CIPS L4M8 Procurement and Supply in Practice Questions and Answers 100% Pass

CIPS L4M8 Procurement and Supply in Practice Questions and Answers 100% Pass Whole Life Asset Management - Correct Answer ️️ -Based around obtaining the best value theiugbout the lifetime of the asset (fixed assets only) Value - Correct Answer ️️ -Value is perceived differently by different stakeholders (finance, IT, sales, etc) WLAM 8 Elements - Correct Answer ️️ -Identify need/objectives/risk Procurement Construction Commissioning Deterioration/maintenance Condition performance monitoring Decommissioning Renewal/replacement Identify need/objective/risk - Correct Answer ️️ -Unfit for purpose Competition in the market Raised/reduced demand Regulations/legislations Financial concerns Identify need/objective/risk - Correct Answer ️️ -Reducing cost Improving reputation Reducing output Keeping up with the competition Improving processes Identify need/objective/risk - Correct Answer ️️ -Downtime Resistance Incompatibility Associated costs Lost sales/revenue Procurement - Correct Answer ️️ -Identifying, selecting and evaluating potential suppliers then conducting the RFQ or ITT Construction - Correct Answer ️️ -Designing and manufacturing the asset Commissioning - Correct Answer ️️ -Bringin