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Exam (elaborations)

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

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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

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