CIPS L4M8 Procurement and Supply in Practice Exam Questions With Verified Answers

CIPS L4M8 Procurement and Supply in Practice Exam Questions With Verified Answers Whole Life Asset Management - answerBased around obtaining the best value theiugbout the lifetime of the asset (fixed assets only) Value - answerValue is perceived differently by different stakeholders (finance, IT, sales, etc) WLAM 8 Elements - answerIdentify need/objectives/risk Procurement Construction Commissioning Deterioration/maintenance Condition performance monitoring Decommissioning Renewal/replacement Identify need/objective/risk - answerUnfit for purpose Competition in the market Raised/reduced demand Regulations/legislations Financial concerns Identify need/objective/risk - answerReducing cost Improving reputation Reducing output Keeping up with the competition Improving processes Identify need/objective/risk - answerDowntime Resistance Incompatibility Associated costs Lost sales/revenue Procurement - answerIdentifying, selecting and evaluating potential suppliers then conducting the RFQ or ITT Construction - answerDesigning and manufacturing the asset Commissioning - answerBringing something new into working condition Commissioning Costs - answerInstallation Training Insurance Testing Operational efficiencies/performance Quality 5 Approaches to condition performance monitoring - answerDo nothing Reactive Preventative Redictive Proactive Extended Supply Chain - answerPrim