132
Which of the following factors is most likely to be a barrier to new entrant in agriculture?

A. Brand recognition
B. Reputation within the industry
C. Capital requirement
D. High margins

Answer: C

Explanation:
Barriers to Entry to Agriculture: If stakeholders are going to address the need for new, conserva-tion-minded farmers, they must understand the barriers these farmers encounter when transitioning into the profession. A review of the literature revealed a number of barriers-most of them structural-to entry to agriculture. While each barrier is distinct, they are all interconnected. Though not an exhaustive list, the following barriers are ones that were most frequently mentioned in the literature:
- Access to Affordable Land
- Startup Capital
- Lack of Agricultural Knowledge and Experience
- Lack of Knowledge about Farm Business Planning
- Discrimination
- Student Loans
- Limited Access to Markets
- Affordable Housing and Affordable Healthcare
...
Source: Exploring the Barriers to Entry to Agriculture: Challenges Facing Beginning Farmers in North Carolina - Kelley Robbins-Thompson Reference:
LO 2, AC 2.2

NEW QUESTION # 133
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Questions For The CIPS L4M2 Exam With A Money-Back Guarantee

CIPS L4M2 Reliable Test Guide - L4M2 Valid Dumps Questions

CIPS Defining Business Needs Sample Questions (Q128-Q133):

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