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CIPS L4M2 Exam With Confidence Using Practice Dumps

Exam Code:
L4M2
Exam Name:
Defining Business Needs
Vendor:
Questions:
237
Last Updated:
Apr 3, 2025
Exam Status:
Stable
CIPS L4M2

L4M2: CIPS Level 4 Diploma in Procurement and Supply Exam 2025 Study Guide Pdf and Test Engine

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Defining Business Needs Questions and Answers

Question 1

When analyzing direct and indirect costs of potential suppliers for negotiations and planning pur-chasing budget, the procurement manager collects reports from specialist organisations like Mintel, Gartner and Forrester. Which kind of information source is used by the procurement manager?

Options:

A.

Company annual report

B.

Technical data

C.

Market data

D.

RFI

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Question 2

A charity is reviewing their spend and budget after an operation in flooded areas. They realise that the operators save money against the budgeting plan. This saving is known as...?

Options:

A.

Negative budget

B.

Positive variance

C.

Negative variance

D.

Positive budget

Question 3

SET Group are a start-up company trying to estimate the direct costs of materials for a project. The organisation has limited procurement records available. Would using general industry averages as a benchmark provide an accurate estimation of the project costs?

Options:

A.

Yes, industry benchmarks are always kept up to date to consider real-time market conditions

B.

No, the organisation will not have access to industry benchmarks as they are a new organisation

C.

No, industry benchmarks do not consider specific specifications, quality requirements, or real-time market conditions

D.

Yes, cost predictions do not need to be accurate as they are just an initial guess