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The Chartered Institute of Procurement and Supply (CIPS) L4M2 Exam, also known as Defining Business Needs, is a crucial step in the procurement process. L4M2 exam focuses on the importance of understanding the business requirements and aligning them with procurement strategies. It also covers various techniques that procurement professionals can use to identify business needs, such as conducting stakeholder analysis, business process mapping, and SWOT analysis.

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CIPS Defining Business Needs Sample Questions (Q218-Q223):

NEW QUESTION # 218
Which type of specification is less time-consuming to develop?

A. Technical drawings
B. Conformance specification
C. Outcome-based specification
D. Design specification

Answer: C

Explanation:
There are two major types of specification: conformance and performance specifications. They have the following characteristics:
Table Description automatically generated

Since performance specification is often a list of outputs or outcomes, it usually takes less time to develop than conformance specification.

NEW QUESTION # 219
Robert is a buyer at Pickton's Farm Products (PFP), a manufacturer of food products that are sold to supermarkets. Robert will be sourcing from local farmers to supply PFP with raw materials for PFP's products. What is a major supply chain risk that Robert needs to be aware of which is specific to this market?

A. A supplier may deliver an incorrect quantity of materials to PFP, leading to PFP incurring storage charges
B. Extreme or unexpected weather conditions may affect the supplier's ability to supply PFP in line with quantity and timing requirements
C. The quality of goods received by PFP may be of varying quality and need to be returned to the supplier for replacement
D. Suppliers to PFP may also supply other customers which they prioritise over PFP, leading to delays in PFP's production process

Answer: B

NEW QUESTION # 220
Bob is a new procurement specialist at XYZ Ltd. He is assigned to categorise the company's sup-plies. After analysing, Bob realises that a group of low value products is sourced from a tiny geo-graphical area which is prone to flooding. What would be the best strategy to manage this category of products?

A. Find an alternative source to secure supply
B. Form partnership relationship with the current supplier
C. Source this group of products from only one supplier
D. Assign some of procurement jobs to user department

Answer: A

Explanation:
In the scenario, the products have low value and high risk of supply. This group is known as bottleneck or critical in Kraljic's portfolio matrix. The objective for such items would be securing the supply. The company can achieve this goal by 'making' the products themselves, or finding an alternative option.
Diagram Description automatically generated

NEW QUESTION # 221
Which of the following can cause overhead variance? Select TWO that apply:

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

Answer: A,C

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.
Reference:
- CIPS study guide page 59
- What are overhead variances? - AccountingTools
LO 1, AC 1.4

NEW QUESTION # 222
Which of the following specific markets is most likely to have product shortage by nature?

A. Services
B. Agriculture
C. Construction
D. Financial
E. Retail

Answer: B

Explanation:
Products used in agriculture can be subject to shortage due to natural disasters.
Reference:
LO 2, AC 2.1

NEW QUESTION # 223
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CIPS Defining Business Needs Sample Questions (Q218-Q223):

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