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CIPS L4M8 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Supplier Relationships and Performance | - Supplier relationship management
|
| Topic 2: Procurement Technology and Innovation | - Digital procurement tools
|
| Topic 3: Procurement and Supply Context | - Role of procurement in organisations
|
| Topic 4: Contracting and Legal Principles | - Contract management
|
| Topic 5: Risk, Ethics and Sustainability | - Procurement risk management
|
| Topic 6: Procurement Process and Sourcing | - Supplier selection and evaluation
|
CIPS Procurement and Supply in Practice Sample Questions:
What is contract performance review and continuous improvement?
See the answer in explanation.
Explanation:
Contract performance review and continuous improvement is the stage 11 of the CIPS procurement and supply cycle.
In order to effectively manage supplier performance and contractual obligations, the suppliers per-formance against key performance indicators (KPI) should be reviewed regularly. This KPI should have been agreed doing the post contract award negotiation. In addition to review KPIs suppliers and the procurement team should work towards continuous improvement. This is a continuous ef-fort to improve product or services within an organization. This may involve improving quality, reducing waste in the supply chain and focusing on innovation. It is an ongoing process that works toward perfection.
Which Incoterm applies here?
The supplier is responsible for delivering the goods directly onto the vessel that will transport them to their named destination. As soon as the goods are on the vessel, the risk transfers to the buyer
- A. DAP - Cost and Freight
- B. FAS - Free Alongside Ship
- C. FOB - Free On Board
- D. CIF - Cost Insurance and Freight
Describe two negative factors associated with ordering excess inventory.
See the answer in explanation.
Explanation:
In the decision to not run out of supplies, organizations can anticipate a peak were by it products will be in a high demand or a period of scarcity of raw materials and may want to increase the in-ventory. However, if this forecast is not accurate, it may lead the organization to holding excess inventory. This can expose the organization to some negative factors.
Acquisition Cost: The organization will incur an acquisition cost for the excess inventory which is inclusive of the cost of placing the order and the cost of purchasing the goods.
Holding Cost: The organization will spend more money holding the stock, trying to keep it in good condition by providing the required light, temperature, skilled handlers and so on.
Working Capital not adding value: This will off shoot the holding cost. Also valuable working capital in excess stock which in the time not adding value, can affect the liquidity of the business. This is also an opportunity cost and increase solvency.
* Refer to the question column for response
What is CSR policy?
See the answer in explanation.
Explanation:
Corporate Social responsibility (CSR) policies state how organizations aim to contribute towards the community and how an organization portrays itself towards social impacts.
What advantages could there be to holding excessive inventory?
See the answer in explanation.
Explanation:
Holding excessive inventory can reduce the impact of extended lead time. i.e. by saving the buying organization from downtime, reputation loss, and also it can generate revenue for the organization if there is a sudden increase in demand.
