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CIPS L4M2 Test Questions and Answers verified 100% Correct
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CIPS L4M2 Test Questions andAnswers verified 100% Correct
Service requirements - These factors associated with the way services are supplied, example, flexibility,
availability or support, such as help desks
Cost - It is only after the other factors have been met that the cost should be considered in aspects of
both cost and price e.g., target costs, total cost of ownership, benchmarked prices, continuous
improvement
Innovation - It is necessary to look for innovation, particularly in terms of the means of improving the
customers' experience. Examples include the use of emerging technology, customer of first choice
and capability improvement
Regulatory bodies - ✔✔Public authorities or government agencies that have responsibility for
overseeing and supervising a specified activity.
Examples of regulatory bodies - ✔✔- International Organisation for Standardisation (ISO)
- Chartered institute of procurement and supply (CIPS)
Capacity - ✔✔The output of a business
Target costs - ✔✔The expected cost of making a product or delivering a service.
, Criteria - ✔✔a principle or standard by which something may be judged or decided
Performance measures - ✔✔Standards, targets and metrics used to collect and analysis
information on the performance of an individual or contract.
Sourcing stratergy - ✔✔A plan for creating an advantage by continually renewing current needs
against purchasing opportunities
Requisition - ✔✔An internal document raised by a user or a store to communicate to procurement
the need to buy the product or service specified
Purchase Order - ✔✔A commercial document issued by a buyer to a seller confirming the goods
or services required together with the quantity and specification needed
Annual planning cycle - ✔✔Planning involves a number of activities, such as analysis of
opportunities, setting aims, exploring options, producing detailed plans and reviewing the plan against
expectations. A cycle of activities as the result where each activity revised before the final plan is
accepted.
Terms and conditions - ✔✔The rules that must be adhered to during a contract (also called terms
of service or terms of use)
Trigger events - ✔✔Circumstances that start an activity
Breakthrough result - ✔✔The achievement of a particularly important and significant result
Collaborative agreement - ✔✔The long-term agreement between a buying organisation and a
selling organisation which sets out how each party proposes to share information, costs, risks and
results by working together on a product or service
Capability - ✔✔The ability of a supplier to meet an organisations specific business requirements
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