CIPS Quiz And Answers

CIPS Quiz And Answers Acceptance testing - ANS A form of testing used to determine if the requirements of a specification or contract are met Accrual - ANS 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 - ANS 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 - ANS A list of approved suppliers who have the skills (for example, technical, functional or financial) to undertake the work Arms-length relationship - ANS The relationship between two parties each of whom has no obligation to the other Asset value - ANS The value of everything an organisation owns Bargaining power - ANS The ability of a company or individual to influence another Benchmarked prices - ANS 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 - ANS 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 - ANS The level of output of a business at which revenue equals total costs Breakthrough result - ANS The achievement of a particularly important and significant result Business case - ANS A document that sets out the justification for undertaking a project on commercial grounds Business requirement - ANS The activities that meet the need of, and provide value to, the business (also called business need) Business requirement definition (BRD) - ANS Sets out what the product or service needs to achieve if all stakeholders are to be satisfied Buying off-contract - ANS The purchase of an item without a contract when a contract for that item already exists