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CIPS L4M8 Exam Verified 100% Correct!!
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CIPS L4M8 Exam Verified 100% Correct!!
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CIPS L4M8 Exam Verified 100%Correct!!
Stage 13: Assest management/end of life Answer- The procurement professional
should evaluate whether the need is still current. If it is and unchanged, the
procurement cycle process commences again but from a different stage as the need
is already known and understood. If the need is not required the buyer should
manage the end of life by reducing stock levels and informing the supplier
Anti-bribery procedures Answer- -Proportionate procedures: should be in line with
the ype of bribery risk and scale that is likely to be faced
-Top level commitment: High level execs should set an example and issue
statements, updates and feedback on the procedures and expectations
-Risk assessment: Regular and documented risk assessment of the likelihood and
impact of bribery
-Due diligence: Documented procedures should cover and be enforced by all of the
organisation within the supply chain
-Communication: Ongoing training and updates should be provided to keep the
organisation and its workforce aware of current developments
-Monitoring and reviewing: Methods should be implemented to review compliance
with the policies and procedures
Busisness case for whole life asset management Answer- -Introduction
-Objective
-Approach
-Resources
-Benefits
Procurement Cycle Answer- the cyclical process of key steps when procuring goods
or services.
Steps of the Procurement Cycle Answer- 1. Understand Need and develop High
level Spec.
2. Market/Commodity and options (inc make or buy assessment).
3. Develop Strategy/plan
4. Pre-procurement market test and market engagement.
5. Develop documentation, PPQ/detailed spec/combine with 1.
6. Supplier selection to participate in ITT/RFQ/negotiation.
7. Issue ITT/RFQ.
8. Bid/Tender Evaluation and validation.
9. Contract award and implementation.
10. Warehouse logistics and receipt.
11. Contract performance review and continuous improvement.
12. SRM and SC management and development.
13. Asset management/end of life and lessons learnt.
,Terms and Conditions and the Developing of Contracts Answer- are a very
important element of developing contracts, helping to minimise contractual risks and
exposure when doing business.
Supplier Evaluation Answer- the process of evaluating and approving existing and
potential suppliers by quantitative assessment against specific business criteria.
Sourcing Answer- a critical activity that commands increasing attention as managing
supply chains becomes more complex (Trautmann et al., 2009). It is used at both
tactical and strategic levels and is concerned with what needs to be purchased
(product/service), in what quantities, for what purpose and where.
Whole life cycle costing Answer- takes into account the total cost of a product or
service over its lifetime, from concept through to disposal including purchase, hire or
lease, maintenance, operation, utilities, training and disposal. It is important for
procurement to take all these elements into consideration when making decisions
and comparing the costs of buying, renting or leasing equipment particularly. In most
cases the purchase costs are only a small proportion of the cost of operating it.
Corporate Social Responsibility (CSR) Answer- a way of ensuring that the business
monitors its compliance with the law and industry standards. It embraces the
company's obligations and creates a positive impact through its activities and in
some cases relates to a company going beyond its obligations in terms of its effect
on the environment and impact on social welfare.
Diversity and Inclusion Answer- Businesses not only have a responsibility to respect
and value all forms of difference including race and ethnicity, culture and belief,
gender and sexuality, age and social status and ability. There is also a huge
business advantage to be had: diverse teams are more innovative, but also people
want to be part of them and stay part of them.
Modern Slavery Answer- possession or control of a person deprived of their rights
with the intention of exploiting them
Sustainable and Ethical Procurement Answer- consider the impact of environmental,
economic and social factors along with price and quality. This is important in terms of
how the buyer conducts their relationship with suppliers, including contract
negotiation especially when sourcing globally with unfamiliar work cultures.
Supplier Diversity Answer- A proactive business program which encourages the use
of minority-owned, women owned, veteran owned, LGBT-owned [1], service disabled
veteran owned, historically underutilized business, and Small Business
Administration (SBA)-defined small business concerns as suppliers.
Social Value Answer- a way of thinking about how scarce resources are allocated
and used. It involves looking beyond the price of each individual contract and looking
at what the collective benefit to a community is, when a public body chooses to
award a contract.
, implied terms Answer- always present in a contract and are set by the law of the
land.
Express terms Answer- are written into the contract. They usually relate to items
that can be negotiated and agreed between the parties involved. Examples include
payment terms, the specification, delivery details, quantities, and indemnity clauses,
etc.
Model Form Contracts Answer- are a templated contract comprising of standardised
and non-negotiated terms and conditions. Can be used to reduce the time required
to negotiate specific terms for each agreement.
Conditions Answer- are fundamentally at the heart of the contract. If they
arebreached, they give the injured party the full range of remedies,including the right
to terminate.
Warranties Answer- are minor terms. If there is a breach, the injured party still have
the right to claim compensation but might not be able to take any other form of
redress.
Liquidated Damages Answer- are fixed amounts of money agreed between the
parties that becomes payable upon a breach of contract. They are enforceable by
law.
Unliquidated damages Answer- are an unspecified amount of money. And are used
when the amount of money that will compensate the aggrieved party is unable to be
predetermined.
Exclusion clause Answer- are used in contracts in order to try and totally exclude
the amount of liability which would otherwise arise from some breach of contract.
Indemnity Clause Answer- are designed to secure an undertaking from the other
party that it will accept liability and risk for any loss arising from events in carrying out
the contract, and will make good the loss to the injured party or parties.
Weighted Scorecard Answer- This is a tool that provides a systematic and fair
process for selecting suppliers based on predetermined criteria.
Whole life asset management Answer- relates to fixed assets. It is the process of
evaluating the total price and all other costs associated with the item so an informed
decision can be made about which option will provide the best value for money for
the organization.
Fixed Assets Answer- assets that are relatively permanent, such as land, buildings,
and equipment
1st stage of whole-life cycle asset management Answer- identify the need,
objectives and risk. For example, objectives could include being more energy
efficient, reducing cost or keeping up with the competition.
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