CIPS L4M3 Study Dumps & Exam L4M3 Cram Questions

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Exam L4M3 Cram Questions | Reliable L4M3 Test Practice

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CIPS L4M3 Exam is aimed at individuals who are currently working in or aspiring to work in procurement and contract management roles. L4M3 exam covers a range of topics related to commercial contracting, including contract formation, contract negotiation, contract administration, and contract close-out. Successful completion of the exam demonstrates an individual's proficiency in these areas and their ability to contribute to the success of their organization.

CIPS L4M3 (CIPS Commercial Contracting) Certification Exam is a professional certification exam offered by the Chartered Institute of Procurement and Supply (CIPS). CIPS Commercial Contracting certification is designed to help procurement professionals enhance their knowledge and skills in commercial contracting. CIPS Commercial Contracting certification is suitable for individuals who are seeking to develop a career in procurement, contract management or commercial management.

CIPS Commercial Contracting Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which of the following are features of performance specification?
1. Method of achieving the buyer's desired result
2. What needs to be achieved when using the product
3. Purposes of the product
4. Technical and physical characteristics of the product

Answer: D

Explanation:
There are 2 major types of specifications:
1. Performance specifications
These are Specifications that define the purpose of the goods or services in terms of how effectively it will perform. Performance is a logical extension of function. Performance specifications define the task or desired result by focusing on what is to be achieved. They do not describe the method of achieving the desired result.
2. Technical (or conformance) specifications
These are Specifications that define the technical and physical characteristics and/or measurements of a product, such as physical aspects (e.g. dimensions, colour, and surface finish), design details, material properties, energy requirements, processes, maintenance requirements and operational requirements. They are used when functional and performance characteristics are insufficient to define the requirement and are often used for engineering and information technology requirements.
Reference:
- Specification Writing
- CIPS study guide page 9-11
LO 1, AC 1.1


NEW QUESTION # 21
Tony Campbell, a West Logistics Ltd (WLL) procurement manager, is working on a specification for a data storage solution. The current version of an Information Security Management standard (ISO 27001) has been identified as a suitable standard for potential suppliers to be certified to. What is the advantage to WLL of stipulating this type of standard within a product specification?

Answer: B

Explanation:
Referencing recognised international standards like ISO 27001 in specifications ensures that all potential suppliers understand and meet a uniform set of expectations regarding data security. This not only promotes consistency but also reduces the burden on the buyer to evaluate varied, incompatible approaches.
Reference:
CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.3 - Use of international and industry standards in specifications.


NEW QUESTION # 22
Which of the following are true statements about RFQ process? Select TWO that apply.

Answer: C,D

Explanation:
Request for quotations is often used when the only variable is price and the purchase value is under a financial threshold. This process is less formal than ITT. RFQ should be used in the following circumstances:
- Low-value, low-risk purchases
- When the specifications are sufficiently defined or the product/service is standardised
- Where the suppliers are pre-qualified
- Where there is a framework agreement which specifies the contract terms and conditions.
Reference:
LO 1, AC 1.1


NEW QUESTION # 23
Which of the following indicates the ratio between profit and costs?

Answer: B

Explanation:
Mark up is the profit as a percentage of total costs.
LO 3, AC 3.3


NEW QUESTION # 24
Which of the following would be suitable key performance indicators (KPIs) for supplier performance?
Ensure you have customer loyalty
Value or percentage of cost reductions obtained
Win an award in the next 12 months
Percentage of on-time in full deliveries

Answer: D

Explanation:
"Cost reductions" and "on-time in full deliveries" are quantifiable, objective performance measures that align directly with supplier effectiveness and value. "Customer loyalty" and "awards" are subjective or aspirational and not reliable indicators of contract or supplier performance.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.3.1 - Development and useof KPIs in contract management.


NEW QUESTION # 25
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