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
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
