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CIPS L4M2 Exam Syllabus Topics:

Topic	Details
Topic 1	Monitor specification creation by colleagues and other internal stakeholders Analyse how business needs influence procurement decisions
Topic 2	Analyse the criteria that can be applied in the creation of a business case Availability of substitutes and threat of entry
Topic 3	Understand the use of specifications in procurement and supply Analyse the different types of markets utilised by procurement and supply
Topic 4	Provide guidance to internal stakeholders on implementation Implications of the business needs on the types of purchase
Topic 5	Approaches to total costs of ownership whole life cycle costing Interpret financial budgets for the control of purchases
Topic 6	Identify the risks that can result from inadequate specifications and mitigation approaches Use information to prepare budgets or to negotiate prices
Topic 7	Understand how to devise a business case for requirements to be sourced from external suppliers Producing estimated costs and budgets
Topic 8	Identify sections of specifications for through life contracts Identify how costs and prices can be estimated for procurement activities

CIPS Defining Business Needs Sample Questions (Q21-Q26):

NEW QUESTION # 21
Builder Inc is a rapidly expanding business in construction sector. Due to an increase in projects, it cannot manage the flow of materials by Excel spreadsheets but by more dedicated software. Who would be a key internal stakeholder in defining software compatibility with company's current system?

• A. Executive team
• B. Procurement team
• C. Finance team
• D. IT team

Answer: D Explanation:
Internal stakeholders may contribute to defining needs and drafting the specification by using their technical expertise. In this scenario, IT team may consult procurement team on the technical specification of the software, including compatibility with company's current IT system.
Reference:
LO 3, AC 3.4
NEW QUESTION # 22
According to Porter's value chain, which of the following activities is categorised as support activity?

• A. Supervising the production line
• B. Distribution of products from factory to retailer
• C. Storage of raw materials
• D. Develop digital SRM technology to manage suppliers better
• E. Product warranties and special services

Answer: D Explanation:
Primary activities consist of inbound logistics, operations, outbound logistics, sales & marketing, service.
Second activities consist of firm infrastructure, human resource management, technology development and procurement

Support activities (also known as secondary activities) include Firm infrastructure, Human resource management, Technology development and Procurement. Developing digital SRM technology to manage suppliers better is Technology development.
LO 1, AC 1.2
NEW QUESTION # 23
Which of the following are the fair and reasonable comparators in price analysis? Select TWO that apply:

• A. Competitive bidding
• B. Strike price
• C. Pricing formula
• D. Cost driver
• E. Price indices

Answer: C,E Explanation:
Price Analysis is the process of deciding if the asking price for a product or service is fair and rea-sonable, without examining the specific cost and profit calculations the vendor used in arriving at the price. It is basically a process of comparing the price with known indicators of reasonableness. When adequate price competition does not exist, some other form of analysis is required. Some reasons that could affect adequate price competition are: specifications are not definitive, tolerances are restrictive, or production capacity limits those eligible to bid.
Examples of other forms of price analysis information include:
* Analysis of previous prices paid
* Comparison of vendor's price with the in-house estimate
* Comparison of quotations or published price lists from multiple vendors
* Comparisons with government agencies (such as GSA in the US) published prices A strike price is the set price at which a derivative contract can be bought or sold when it is exercised. For call options, the strike price is where the security can be bought by the option holder; for put options, the strike price is the price at which the security can be sold. Strike price is also known as the exercise price.
A cost driver is the direct cause of a cost and its effect is on the total cost incurred. For example, if you are to determine the amount of electricity consumed in a particular period, the number of units consumed determines the total bill for electricity. In such a scenario, the number of units of electricity consumed is a cost driver.
Reference:
LO 1, AC 1.2
NEW QUESTION # 24
Which of the following is an useful tool for value engineering?

• A. Star-burst method
• B. Kraljic Portfolio Matrix
• C. SAMOA
• D. Kano model

Answer: D Explanation:
Value Engineering (VE) is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evaluation and analysis. This takes place before any capital is invested in tooling, plant or equipment.
This is very significant, because according to many reports, up to 80% of a product's costs (throughout the rest of its life-cycle), are locked in at the design development stage. This is under-standable when you consider the design of any product determines many factors, such as tooling, plant and equipment, labour and skills, training costs, materials, shipping, installation, maintenance, as well as decommissioning and recycle costs.
The Kano model is a theory for product development and customer satisfaction developed in the 1980s by Professor Noriaki Kano, which classifies customer preferences into five categories. Both Kano model and Value Engineering aims at optimising new product, so they can be combined to-gether. CIPS L4M2 study guide consider Kano model is a tool of Value Engineering

Example of Kano model (source: Wikipedia)
Reference:
LO 3, AC 3.4
NEW QUESTION # 25
A procurement manager consolidates the company expense on printing and office supplies into broader range of spend category. Other senior managers are concerned that it may increase company's spend. Is that concern justified?

• A. No, because the broader range of spend category can increase the value of the contract and the buyer may get volume discount
• B. No, because the consolidation will help the supplier to shorten deliver time.
• C. Yes, because the suppliers can't provide a broader range of products and they will fail to deliver
• D. Yes, because the consolidation may create a large contract that costs more than placing each purchase order

Answer: A Explanation:
Printing and office supplies are often considered as low risk, low value items. Consolidation low value, low risk items into a broader range will dramatically increases the value of the contract and leverage of buying organisation in the negotiation.
Reference:
LO 1, AC 1.1
NEW QUESTION # 26
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