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CIPS L4M2 LO1 Exam|97 Questions and Answers verified 100% Correct
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CIPS L4M2 LO1 Exam|97Questions and Answers verified
100% Correct
what is the cost-out approach? - ✔✔the elimination of a cost in the manufacture of a product or
the delivery of a service by means of removing an item from the specification
what is the cost-down approach? - ✔✔the reduction of a cost in the manufacture of a product or
the delivery of a service by means of changing an item in the specification
what can be used as a basis for developing a list of questions? - ✔✔SCAMPER acronym
substitute
combine
adapt
modify
put to other uses
eliminate
reverse
what sections are typically in a business case? - ✔✔- executive summary
- long-term strategy considerations
- business requirements
- price and cost analysis
, - market analysis
- supply analysis
- technical developments
- vulnerability analysis
- sourcing objectives
- implementation plan
- competitive advantage
what is return on investment (ROI)? - ✔✔a measure of profitability that indicates whether a gain
or loss has been generated compared with the initial cost
what are some elements that appeal to senior management? - ✔✔- return on investment
- time to market
- customer satisfaction
- improving productivity
- managing risk
what is desk research? - ✔✔involves gathering information already available from published sources
what is field research? - ✔✔the collection of original or raw data which can be quantitative
or qualitative
what is a request for information? - ✔✔a document used to gather information about suppliers
and their capabilities prior to a formal procurement process
what is a request for quotation? - ✔✔an invitation to suppliers to bid on specific products or services
what is a request for proposal? - ✔✔a document used to canvass potential solutions from
suppliers when the specification is still unclear
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