L4M2 Test Discount & Valid L4M2 Test Cram

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CIPS Defining Business Needs Sample Questions (Q85-Q90):

NEW QUESTION # 85
Which of the following are most likely to increase the buyer's bargaining power?
1. Buyers are price sensitive
2. High set-up cost for new entrants
3. Threat of forward integration is high
4. Threat of backward integration is significant

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

Answer: C

Explanation:
Price sensitivity is the degree to which the price of a product affects consumers' purchasing behaviours. Buyer power will be stronger if buying organisation are price sensitive and vice versa.
Backward integration is a form of vertical integration in which a buying organisation expands its role to fulfil tasks formerly completed by businesses up the supply chain. Buyer power is strong if threat of backward integration is high.
Set-up cost is a determinant of threat of new entry. Some industries require very expensive assets in order to make products. The financial risk of entering the industry and not succeeding can deter many potential new entrants. The fewer new entrants, the fewer available substitutes, then the bar-gaining power of buyer can be negatively affected.
Forward integration is a business strategy that involves a form of vertical integration whereby business activities are expanded to include control of the direct distribution or supply of a compa-ny's products. Threat of forward integration is a determinant of supplier's bargaining power.
Reference:
LO 2, AC 2.2

NEW QUESTION # 86
A charity is reviewing their spend and budget after an operation in flooded areas. They realise that the operators save money against the budgeting plan. This saving is known as...?

A. Positive budget
B. Negative budget
C. Positive variance
D. Negative variance

Answer: D

Explanation:
The difference between the actual spend and budgeted spend is known as variance. The formula for variance is:
Variance = Actual spend - Budgeted spend
Variances can be adverse/unfavourable or favourable ie they can be positive or negative.
Be very careful with these terms. A positive or a negative variance may be favourable or it may be adverse/ unfavourable.
Adverse variances
Adverse variances are those variances that are unfavourable to the firm. Examples would be sales below plan; costs above budget, cash receipts lower than expected, and overtime payment more than forecast.
Favourable variances
Favourable variances are those variances that are beneficial to the business. Examples would be sales ahead of plan, costs below budget, and wages below forecast.
Positive variance
A positive variance occurs where 'actual' exceeds 'planned' or 'budgeted' value. Examples might be actual sales are ahead of the budget.
Negative variance
A negative variance occurs where 'actual' is less than 'planned' or 'budgeted' value. Examples would be when the raw materials cost less than expected, sales were less than predicted, and labour costs were below the budgeted figure.
When the operators create saving, it means that the Actual spend is less than Budgeted spend. Therefore the variance is negative.
Reference:
- Variance analysis
- CIPS study guide page 57-59
LO 1, AC 1.4

NEW QUESTION # 87
Bob is a new procurement specialist at XYZ Ltd. He is assigned to categorise the company's sup-plies. After analysing, Bob realises that a group of low value products is sourced from a tiny geo-graphical area which is prone to flooding. What would be the best strategy to manage this category of products?

A. Form partnership relationship with the current supplier
B. Source this group of products from only one supplier
C. Assign some of procurement jobs to user department
D. Find an alternative source to secure supply

Answer: D

Explanation:
In the scenario, the products have low value and high risk of supply. This group is known as bottleneck or critical in Kraljic's portfolio matrix. The objective for such items would be securing the supply. The company can achieve this goal by 'making' the products themselves, or finding an alternative option.

Reference:
LO 2, AC 2.1

NEW QUESTION # 88
Which of the following is the new technology that has impact on manufacturing sector?

A. Social Media
B. E-commerce
C. Blockchain
D. Robotics

Answer: D

Explanation:
Robots in manufacturing help to create jobs by reshoring more manufacturing work. Robots protect workers from repetitive, mundane and dangerous tasks, while also creating more desirable jobs, such as engineering, programming, management and equipment maintenance.
LO 2, AC 2.1

NEW QUESTION # 89
Which of the following is a challenge of making a business case for straight re-buys?

A. Effective inventory control
B. Identifying suitable suppliers
C. Terms and conditions
D. Research of procurement process

Answer: A

Explanation:
For straight re-buy, the specifications for the products are known. Generally, there will be an existing contract with supplier in place. The business need is challenged annually, only on the annual demand. So effective inventory control will help procurement successfully manage straight re-buy.
Reference:
LO 1, AC 1.1

NEW QUESTION # 90
......

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L4M2 Test Discount & Valid L4M2 Test Cram

Valid CIPS L4M2 free demo & L4M2 pass exam & L4M2 getfreedumps review

CIPS Defining Business Needs Sample Questions (Q85-Q90):

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