CIPS L4M1 - Key Phrases question n answers graded A+ 2024/2025

CIPS L4M1 - Key Phrasesartificial intelligence - correct answer Machines that display human-like intelligence Assets - correct answer resources owned by a business audit - correct answer A systematic inspection of a process or procedure to assess compliance with requirements or regulations Batch Quantity - correct answer Amount of products produced at a time benchmark - correct answer Compare an element of one business, such as price, quality or service against another Bid - correct answer Offer a price, could be a response to a ITT brand - correct answer An image of an organisation, the name, logo, slogan, colours etc.. that differentiate it from the competition Budget - correct answer Financial Plan for a set period of time on how much can be spent Buffer stock - correct answer Amount of stock held as inventory at any time in addition to immediate requirements Capital Assets - correct answer Tangible, non current (or fixed) assets Carriage Deals - correct answer Negotiations on transport to achieve the best possible cost Centralised structure - correct answer Activities carried out at one central location Charity - correct answer A not for profit organisation with the objective of raising awareness or helping its chose cause Cloud Computing - correct answer The deliver of IT services such as storage and networking which are hosted by a third party and accessed over the internet Co-operative - correct answer A people centred enterprise owned and run by and for its members, which either reinvests any profits or returns them to its members Code of ethics - correct answer A document detailing acceptable behaviour within an organisation Collaborative style - correct answer Working together effectively, a style promoting win-win and trust within relationships Competitive dialogue - correct answer Multi-stage process involving feedback from potential suppliers prior to bidding Competitive dialogue with negotiation - correct answer Multistage process involving negotiation with the bidders Compliance - correct answer Conforming to rules and regulations Conflict of interest - correct answer A situation where a person has conflicting loyalties Corporate governance - correct answer The mechanisms, procedures and processes that are used to control and direct an organisation Corporate Social Responsibility - correct answer A business approach that contributes to sustainable development by delivering social, environmental, and economic benefits for all stakeholders Cost avoidance - correct answer Limiting potential cost increases