Free PDF 2025 CIPS L4M2: Defining Business Needs–Efficient Clearer Explanation

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CIPS Level 4M2 Defining Business Needs module is crucial for professionals who are looking to progress in their procurement and supply careers. This module provides learners with the skills and knowledge needed to identify and analyze organizational needs, which is a key competency for any procurement professional. By taking this module, learners will be able to demonstrate their expertise in procurement and supply chain management.

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Free PDF Quiz CIPS - L4M2 - High-quality Clearer Defining Business Needs Explanation

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CIPS L4M2 certification exam is an essential qualification for procurement and supply chain professionals who want to improve their skills and knowledge in identifying and defining business needs. L4M2 exam covers a wide range of topics that are critical to the effective identification of business requirements, including stakeholder analysis, market analysis, and risk analysis. Passing the CIPS L4M2 Exam is a demonstration of an individual's competence and expertise in analyzing business requirements and can help professionals achieve a successful career in procurement and supply chain management.

CIPS Defining Business Needs Sample Questions (Q105-Q110):

NEW QUESTION # 105
Which of the following specific markets engage in creation, liquidation and change of ownership of stock?

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

Answer: E

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.

NEW QUESTION # 106
Azram, a procurement analyst, has been tasked with applying whole life asset management when purchasing a piece of laboratory equipment. Was this the correct course of action?

A. No, because this covers various transactional costs
B. Yes, because this considers all associated costs
C. Yes, because this focuses only on the price of the equipment
D. No, because this considers the costs of quality

Answer: B

NEW QUESTION # 107
Which of the following problems may be identified as closed problems? Select TWO that apply:

A. A cyber attack takes down whole company's IT system
B. Shortage of key medicines in healthcare industry
C. There are not enough data for procurement analytics
D. Logistics costs incur a large portion in wholesale prices
E. The suppliers don't comply with the company's policy on underage labour.

Answer: A,B

Explanation:
Closed problem is something happens that should not have happened. To solve this type of prob-lem, procurement professional should find a way to correct the situation or try to adapt to it. On the other hand, open ended problem is a obstacle to your short-term objective. You will need to overcome this obstacle.
Shortage of key medicines is a situation in which procurement must find a substitution or try to save the current stock.
In case of cyber attack, procurement should find a way to recover the IT system as soon as possible.
Otherwise, 'There are not enough data for procurement analytics' is an open-ended problem be-cause it prevents company to conduct procurement analytics (an objective).
'Logistics costs incur a large portion in wholesale prices': In this situation, logistics costs are hur-dles that prevent companies to reach lower wholesale.
'The suppliers don't comply with the company's policy on underage labour': In this situation, pro-curement should seek ways to help supplier comply with the company's labour policy.
LO 1, AC 1.1

NEW QUESTION # 108
Which of the following is an useful tool for value engineering?

A. Kano model
B. Star-burst method
C. Kraljic Portfolio Matrix
D. SAMOA

Answer: A

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.
The Kano model is a theory for product development and customer satisfaction developed in the 1980s by Professor Noriaki Kano, which classifies customer preferences into five categories. Both Kano model and Value Engineering aims at optimising new product, so they can be combined to-gether. CIPS L4M2 study guide consider Kano model is a tool of Value Engineering

Example of Kano model (source: Wikipedia)

NEW QUESTION # 109
A buying organisation may not have technical capability to produce a highly complex specification. Which of the following are sources of information that can be used to create the specification? Select TWO that apply

A. Standard terms and conditions
B. Suppliers' know-how
C. Constitution
D. Name cards
E. Industry standards

Answer: B,E

Explanation:
If an organisation doesn't have capability to produce a technical specification, they can draft one based on standards or consulting the suppliers.

NEW QUESTION # 110
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Free PDF 2025 CIPS L4M2: Defining Business Needs–Efficient Clearer Explanation

Free PDF Quiz CIPS - L4M2 - High-quality Clearer Defining Business Needs Explanation

CIPS Defining Business Needs Sample Questions (Q105-Q110):

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