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CIPS L4M2 Certification Exam is highly valued by employers around the world. It is an excellent way for professionals to demonstrate their expertise in business analysis and procurement. L4M2 exam is also a great way to enhance your career prospects and increase your earning potential. Successful candidates will be able to add the CIPS L4M2 Certification to their resume and showcase their skills and knowledge to potential employers.

CIPS L4M2: Defining Business Needs is a certification exam offered by the Chartered Institute of Procurement and Supply (CIPS). L4M2 Exam is designed to test the knowledge and skills of procurement professionals in defining and analyzing business needs, as well as in developing procurement strategies to meet those needs.

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Stakeholder management is another critical element of the CIPS L4M2 Exam. L4M2 exam covers the importance of identifying and engaging with stakeholders throughout the procurement process. This involves understanding their interests, concerns, and expectations, and developing strategies to manage their involvement effectively. Effective stakeholder management is crucial for ensuring that procurement projects are successful and that the needs of all stakeholders are met.

CIPS Defining Business Needs Sample Questions (Q155-Q160):

NEW QUESTION # 155
Datong is a defence and law enforcement equipment supplier. They are developing new product but largely concerns about the detailed specifications of components and the capability of supply market. Which of the following approach should Datong adopt in order to optimise the specification and shorten time to market?

A. Early supplier involvement
B. Invite the supplier to tendering process
C. Request for quotation from potential suppliers
D. Control the budget tightly

Answer: A

Explanation:
To improve production process and reduce supply risk, Datong should collaborate with suppliers early in procurement cycle. Collaborating with suppliers in this way is often referred as Early Supplier Involvement (ESI)
'Request for quotation from potential suppliers': Quotations should only be requested if the buyer know exactly what they need. In this scenario, Datong is not yet sure about the specifications of product's components, request for quotation is not a good idea.
'Mapping out business plan': A business plan, as defined by Entrepreneur, is a "written document describing the nature of the business, the sales and marketing strategy, and the financial back-ground, and containing a projected profit and loss statement." A business plan is not appropriate with improving production process and reducing supply risk.
'Budget controlling': Budget controlling largely concerns with dealing with budget variances. Tighter budget alone cannot lead to improved processes and fewer risks.
LO 3, AC 3.1

NEW QUESTION # 156
Which of the following factors is most likely to be a barrier to new entrant in agriculture?

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

Answer: B

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

NEW QUESTION # 157
What criteria can be applied in the production of a business case?

A. Costs, benefits, and options
B. Suggestions, feedback, and forecast
C. Plans, delivery, and design
D. Questions, price, and evaluation

Answer: A

Explanation:
Detailed Explanation:A strong business case includes a clear assessment of costs, the expected benefits, and the viable options available. These criteria ensure a structured approach to decision-making and alignment with strategic goals. Reference: CIPS Level 4, Business Case Development.

NEW QUESTION # 158
Synergy Ltd is a fast-growing tool and hardware retailer. The company's customer services team has been using Excel worksheets to manage customer relationships. When the company is expend-ing its market presence, this way of working leads to poorer customer services as the database is scattered around in spreadsheet, leading to patchy and inconsistent conversations with customers. The company decides to purchase a CRM system. What requirement should Synergy's procurement team take into account in the specification for CRM system?

A. Total number of the supplier's employees
B. The relative size of the potential suppliers to Synergy
C. The form and reference number of the purchase order
D. The ability to import bulk data from Excel spreadsheets

Answer: D

Explanation:
The purpose of this Question:
to actionable requirements before communicating with the suppliers. The scenario suggests that Synergy Ltd's customer services team is using Excel spreadsheets, they lack a centralised customer database. This leads to problems in communications with customers.
A CRM system can solve the communication problem. But a Question: 100
will the previous data be imported? If the CRM system can support bulk import from Excel tables, it will save a lot of time.
Reference:
LO 1, AC 1.1

NEW QUESTION # 159
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. Simplify procurement process
B. Enhance supply continuity
C. Build partnership with suppliers
D. Drive down cost based on market competition

Answer: A

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 # 160
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