FREE PDF QUIZ L4M2 - CERTIFICATION DEFINING BUSINESS NEEDS DUMP

Free PDF Quiz L4M2 - Certification Defining Business Needs Dump

Free PDF Quiz L4M2 - Certification Defining Business Needs Dump

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CIPS L4M2 (Defining Business Needs) exam is an essential certification for procurement professionals who want to develop their skills in identifying and defining the needs of their organization. L4M2 exam is designed to help professionals understand the importance of defining business needs and how to effectively gather and analyze data to develop appropriate strategies that meet those needs.

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CIPS Defining Business Needs Sample Questions (Q89-Q94):

NEW QUESTION # 89
Which of the following roles are relevant to a 'services' market?
* A data researcher
* A warehouse manager
* A marketing consultant
* A logistics director

  • A. 3 and 4 only
  • B. 1 and 3 only
  • C. 1 and 2 only
  • D. 2 and 3 only

Answer: B

Explanation:
Detailed Explanation:Roles such as a data researcher and marketing consultant are directly tied to the provision of services, which are intangible and often knowledge-driven. Warehouse managers and logistics directors are more relevant to goods markets. Reference: CIPS Level 4, Services Procurement.


NEW QUESTION # 90
What is the output of regression analysis?

  • A. Forecasting process
  • B. Line of best fit
  • C. Dependent variables
  • D. Independent variables

Answer: B

Explanation:
Regression refers to a quantitative measure of the relationship between one or more independent variables and a resulting dependent variable. Regression is of use to professionals in a wide range of fields from science and public service to financial analysis.
To perform a regression analysis, a statistician collects a set of data points, each including a com-plete set of dependent and independent variables. For example, the dependent variable could be a firm's stock price and the independent variables could be the Standard and Poor's 500 index and the national unemployment rate, assuming that the stock is not listed in the S&P 500. The sample set could be each of these three data sets for the past 20 years.
On a chart, these data points would appear as scatter plot, a set of points that may or may not appear to be organized along any line. If a linear pattern is apparent, it may be possible to sketch a line of best fit that minimizes the distance of those points from that line. If no organizing axis is visually apparent, regression analysis can generate a line based on the least squares method. This method builds the line which minimizes the squared distance of each point from the line of best fit.
Line of best fit is one of the most important outputs of regression analysis.
Reference:
- CIPS study guide page 99-100
- Line Of Best Fit (investopedia.com)
LO 2, AC 2.3


NEW QUESTION # 91
To calculate the estimated annual payback period, a buyer will need to know the estimated annual savings made from implementing the option, and also the estimated costs. Is this statement correct?

  • A. No, the calculation will be the estimated total costs multiplied by twelve
  • B. Yes, the calculation will be the estimated total costs divided by the estimated annual savings
  • C. Yes, the calculation will be the estimated annual savings added to the estimated total costs
  • D. No, the calculation will be the estimated annual savings multiplied by the rate of inflation

Answer: B


NEW QUESTION # 92
When should procurement professional tolerate a risk?

  • A. When the risk may disrupt the production
  • B. When the risk breaks the relationship with the strategic supplier
  • C. When the risk causes some trivial annoyance
  • D. When the risk imposes an existential threat

Answer: C

Explanation:
Risk control is the process by which an organization reduces the likelihood of a risk event occurring or mitigates the effects that risk should it occur. Our preferred way to determine your risk control strategy is to use the four T's Process:
Transferring Risk can be achieved through the use of various forms of insurance, or the payment to third parties who are prepared to take the risk on behalf of the organization Tolerating Risk is where no action is taken to mitigate or reduce a risk. This may be because the cost of instituting risk reduction or mitigation activity is not cost-effective or the risks of impact are at so low that they are deemed acceptable to the business (such as some trivial annoyance). Even when these risks are tolerated they should be monitored because future changes may make it no longer tolerable.
Treating Risk is a method of controlling risk through actions that reduce the likelihood of the risk occurring or minimize its impact prior to its occurrence. Also, there are contingent measures that can be developed to reduce the impact of an event once it has occurred.
Terminating Risk is the simplest and most often ignored method of dealing with risk. It is the ap-proach that should be most favored where possible and simply involves risk elimination. This can be done by altering an inherently risky process or practice to remove the risk. The same can be used when reviewing practices and processes in all areas of the business.
If an item presents a risk and can be changed or removed without it materially affecting the busi-ness, then removing the risk should be the first option considered; rather than attempting the treat, tolerate or transfer it.


NEW QUESTION # 93
A CPO is analyzing whole life cycle costing of a machinery. He realises that cost elements are not specific but come from a range of values. Which whole-life costing model should the CPO use to get the most accurate total cost of ownership?

  • A. Kraljic's preferencing model
  • B. Optimisation models
  • C. Simulation models
  • D. Decision support models

Answer: C

Explanation:
There are three basic groups of WLC (whole life-cycle costing) models:
- Decision support models
- Simulation models: Life cycle cost is an essential approach to decide on alternative rehabilitation strategies for infrastructure systems. Monte Carlo simulation approach is used to develop a stochastic life cycle cost (SLCC) model and methodology in order to compare different rehabilitation scenarios/alternatives for infrastructures, such as water mains. This method assumes that some inputs are randomly variable in a range of values.
- Optimisation models
Reference:
LO 1, AC 1.2


NEW QUESTION # 94
......

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