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CIPS L4M2 certification exam is an essential qualification for procurement and supply chain professionals who want to stay ahead of the curve in their careers. L4M2 exam is designed to provide professionals with the necessary tools and knowledge to identify and define business needs in a fast-changing business environment. Passing the CIPS L4M2 exam is a step towards achieving a successful career in procurement and supply chain management.
CIPS L4M2 exam is designed for individuals who have experience in business analysis or related fields. It is also suitable for those who wish to develop their skills and knowledge in this area. L4M2 Exam is ideal for those who wish to enhance their career prospects by demonstrating their expertise in defining business needs. It is also valuable for organizations that wish to ensure that their business analysis professionals have the necessary skills and knowledge to effectively define business needs.
NEW QUESTION # 190
A company has a lists of items that make up 15% of total spend. These items also do not largely impact on quality of final product. The supply continuity is secured. Which of the following will be the most appropriate managing approach to purchase these items?
Answer: B
Explanation:
Those items make up small portion of spend and the supply risk is low. So it is tactical item according to Kraljic portfolio matrix. Procurement should bundle these items into larger contracts, simplify procurement process.
LO 2, AC 2.1
NEW QUESTION # 191
Which of the following are major factors when determining the bargaining power of buyers? Select THREE that apply.
Answer: D,E,F
NEW QUESTION # 192
A hospital extensively spends on medical and implantable devices, medical, surgical and pharma-ceutical supplies, costs of supplies related to buildings and maintenance operations. Hospital's procurement manager suggests that the hospital has an opportunity to reduce operational costs by reducing variation of medical devices and pharmaceutical supplies. Which of the following best describe the procurement manager's suggestion?
Answer: A
Explanation:
The hospital is buying too many product variants. This may cause bottleneck in its operation and increase operational expense. So procurement manager suggests to standardise products.
This is an example of the benefits of product standardisation:
Saint Thomas Health, a system of 5 hospitals, needed to find a way to reduce costs. They were purchasing different SKUs for products that were very similar, in this case, labels. They bought label rolls for $3 and a very similar product for $1. This oversight in product purchases impacted the overall costs of the system. After partnering with a sole source vendor it was able to save $200,000 over a four year span. They accomplished this simply by standardizing label products. These savings, however, only account for the immediate savings from standardizing products. The saving that are not factored into that number are the savings from soft or hidden costs.
On a national scale, hospitals lose millions of dollars per year in hidden expenses due to missed opportunities for cost containment and incorporation. Some of the hidden elements that increase overall costs for a healthcare provider include the following:
- Redundant purchasing
- Freight
- Excessive purchase orders
- Multiple vendor relations
- Low efficiency
- Joint commission fines
- HAI
By implementing product standardization, hospitals and health systems reduce vendors, are able to reduce SKUs, purchase orders, inefficiency, freight costs, fines, and off-contract spending. All of this adds up to large savings for the organization as a whole.
96% of the respondents in the survey agree that consolidating suppliers and standardizing product purchases across organization would reduce hidden costs.
Reference:
- CIPS study guide page 157-159
- 3 Ways Product Standardization Can Help You Get a Bonus - ConnectID (pdchealthcare.com) LO 3, AC 3.4
NEW QUESTION # 193
What does the acronym RAQSCI stand for?
Answer: B
Explanation:
RAQSCI stands for Regulatory, Availability, Quality, Service, Cost, Innovation.
LO 1, AC 1.1
NEW QUESTION # 194
Which of the following factors might prompt an organisation to procure an alternative product? Select THREE that apply:
Answer: A,B,F
Explanation:
According to Michael Porter, the threat of substitution, is a function of three factors:
* The relative value/ price of a substitute compared to an industry's product
* The cost of switching to the substitute
* The buyer's propensity to switch
(Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278). Free Press. Kindle Edition.) Reference:
LO 2, AC 2.2
NEW QUESTION # 195
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