CIPS L4M2 LO1 correctly answered rated A+ 2024

CIPS L4M2 LO1what is a business case? - correct answer a document that sets out the justification for undertaking a project on commercial grounds what is a straight re-buy? - correct answer the purchase of an item that was purchased last time there was a need rather than considering an alternative what is a modified re-buy? - correct answer the purchase of an item that was purchased last time there was a need, but with changes to the specification or supplier what is a new purchase? - correct answer the purchase of an item for the first time what is an approved supplier list? - correct answer a list of approved suppliers who have the skills to undertake the work what is a call off? - correct answer the purchase of an item using a framework agreement that has already been through a procurement process what is a framework agreement? - correct answer an agreement that sets out the terms and conditions under which a call off can be made what are some examples of a straight re-buy? - correct answer - maintenance, repair and operational items - utilities such as gas, water and electricity - raw materials such as steel and bulk chemicals what are some examples of a modified re-buy? - correct answer - components are production - consulting services using a consultancy that the organisation has used before but with a new brief - software bought on the basis of a number of users what are the tasks in a new purchase? - correct answer - understanding the business requirement - writing an effective specification for what is needed - researching the supply market - researching key suppliers in that market - deciding on the key capabilities that suppliers must have - writing invitation to tender documentation - managing the tender process - negotiating - selecting the supplier how would you identify business needs? (RAQSCI) - correct answer 1) regulatory - legal requirements 2) availability - supply of goods when required 3) quality - fit for purpose 4) service requirements - the way services are supplied 5) cost - should only be considered after the other factors have been met 6) innovation - improving customers experience what is total cost of ownership? - correct answer the sum of all the costs of acquiring, using, maintaining and disposing of an asset over its expected lifetime what are 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 what should you consider when defining business requirements? - correct answer - collect information relating to the organisations desired future state - categorise all potential stakeholders - identify individuals who contribute to the acquisition, manufacture or use or the product/service - on completion, the analysis should be summarised and shared with all the stakeholders