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

L4M8 Procurement & Supply in Practice Questions and Answers 100% Pass How many stages are there within the CIPS Procurement Cycle? - Correct Answer ️️ - The CIPS procurement cycle has 13 stages: 1. Understand need and develop a high-level specification. 2. Market/commodity options including make-versus-but assessment. 3. Develop strategy/plan. 4. Pre-procurement market tests and market engagement. 5. Development of required documentation, e.g. request for quotation (RFQ). 6. Supplier selection to participate in an invitation to tender (ITT). 7. Issue invitation to tender/request for quotation. 8. Bid/tender/quotation evaluation and validation. 9. Contract award and implementation. 10. Warehouse logistics and receipt. 11. Contract performance review and continuous improvement. 12. Supplier relationship/contract management. 13. Asset management/end of life. What is stage 1 of the CIPS Procurement Cycle? - Correct Answer ️️ -Understand need and develop a high-level specification. What is stage 2 of the CIPS Procurement Cycle? - Correct Answer ️️ - Market/commodity options including make-versus-but assessment. What is stage 3 of the CIPS Procurement Cycle? - Correct Answer ️️ -Develop strategy/plan. What is stage 4 of the CIPS Procurement Cycle? - Correct Answer ️️ -Pre- procurement market tests and market engagement. What is stage 5 of the CIPS Procurement Cycle? - Correct Answer ️️ -Development of required documentation, e.g. request for quotation (RFQ). What is stage 6 of the CIPS Procurement Cycle? - Correct Answer ️️ -Supplier selection to participate in an invitation to tender (ITT). What is stage 7 of the CIPS Procurement Cycle? - Correct Answer ️️ -Issue invitation to tender/request for quotation. What is stage 8 of the CIPS Procurement Cycle? - Correct Answer ️️ - Bid/tender/quotation evaluation and validation. What is stage 9 of the CIPS Procurement Cycle? - Correct Answer ️️ -Contract award and implementation. What is stage 10 of the CIPS Procurement Cycle? - Correct Answer ️️ -Warehouse logistics and receipt. What is stage 11 of the CIPS Procurement Cycle? - Correct Answer ️️ -Contract performance review and continuous improvement. What is stage 12 of the CIPS Procurement Cycle? - Correct Answer ️️ -Supplier relationship/contract management. What is stage 13 of the CIPS Procurement Cycle? - Correct Answer ️️ -Asset management/end of life. When developing a specification, on what two models can it be focused? - Correct Answer ️️ -• Performance specification • Technical (conformance) specification How should a specification be developed? - Correct Answer ️️ -The specification should be developed together with stakeholders and colleagues to ensure that the final design is fit for purpose and that it meets the generated need. What are the main points of Performance specifications? - Correct Answer ️️ -• Allow supplier innovation • Promote competition in the marketplace • The supplier bears the risk • Buyer may not know exactly what they are getting • Shorter document • Quicker to prepare • Takes advantage of supplier expertise What are the main points of Conformance specifications? - Correct Answer ️️ -• No supplier innovation • Reduced competition • The buyer bears the risk