VALID L4M2 VCE DUMPS - L4M2 EXAM ACTUAL TESTS

Valid L4M2 Vce Dumps - L4M2 Exam Actual Tests

Valid L4M2 Vce Dumps - L4M2 Exam Actual Tests

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Tags: Valid L4M2 Vce Dumps, L4M2 Exam Actual Tests, L4M2 Trusted Exam Resource, New L4M2 Braindumps Sheet, L4M2 Test Simulator Online

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The Level 4 Diploma in Procurement and Supply consists of eight units, and one of these units is Defining Business Needs (L4M2). This unit is designed to equip learners with the knowledge and skills required to identify and evaluate business needs, assess the feasibility of solutions, and develop business cases to support decision-making.

The Chartered Institute of Procurement and Supply (CIPS) offers a variety of certification exams that are recognized globally as a mark of excellence in the procurement and supply profession. One such certification exam is the CIPS L4M2 (Defining Business Needs) which is designed to help professionals develop a thorough understanding of business needs and how to translate them into effective procurement processes.

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L4M2 Exam Actual Tests & L4M2 Trusted Exam Resource

The Defining Business Needs (L4M2) product can be easily accessed just after purchasing it from ExamcollectionPass. You can receive free CIPS Dumps updates for up to 1 year after buying material. The 24/7 support system is also available for you, which helps you every time you get stuck somewhere. Many students have studied from the ExamcollectionPass Defining Business Needs (L4M2) practice material and rated it positively because they have passed the L4M2 certification exam on the first try.

CIPS Defining Business Needs Sample Questions (Q174-Q179):

NEW QUESTION # 174
Which of the following specific markets engage in creation, liquidation and change of ownership of stock?

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

Answer: D

Explanation:
According to Investopedia, the financial services sector provides financial services to people and corporations. This segment of the economy is made up of a variety of financial firms includ-ing banks, investment houses, lenders, finance companies, real estate brokers, and insurance com-panies. As noted above, the financial services industry is probably the most important sector of the economy, leading the world in terms of earnings and equity market capitalization. Large conglomerates dominate this sector, but it also includes a diverse range of smaller companies.
According to the finance and development department of the International Monetary Fund (IMF), financial services are the processes by which consumers or businesses acquire financial goods. For example, a payment system provider offers a financial service when it accepts and transfers funds between payers and recipients. This includes accounts settled through credit and debit cards, checks, and electronic funds transfers.
Companies in the financial services industry manage money. For instance, a financial advi-sor manages assets and offers advice on behalf of a client. The advisor does not directly provide investments or any other product, rather, they facilitate the movement of funds between savers and the issuers of securities and other instruments. This service is a temporary task rather than a tangible asset.
Financial goods, on the other hand, are not tasks. They are things. A mortgage loan may seem like a service, but it's actually a product that lasts beyond the initial provision. Stocks, bonds, loans, commodity assets, real estate, and insurance policies are examples of financial goods.
Reference:
LO 2, AC 2.1


NEW QUESTION # 175
Which of the following statements is the best definition of 'value engineering?

  • A. Analysing perceived value after the product is available for sale
  • B. Building value into a new product from design stage onwards
  • C. Value achieved by an engineering department
  • D. Producing good value products right first time.

Answer: B

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 # 176
A company is planning the procurement of an IT system and wants to agree a through-life contract with the supplier to ensure ongoing system support. The first step in producing that specification should be to:

  • A. Build a design
  • B. Identify the IT system supplier
  • C. Define the user requirements
  • D. Prepare tendering documents

Answer: C

Explanation:
Writing a high-quality specification is very crucial in every purchase. In through-life management, it is even more important since the assets often have very high value. Defining user requirement is the first step to write a specification. Without doing this right, many problems may arise in later stages.


NEW QUESTION # 177
Over the life of a product, which of the following would be considered non-value-adding costs?
* Rework costs
* Production costs
* Maintenance costs
* Waste disposal costs

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

Answer: B


NEW QUESTION # 178
Halfords is a major bicycle and car parts retailer with long history in the market. Its suppliers are plentiful and there is no threat of forward integration. Some other smaller retailers are applying 3D-printing technology to make personalized bicycle parts but their market share is relatively low. 3D-printing technology is an example of which competitive force?

  • A. Rivalry within the industry
  • B. Bargaining power of buyer
  • C. Threat of substitute
  • D. New entrants may enter the market

Answer: C

Explanation:
3D-printed parts can replace traditional metal parts. They are also more easily customised to fit customer's needs. This technology is an example of threat of substitute in Porter's Five Forces model.
Substitute goods or services that can be used in place of a company's products or services pose a threat. Companies that produce goods or services for which there are no close substitutes will have more power to increase prices and lock in favorable terms. When close substitutes are available, customers will have the option to forgo buying a company's product, and a company's power can be weakened.
Reference:
- CIPS study guide page 85-96
- Porter's 5 Forces Definition: Analyzing Businesses (investopedia.com) LO 2, AC 2.2


NEW QUESTION # 179
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