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Preparing for the L4M2 Exam requires a significant amount of study and practice. CIPS offers a variety of study materials, including textbooks, e-learning modules, and practice exams. Candidates should also seek out opportunities to gain practical experience in procurement and supply chain management, as this will help them to better understand the concepts covered in the exam.

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Quiz 2025 Professional L4M2: Valid Defining Business Needs Torrent

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Defining Business Needs is a crucial module in the Level 4 Diploma in Procurement and Supply. This module focuses on the importance of identifying and analyzing business needs to ensure that procurement and supply chain activities are aligned with organizational goals. The module covers topics such as stakeholder analysis, requirements gathering, and market analysis. The goal of this module is to equip procurement and supply chain professionals with the skills and knowledge needed to effectively identify and analyze business needs.

CIPS L4M2 (Defining Business Needs) exam is an essential certification for any procurement professional who wants to develop their skills and advance their career. With a comprehensive curriculum and a focus on practical skills, L4M2 exam provides professionals with the knowledge and tools they need to succeed in their roles and make a significant impact on their organizations.

CIPS Defining Business Needs Sample Questions (Q211-Q216):

NEW QUESTION # 211
Which of the following events would increase the number of suppliers in a particular market?

A. Requirement for all companies to have 10,000 or more employees
B. De-regulation of a previously government-run industry
C. High and increasing levels of investment required to enter the market
D. Introduction of minimum wage regulations

Answer: B

Explanation:
Detailed Explanation:De-regulation removes barriers to entry, encouraging new suppliers to enter the market. Other factors, like high investment or stringent requirements, limit supplier participation. Reference:
CIPS Level 4, Market Entry and Supply Chain Factors.

NEW QUESTION # 212
Andrew is responsible for procurement of capital assets at Lumber Ltd. He is devising new business case for the purchase of a new band saw. The purchase price of the saw is $50,000. Andrew estimates that the machine will generate $10,000 per year of net cash flow. What is the payback period of this band saw?

A. 5 years
B. 10 years
C. 3 years
D. 4 years

Answer: A

Explanation:
Payback period is the time in which the initial outlay of an investment is expected to be recovered through the cash inflows generated by the investment. It is one of the simplest investment apprais-al techniques.
Since cash flow estimates are quite accurate for periods in the near future and relatively inaccurate for periods in distant future due to economic and operational uncertainties, payback period is an indicator of risk inherent in a project because it takes initial inflows into account and ignores the cash flows after the point at which the initial investment is recovered.
The formula to calculate the payback period of an investment depends on whether the periodic cash inflows from the project are even or uneven.
If the cash inflows are even (such as for investments in annuities), the formula to calculate payback period is:
Payback Period = Initial Investment / Net Cash Flow per Period
When cash inflows are uneven, we need to calculate the cumulative net cash flow for each period and then use the following formula:
Payback Period =A + (B/C)
Where,
A is the last period number with a negative cumulative cash flow;
B is the absolute value (i.e. value without negative sign) of cumulative net cash flow at the end of the period A; and C is the total cash inflow during the period following period A Cumulative net cash flow is the sum of inflows to date, minus the initial outflow.
Reference:
- Payback Period | Formulas, Calculation & Examples (xplaind.com)
- CIPS study guide page 44-47
LO 1, AC 1.3

NEW QUESTION # 213
Which of the following can cause overhead variance? Select TWO that apply:

A. Spike in material price
B. Decrease in production volume
C. Rising production worker's wage rate per hour
D. Decreasing packaging costs
E. Spike in monthly leasing fee

