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Exam CIPS L4M2 Testking - L4M2 Certification Exam Infor

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The Chartered Institute of Procurement and Supply (CIPS) is a leading professional body for procurement and supply chain professionals worldwide. CIPS offers a range of certification programs that cater to the diverse needs of procurement and supply chain professionals. One such program is the CIPS Level 4 Diploma in Procurement and Supply. Defining Business Needs certification comprises eight modules that cover the core competencies required for professionals working in procurement and supply chain management. The second module of this diploma program is Defining Business Needs, also known as L4M2.

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L4M2 Certification Exam Infor | L4M2 New Study Notes

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CIPS Defining Business Needs Sample Questions (Q189-Q194):

NEW QUESTION # 189
A company buys components from its supplier. However, the supplier has not sent the invoice to the buyer and the buyer will not pay until next month. How will that amount of money be shown in the financial statements of the buying organization?

A. Tax liabilities
B. Accounts payable
C. Accrued expense
D. Accrued interest

Answer: C

Explanation:
The buyer won't pay the supplier until next month. This is a liability to the buyer. This amount can be recorded as accrued expense or accounts payable. On the other hand, the supplier has not sent the invoice, so it should be accrued expense.
Both accounts payables and accrued expenses are liabilities. Accounts payable is the total amount of short- term obligations or debt a company has to pay to its creditors for goods or services bought on credit. With accounts payables, the vendor's or supplier's invoices have been received and recorded.
On the other hand, accrued expenses are the total liability that is payable for goods and services that have been consumed by the company or received. However, accrued expenses are those bills in which an invoice or bill has not yet been received. As a result, accrued expenses can sometimes be an estimated amount of what's owed, which is adjusted later to the exact amount, once the invoice has been received.
Conversely, accounts payable should represent the exact amount of the total owed from all of the invoices received.

NEW QUESTION # 190
Which of the following is a tool to define roles and responsibilities of a project team?

A. SCAMPER Method
B. Monte Carlo model
C. RACI Matrix
D. STEEPLE Analysis

Answer: C

Explanation:
A responsibility assignment matrix[1] (RAM), also known as RACI matrix[2] (/relsi/) or linear responsibility chart[3] (LRC), describes the participation by various roles in complet-ing tasks or deliverables for a project or business process. RACI is an acronym derived from the four key responsibilities most typically used: responsible, accountable, consulted, and informed.[4] It is used for clarifying and defining roles and responsibilities in cross-functional or departmental projects and processes.[5] There are a number of alternatives to the RACI model.
Role distinction[edit]
There is a distinction between a role and individually identified people: a role is a descriptor of an associated set of tasks; may be performed by many people; and one person can perform many roles. For example, an organization may have ten people who can perform the role of project manager, although traditionally each project only has one project manager at any one time; and a person who is able to perform the role of project manager may also be able to perform the role of business analyst and tester.
R = Responsible (also recommender)Those who do the work to complete the task.[6] There is at least one role with a participation type of responsible, although others can be delegated to assist in the work required (see also RASCI below for separately identifying those who participate in a sup-porting role).
A = Accountable (also approver or final approving authority)The one ultimately answerable for the correct and thorough completion of the deliverable or task, the one who ensures the prerequi-sites of the task are met and who delegates the work to those responsible.[6] In other words, an accountable must sign off (approve) work that responsible provides. There must be only one accountable specified for each task or deliverable.[7] C = Consulted (sometimes consultant or counsel)Those whose opinions are sought, typical-ly subject-matter experts; and with whom there is two-way communication.[6] I = Informed (also informee)Those who are kept up-to-date on progress, often only on completion of the task or deliverable; and with whom there is just one-way communication.[6] Very often the role that is accountable for a task or deliverable may also be responsible for com-pleting it (indicated on the matrix by the task or deliverable having a role accountable for it, but no role responsible for its completion, i.e. it is implied). Outside of this exception, it is generally recommended that each role in the project or process for each task receive, at most, just one of the participation types. Where more than one participation type is shown, this generally implies that participation has not yet been fully resolved, which can impede the value of this technique in clarifying the participation of each role on each task.
Reference:
- CIPS study guide page 17
- Responsibility assignment matrix - Wikipedia
LO 1, AC 1.1

NEW QUESTION # 191
Rachel has issued a specification for spare parts out to global suppliers. Rachel has asked for these parts to carry a standard from the International Organisation for Standardisation. Is Rachel right to do this?

A. No, as this standard will not be recognised outside of the UK
B. Yes, as spare parts are the only things these standards apply to
C. No, as these standards don't apply to spare parts
D. Yes, as it is an appropriate and recognised standard

Answer: D

Explanation:
Detailed Explanation:ISO standards are internationally recognised benchmarks that ensure quality and safety, making them applicable across various industries, including spare parts procurement. This approach improves reliability and supplier compliance. Reference: CIPS Level 4, Standardisation in Procurement.

NEW QUESTION # 192
Which of the following statements describes a correct example of an indirect cost?

A. The cost of alloy rims fitted on new cars during the night shift at a car assembly plant
B. The salary of the manager in charge of the night shift in the car assembly plant
C. The cost of paint used in the manufacture of new cars during the night shift at a car assembly plant
D. The wages of an automotive electrician responsible for testing vehicle lights during a night shift at a car assembly plant

Answer: B

NEW QUESTION # 193
Which of the following are features of a conformance specification? Select TWO that apply.

A. Performance
B. Diagrams
C. Deliverables
D. Measurements
E. Functional requirements

Answer: B,D

NEW QUESTION # 194
......

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