CIPS EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+

CIPS EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Acceptance testing Correct Answer: A form of testing used to determine if the requirements of a specification or contract are met Accrual Correct Answer: An adjustment made to a set of financial accounts to reflect activity that has occurred but for which cash has not yet been received or paid Annual planning cycle Correct Answer: Planning involves a number of activities, such as analysis of opportunities, setting aims, exploring options, producing detailed plans and reviewing the plan against expectations. A cycle of activities as the result where each activity might need the previous activity revised before the final plan is accepted Approved supplier list Correct Answer: A list of approved suppliers who have the skills (for example, technical, functional or financial) to undertake the work Arms-length relationship Correct Answer: The relationship between two parties each of whom has no obligation to the other Asset value 2 Correct Answer: The value of everything an organisation owns Bargaining power Correct Answer: The ability of a company or individual to influence another Benchmarked prices Correct Answer: The price paid for a product or service either in the past or by other users in order to set a standard for future reference Bill of materials Correct Answer: A comprehensive list of components, items, materials and parts to create a product, essentially a recipe for the production of an item Break-even point Correct Answer: The level of output of a business at which revenue equals total costs Breakthrough result Correct Answer: The achievement of a particularly important and significant result Business case Correct Answer: A document that sets out the justification for undertaking a project on commercial grounds