L4M2 - CIPS: Defining Business Need question n answers graded A+

L4M2 - CIPS: Defining Business NeedAcceptance 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 whom has no obligation to the other Asset Value - 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 output of a business at which revenue equals total costs