L4m2 - Study guides, Class notes & Summaries

CIPS L4M2 LO1 questions and answers latest 2024/2025 what is a business case? - correct answer a document that sets out the justification for undertaking a project on commercial grounds what is a straight re-buy? - correct answer the purchase of an item that was purchased last time there was a need rather than considering an alternative what is a modified re-buy? - correct answer the purchase of an item that was purchased last time there was a need, but with changes to the specificatio...

CIPS L4M2 LO1what is a business case? - correct answer a document that sets out the justification for undertaking a project on commercial grounds what is a straight re-buy? - correct answer the purchase of an item that was purchased last time there was a need rather than considering an alternative what is a modified re-buy? - correct answer the purchase of an item that was purchased last time there was a need, but with changes to the specification or supplier what is a new purchase? ...

CIPS L4M2 Defining Business Need questions with answers 2023 rated A+Fixed Cost (FC) Costs that remain the same irrespective of business activity or volume Variable Cost (VC) Costs that vary with the level of output Market Factors Objectives Drivers Governance Ownership Commodity or Non-Commodity Break-Even Point (BEP) When total costs are equivalent to sales revenue (after this, it is profit) Solving a Problem SCAMPER Substitute Combine Adapt Modify P...

CIPS L4M2 Defining Business Need Exam Questions With 100% Correct Answers Types of Purchases new buy, straight rebuy, modified rebuy Straight rebuy purchase Routine purchases of the same products under approximately the same terms of sale Modified rebuy purchase When new-task purchases are changed on repeat orders or straight rebuy purchases are modified New purchase A purchase of an item for the first time Examples of straight rebuy purchases Utilities (gas, water, electricity) MRO ...

L4M2 - CIPS: Defining Business Need with correct answers 2024Acceptance Testing - correct answer A form of testing used to determine if the requirements of a specification or contract are met Accrual - correct answer An adjustment made to a set of financial accounts to reflect activity that has occurred but for which cash has not yet been received or paid Annual Planning Cycle - correct answer Planning involves a number of activities, such as analysis of opportunities, setting aims, exp...

L4M2 - CIPS: Defining Business NeedAcceptance Testing - correct answer A form of testing used to determine if the requirements of a specification or contract are met Accrual - correct answer An adjustment made to a set of financial accounts to reflect activity that has occurred but for which cash has not yet been received or paid Annual Planning Cycle - correct answer Planning involves a number of activities, such as analysis of opportunities, setting aims, exploring options, producing ...

CIPS L4M2 EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Re-buy Correct Answer: It is not necessary to specify a new specification or to source the market. Call-off or framework agreement. A preferred supplier is in place Modified Buy Correct Answer: Review of existing contract requirements and making any necessary amendments such as to build additional benefits, streamline the business or to establish new KPIs/SLAs. Where some of the specification or...

CIPS L4M2 Defining Business Need Exam Questions With 100% Correct Answers Types of Purchases new buy, straight rebuy, modified rebuy Straight rebuy purchase Routine purchases of the same products under approximately the same terms of sale Modified rebuy purchase When new-task purchases are changed on repeat orders or straight rebuy purchases are modified New purchase A purchase of an item for the first time Examples of straight rebuy purchases Utilities (gas, water, electricity) MRO ...

CIPS L4M2 Exam Questions and Answers verified 100% Correct

CIPS L4M2 Defining Business Need questions correctly answered 2024 Fixed Cost (FC) - correct answer Costs that remain the same irrespective of business activity or volume Variable Cost (VC) - correct answer Costs that vary with the level of output Market Factors - correct answer Objectives Drivers Governance Ownership Commodity or Non-Commodity Break-Even Point (BEP) - correct answer When total costs are equivalent to sales revenue (after this, it is profit) Solving a Proble...