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NEW QUESTION 46 Which of the following specific markets is most likely to have the lowest entry barrier?

• A. Services
• B. Manufacturing
• C. Financial
• D. Agriculture
• E. Retail

Answer: A Explanation: Start-up costs are generally low in service industries, and the main requirement is a level of knowledge and skill in that particular service. LO 2, AC 2.1   NEW QUESTION 47 Which of the following sources of information are considered as primary data? Select TWO that apply.

• A. RFI
• B. The information about specific market sectors from trade associations
• C. Reports in business magazines
• D. The collection of data from surveying customers
• E. Commercial publishers of market reports

Answer: A,D Explanation: The aim of this question is to check students' understanding of different types of data. There are 2 types of data: - Primary data is the collection of original or raw data which are generated from field research. In this case, only RFI and surveys from customers are considered as primary data. - On the other hand, secondary data is public information that has been collected by others. It is typically free or inexpensive to obtain and can act as a strong foundation to any research project - provided you know where to find it and how to judge its worth and relevance. Examples of secondary data are government statistics, industry associations, trade publications, published market reports, etc. Reference: LO 1, AC 1.2   NEW QUESTION 48 OMK is a Russian steel firm that is expanding market abroad. It plans to build a steel plant in a foreign country. Due to intricate technical requirements, the plant design will be very complex. Procurement department or technical department alone cannot draft the specification. OMK senior management decides that this task must be treated as a project. Which of the following should be done before writing the specification for new steel plant?

• A. Invite suppliers to the tendering process
• B. Develop the performance framework for the supplier
• C. Develop project initial document
• D. Draft the terms and conditions for plant construction contract

Answer: C Explanation: The writing of a complex specification should be treated as a project because it requires the brain power from different stakeholders. Many tools and processes of project management can be applied to complex specification development. Before engaging with the stakeholders and implementing the project, the project initial document should developed. A Project Initiation Document (PID) is one of the most important components of project manage-ment, which forms the foundation for a company project. It is a reference point during the entire project, for the client as well as for the project team. A PID bundles documentation into a logical reference work that collects all important information needed to start and run a project from a good foundation. After that, Project Initiation Document must be transferred to all stakeholders, including business sponsors. This forms the basis for the project management. The documentation from which the PID is com-posed include the business case in which the project's justification can be found, the communica-tion plan and the project plan. The PID is composed out of collected information and includes, among others, the following com-ponents: - Project goal(s); what do you want to achieve with the project? - Project size; how large is the project, how long does it take and how many people are involved? - Project organisation; who are involved in the project, what are their tasks, responsibilities and authority? - Limits and risks; what can cause a project to stagnate and are there risks related to the project? - Stakeholders; who has a stake in the success of the project? - Project checks and frame reporting; by carefully taking into account evaluation moments, it is clear to everyone what sample tests can be carried out during the process. In addition, it is important that the Project Initiation Document also contains the following infor-mation: - The background and occasion of the project, which together provide information about the con-text. - The project organisational structure, which describes who has which management responsibility in the project. - The project quality plan, describing who controls the quality of the products to be delivered and how it will take place. - The total project planning, including the duration of all activities. - The exception process, which describes how exceptions are dealt with and the steps of the escalation procedure. - The risk log, including the measures that will be taken when there are unforeseen risks. - The documentation structure of the project, in which the encoding and storage of all documents and products to be provided by the project has been recorded in advance. Reference: - CIPS study guide page 148 - Project Initiation Document (PID), a project management tool | ToolsHero LO 3, AC 3.3   NEW QUESTION 49 Which of the following are the focuses of ISO 14001:2015?

• A. 1 and 2 only
• B. 2 and 3 only
• C. 1. Life cycle
• Process
• Capacity
• Information security 2 and 4 only
• D. 3 and 4 only

Answer: A Explanation: ISO 14001:2015 specifies the requirements for an environmental management system that an or-ganization can use to enhance its environmental performance. ISO 14001:2015 is intended for use by an organization seeking to manage its environmental responsibilities in a systematic manner that contributes to the environmental pillar of sustainability. ISO 14001:2015 helps an organization achieve the intended outcomes of its environmental man-agement system, which provide value for the environment, the organization itself and interested parties. Consistent with the organization's environmental policy, the intended outcomes of an environmental management system include: * enhancement of environmental performance; * fulfilment of compliance obligations; * achievement of environmental objectives. ISO 14001:2015 is applicable to any organization, regardless of size, type and nature, and applies to the environmental aspects of its activities, products and services that the organization determines it can either control or influence considering a life cycle perspective. ISO 14001:2015 does not state specific environmental performance criteria. ISO 14001:2015 can be used in whole or in part to systematically improve environmental manage-ment. Claims of conformity to ISO 14001:2015, however, are not acceptable unless all its require-ments are incorporated into an organization's environmental management system and fulfilled without exclusion. In conclusion, ISO 14001:2015 focuses on: management system (including roles, leadership and processes) and the life cycle of product or service. Life cycle is defined as "consecutive and inter-linked stages of a product (or service) system, from raw material acquisition or generation from natural resources to final disposal. [...] The life cycle stages include acquisition of raw materials, design, production, transportation/ delivery, use, end-of-life treatment and final disposal." The answer is process and life cycle. Reference: - ISO 14001:2015 Environmental management systems - Requirements with guidance for use LO 3, AC 3.1   NEW QUESTION 50 Which of the following is a risk to buying organization when using conformance specification?

• A. Buyer is responsible for product failure
• B. Buyer cannot control the inputs
• C. Time to produce specification is shortened
• D. Buyer may face liquidity risks

Answer: A Explanation: When using conformance specification, the buying organisation is responsible for the performance of the purchase. If the product fails due to poorly designed specification, the buyer is wholly responsible for it. It cannot blame the supplier for the failure because they still provided 'fit for purpose' product. 'Time to produce specification is shortened': Conformance specification requires details on dimen-sion, materials, design, etc. With such requirements, time to produce a complete conformance specification is often longer than producing performance specification. 'Buyer cannot control the inputs': Conformance specification is a list of inputs from buyer, so buyer has control over the inputs that will make the product. It also means that buyer is responsible for any product failure. 'Buyer may face liquidity risks': Liquidity means that how quick a business turns its assets into cash. This is a financial term, it does not link directly with specification failure. Reference: LO 3, AC 3.1   NEW QUESTION 51 ...... What's more, part of that Actual4Dumps L4M2 dumps now are free: https://drive.google.com/open?id=1QeTIQ-UYlya-y1KvxhvZhf0DJUARqriQ