Exam (elaborations)
CIPS L4M1 (Level 4 Module 1) SUMMARIZED STUDY GUIDE RATED A.
- Course
- Institution
CIPS L4M1 (Level 4 Module 1) SUMMARIZED STUDY GUIDE RATED A.
[Show more]
Content preview
CIPS L4M1 (Level 4 Module 1) SUMMARIZEDSTUDY GUIDE RATED A.
How to identify stakeholders?
✔✔1. Who is affected directly and indirectly by the organization’s
actions?
2. Who has power to influence the organization’s decisions?
3. Who would be concerned if the project/organization succeeded or
failed?
4. Who has a personal interest in the project/organization?
5. Who will benefit through success of the project/organization?
6. Who could help solve problems?
7. Who sets the regulations that must be adhered to?
8. Who carries out related actions?
Mendelow’s Stakeholder Matrix
✔✔1. Keep Satisfied - High Power, Low interest
2. Manage Closely - High Power, High Interest
3. Minimum Effort - Low Power, Low Interest
4. Keep Informed - HIgh Interest, Low Power
Procurement cycle
✔✔Pre-award stages (Stages 1-8)
Contract award stages (Stage 9)
Post-contract award stages (10-13)
,Porters 5 forces
✔✔1. Industry Rivalry
2. New entrants
3. Buyer Power
4. Supplier Power.
5. Substitutes
Procurement Cycle stage 1 understand the need
✔✔Understanding the need and develop a high-level specification (this
may take a significant amount of time).
A need can be:
1. tangible or intangible
2. generated by an internal or external customer
A need is usually communicated to procurement in a requisition that
details what is required, how many, when and what quality is needed.
should include:
1. Description of what is required
2. Quantity of what is required
3. Delivery time and place of what is required
4. Quality of what is required
Procurement Cycle stage 2 market commodity options
✔✔Stage 2 Market/commodity and options (make or buy decision);
evaluates:
•Economic situation
,•Currency fluctuations
•Supply, demand and
•subsequent price
The buyer: determines whether the organisation should make or buy to
meet the need
researches suitable suppliers if the need is to be bought
Procurement Cycle stage 3 develop a strategy
✔✔Develop a strategy or plan
1. This document outlines whether to approach local, national or global
suppliers
2. Includes an evaluation of the competition using Porter's Five Forces
3. States whether an invitation to tender or a request for quotation is more
appropriate
Procurement Cycle stage 4 Pre procurement market test
✔✔1. Engaging with the market to establish how best to develop the
specification
2. What the cost implications and optimum contracting terms might be
3. Whether the time is right to act upon the need,
4. Considering product life cycles and seasonal trends
Procurement Cycle stage 5 Develop documentation
✔✔1. The RFQ or ITT documentation should include:
, 2. Specification
3. Quantity
4. Delivery details
5. Service level agreement (SLAs)
6. Terms and conditions.
There are two types of terms in a contract.
7. Express terms are anything that is specifically written into the contract,
e.g., payment terms.
8. Implied terms are linked to legislation and regulations and are
assumed to exist. Such terms do not have to be mentioned in the
contract. By law they are present even if not shown.
ITT
✔✔1. Document sent out to invite bids
2. Formal
3. Suppleirs are often pre-evaluated
4. Most commonly used in the public sectore
5. Reposnse will be in set format
6. Terms can be negotiated
7. used when purchasing complex products or services
8. Used when purchasing high value products or services
RFQ
✔✔1. Document sent out to invite quotations
2. Informal
3. Suppliers not usually pre-evaluated
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller saraciousstuvia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.19. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77333 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now