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CIPS L3M2 Questions and Comprehensive Answers Graded A+

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Monetary - ️️costs that contribute towards making the product Fixed costs - ️️Costs that do not vary with the quantity of output produced Variable costs - ️️costs that vary with the quantity of output produced Direct costs - ️️costs attributed directly to the job or contract Indirect costs - ️️costs not directly associated with the job or contract The 5 Rights of Procurement - ️️Quantity Quality Time Place Price Lifetime costing - ️️total anticipated costs of designing, procuring, running and disposing of a fixed asset Costs included in Lifetime Costing - ️️Pre-purchase, item, operating, maintenance, insurance and disposal

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CIPS L3M2 Questions and Comprehensive
Answers Graded A+ 2024-2025
Monetary - ✔️✔️costs that contribute towards making the product

Fixed costs - ✔️✔️Costs that do not vary with the quantity of output produced

Variable costs - ✔️✔️costs that vary with the quantity of output produced

Direct costs - ✔️✔️costs attributed directly to the job or contract

Indirect costs - ✔️✔️costs not directly associated with the job or contract

The 5 Rights of Procurement - ✔️✔️Quantity
Quality
Time
Place
Price

Lifetime costing - ✔️✔️total anticipated costs of designing, procuring, running and
disposing of a fixed asset

Costs included in Lifetime Costing - ✔️✔️Pre-purchase, item, operating, maintenance,
insurance and disposal

5 factors of Organisational Success - ✔️✔️People, purpose, procedures, customers and
resources

The 3 Es - ✔️✔️efficiency, effectiveness, economies

5S Framework Definition - ✔️✔️used to refine methods and procedures

5S Framework - ✔️✔️Sort, set in order, shine, standardise, sustain

Lean thinking definition - ✔️✔️identifying waste that may be hindering the success of a
project

Lean Waste Types - ✔️✔️transportation, inventory, motion, waiting, over-processing,
over-production and defects (TIMWOOD)

Effectiveness - ✔️✔️doing the right task

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