Answer: B,E

Explanation:
Overhead variances arise when the actual overhead costs incurred differ from the expected amounts.
Managers want to understand the reasons for these differences, and so should consider computing one or more of the overhead variances described below. Each of these variances applies to a different aspect of overhead expenditures. It is not necessary to calculate these variances when a manager cannot influence their outcome.
Fixed Overhead Spending Variance
The fixed overhead spending variance is the difference between the actual fixed overhead expense incurred and the budgeted fixed overhead expense. An unfavorable variance means that actual fixed overhead expenses were greater than anticipated. The formula for this variance is:
Actual fixed overhead - Budgeted fixed overhead = Fixed overhead spending variance The amount of expense related to fixed overhead should (as the name implies) be relatively fixed, and so the fixed overhead spending variance should not theoretically vary much from the budget.
Fixed Overhead Volume Variance
The fixed overhead volume variance is the difference between the amount of fixed overhead actually applied to produced goods based on production volume, and the amount that was budgeted to be applied to produced goods. For example, a company budgets for the allocation of $25,000 of fixed overhead costs to produced goods at the rate of $50 per unit produced, with the expectation that 500 units will be produced. However, the actual number of units produced is 600, so a total of $30,000 of fixed overhead costs are allocated. This creates a fixed overhead volume variance of $5,000.
Variable Overhead Efficiency Variance
The variable overhead efficiency variance is the difference between the actual and budgeted hours worked, which are then applied to the standard variable overhead rate per hour. The formula is:
Standard overhead rate x (Actual hours - Standard hours)
= Variable overhead efficiency variance
A favorable variance means that the actual hours worked were less than the budgeted hours, resulting in the application of the standard overhead rate across fewer hours, resulting in less expense being incurred.
However, a favorable variance does not necessarily mean that a company has incurred less actual overhead, it simply means that there was an improvement in the allocation base what was used to apply overhead.
Variable Overhead Spending Variance
The variable overhead spending variance is the difference between the actual and budgeted rates of spending on variable overhead. The variance is used to focus attention on those overhead costs that vary from expectations. The formula is:
Actual hours worked x (Actual overhead rate - standard overhead rate)
= Variable overhead spending variance
A favorable variance means that the actual variable overhead expenses incurred per labor hour were less than expected.
In the study guide, CIPS splits overhead variance into volume and expenditure variance. They can be understood as variable and fixed overhead variance respectively.

NEW QUESTION # 214
What is the contribution of marketing function to the development of specification?

A. Marketing consults on technical requirements of the product
B. Marketing ensures that conformance specification will never be used
C. Marketing ensures that procurement function doesn't involve in developing specification
D. Marketing provides ideas on customer's taste and market trends

Answer: D

Explanation:
Marketing plays a critical role in sales. The marketing department introduces products to the con-sumer, and creates strategic messaging that elevates appeal and ultimately drives sales. The feed-back and response from consumers is measured by the marketing team on a variety of levels. Ad-vertising is one means of seeing what performs and what does not perform. Marketers will note trends and demand in their specific markets. This plays into new product development, because the marketing team can work with product developers to create products based on that demand.
In development of specification, the role of marketing is largely the same. They provide the market insight so that right specification is developed and it matches the demands from customers.
Reference:
- CIPS study guide page 173-175
- Role of Marketing Management in New Product Development (chron.com)
LO 3, AC 3.4

NEW QUESTION # 215
Due to increasing demand, a local restaurant is requesting its fish vendor to supply larger quantity. The restaurant manager also asks the vendor whether it is possible to reduce the total price by 5%. This is known as...?

A. Straight rebuy
B. New purchase
C. Capital purchase
D. Modified rebuy

Answer: D

Explanation:
There are three major types of buying situations, which are new purchase, modified rebuy and straight rebuy.
Three factors make the buying situations be different from the others, customers may face different problems in these situations.
A new purchase is a situation requiring the purchase of a product for the very first time.
A straight rebuy is when a company places a second order with a supplier that is identical to the first purchase it made.
A modified rebuy is when a company orders again from a supplier, but wants to change some as-pect of the order, such as the quantity, packaging, product features, or delivery times. The scenario above is an example of modified rebuy.

NEW QUESTION # 216
......

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Pass Guaranteed 2025 CIPS High Hit-Rate Valid L4M2 Torrent

Quiz 2025 Professional L4M2: Valid Defining Business Needs Torrent

CIPS Defining Business Needs Sample Questions (Q211-Q216):

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