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L4M2 Exam Dumps : Defining Business Needs

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Defining Business Needs Questions and Answers

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Question 1

What criteria can be applied in the production of a business case?

Options:

A.

Questions, price, and evaluation

B.

Suggestions, feedback, and forecast

C.

Plans, delivery, and design

D.

Costs, benefits, and options

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Question 2

Lucy, a junior procurement analyst, has been asked to assess the competitive forces in the garden furniture market. XYZ Ltd is the largest producer of garden furniture in the country. It produces 70% of all the garden furniture manufactured, while the second largest manufacturer produces less than 5% of the garden furniture for the country. Which power does XYZ Ltd possess?

Options:

A.

Purchasing power

B.

Substitute power

C.

Supplier bargaining power

D.

Buyer bargaining power

Question 3

Which of the following describes a purpose of financial modelling in procurement?

Options:

A.

It helps procurement professionals forecast budgets, profitability ratios and returns on investments that may exist

B.

It allows an organisation to better understand the suppliers within the market

C.

It can help determine the most appropriate route to market for a set of requirements

D.

It helps organisations to agree on the correct contractual terms and conditions with a supplier

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