L4M2 Exam Guide, Prep L4M2 Guide

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The Defining Business Needs certification exam for the Defining Business Needs module is a rigorous assessment of an individual's understanding of the concepts and practices covered in the course. L4M2 Exam is designed to test a candidate's ability to apply the knowledge they have gained in real-world scenarios and to think critically about the needs of their organization.

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Achieving the CIPS L4M2 certification is a great way to demonstrate your expertise and knowledge in the field of business analysis. Defining Business Needs certification is recognized globally and is highly regarded by employers in the procurement and supply chain management industry. By passing the certification exam, you will gain a competitive edge over other candidates and increase your chances of securing a higher-paying job or a promotion within your organization. Additionally, the CIPS L4M2 Certification is a great way to demonstrate your commitment to professional development and lifelong learning.

CIPS Defining Business Needs Sample Questions (Q38-Q43):

NEW QUESTION # 38
Which of the following are primary sources of market data for costs and prices? Select TWO that apply.

Answer: C,E


NEW QUESTION # 39
Robert is a senior buyer at MMC Construction Ltd. His company is doing multiple development projects in the country, which increases procurement workload significantly. Meanwhile, most of the tasks are handled manually, which causes bottlenecks in the workflows. The procurement team is overwhelmed by the workload and complains from other departments. From previous experience, Robert knows that electronic system may help his procurement team. He writes a business case to submit to the senior management, in which he insists on the possible productivity improvement by adopting e-system in procurement. Is Robert's action reasonable?

Answer: A

Explanation:
Composing a compelling business case requires the proposer to write in the language of the approvers. Generally, approvers are business executives or important shareholders whose major interest is the profitability of the firm. Business case proposer may embed the following contents:
- Return on investment: according to Investopedia, Return on Investment (ROI) is a performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments. ROI tries to directly measure the amount of return on a particular investment, relative to the investment's cost. A business case would seem more attractive if the proposal is expected to have high ROI.
- Time to market: Time-to-market (TTM) refers to the time from which a company initially con-ceives a product or service idea to the point when the actual product or service is accessible to buyers in the market (Afonso et al., 2008). The speed at which companies can introduce products into the market is critical for sustaining competitive advantage, and the reduction of product development cycle time has become a strategic objective for many technology-driven firms.
- Customer satisfaction: Keeping existing customer to stay in the business can affect greatly on the profit margin of a firm. A new proposal that finds the way to innovate while keeping the current customers satisfied may gain the interest of senior management.
- Improving productivity: Productivity is the measure of how efficient and effective a firm is. Im-proving the productivity means that with the same or lesser input, better output is generated. In-creasing productivity also improves the profitability of a company.
- Risk management: Any business activity contains inherent risks. For example, for a mining company to be truly responsible, it must keep all of its workers safe, healthy and motivated, meet the expectations of the local community and government for the region in which it is operating, ensure it impacts on the environment positively if at all, as well as achieve the financial objectives set by its investors for both the short and long term. Managing risks well improves the production throughput and maintains customer satisfaction.
In the scenario, Robert is trying to convince the senior management to adopt e-procurement system by insisting on potential productivity improvement. This is the right approach. A business plan should engage and please senior management and directors. An appealing business case tells them how important things to the business (such as productivity, return on investment, customer satisfaction or costs) are affected by the plan.
Reference:
LO 1, AC 1.1


NEW QUESTION # 40
Robert is a buyer at Pickton's Farm Products (PFP), a manufacturer of food products that are sold to supermarkets. Robert will be sourcing from local farmers to supply PFP with raw materials for PFP's products. What is a major supply chain risk that Robert needs to be aware of which is specific to this market?

Answer: A


NEW QUESTION # 41
Which of the following statements is the best definition of 'value engineering?

Answer: C

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.
LO 3, AC 3.4


NEW QUESTION # 42
A company is considering buying a new computer system to handle large amounts of personal data and expects the system to perform in a particular way. Which of the following should be included in the performance specification? Select TWO that apply.
System operating conditions

Answer: A,B


NEW QUESTION # 43
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