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L4M2 PDF Guide, L4M2 Exam Bootcamp

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CIPS L4M2 certification exam is an essential qualification for professionals looking to advance their careers in the field of business analysis. Defining Business Needs certification is specifically designed for individuals who are responsible for identifying and defining business needs within their organization. It is the second module in the Level 4 program and builds upon the foundation established in the L4M1 module.

CIPS L4M2 Exam covers a range of topics including procurement strategy development, market analysis, stakeholder management, risk management, and contract management. It is a comprehensive exam that requires candidates to have a deep understanding of the procurement process and the ability to apply this knowledge to real-world scenarios. Successful completion of L4M2 Exam demonstrates that a candidate has the necessary knowledge and skills to develop effective procurement strategies that align with the business needs of an organization.

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The Defining Business Needs module is assessed through an exam that consists of 60 multiple-choice questions. L4M2 exam is designed to test the knowledge and skills acquired by professionals during the module. L4M2 Exam is timed and must be completed within two hours. Professionals who successfully pass the exam will receive a certificate of completion from CIPS.

CIPS Defining Business Needs Sample Questions (Q234-Q239):

NEW QUESTION # 234
Which of the following is the best definition of target costing?

A. The total of all costs in acquiring goods or services from the inception of the demand for them until their safe and satisfactory delivery at the point required.
B. The net present cost of the purchase or project and all future revenues flowing from it discounted back to the present time.
C. The cost of a product after analysing its components step by step
D. A product cost estimate derived from a competitive market price.

Answer: D

Explanation:
Target costing is an activity aimed at reducing the life-cycle costs of new products, while ensuring quality, reliability, and other consumer requirements by examining all possible ideas for cost reduction at the product planning, research and development and prototyping phases of production. But it is not just a cost reduction technique; it is part of a comprehensive strategic profit management system.
Reference:
LO 3, AC 3.4

NEW QUESTION # 235
Procurement should work closely with colleagues in accounts when creating an annual budget. This is because the budget will help the company ...

A. Define terms and conditions of the contract
B. Plan its functional strategy for the next year
C. Process supplier invoices quicker
D. Plan its finances for the next year

Answer: D

NEW QUESTION # 236
GSC Ltd is a manufacturer of car parts. To accommodate growing demands of electric cars, the company is developing a new component which requires different type of steel. The project team estimates that the component will be ready for production in 1.5 years. Until then, they need to keep the production busy.
After checking the inventory records, the production team sees that the company has 3 months of stock. The lead time for each batch is two months. Which of the following should be a priority ac-tion of the company?

A. Create new specification to current supplier
B. Create new specification to new supplier
C. Standardise the specification
D. Make a call-off order to current supplier

Answer: D

Explanation:
The scenario is very long with many distracting data. Students need to read carefully and use their experience to solve this problem.
The company is developing a new component which requires different type of material. But this component will not be available for mass production in 1.5 years. This means the company still needs to produce the current components with current materials until the development is finished. They must continue purchase the materials from current supplier through call-off orders. This situation is an example of straight re-buy.
Reference:
LO 1, AC 1.1

NEW QUESTION # 237
What are the direct risks that can result from procurement receiving inadequate specifications from a research and development department?

A. Under or over delivery of goods
B. Increased labour costs
C. Under or over statement of need
D. Increased business size

Answer: A

NEW QUESTION # 238
Company A sells a product for $100. The total unit variable costs are $60. Fixed costs as in its ac-count are
$20,000. How many products does the company have to sell to achieve break-even point?

A. 0
B. 1
C. 2
D. 3

Answer: D

Explanation:
Break even point = Fixed costs/(Price-variable cost). In this case, break even point = 20,000/(100-60) = 500

NEW QUESTION # 239
......

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