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CIPS L4M2 certification exam consists of multiple choice questions that test the candidate's understanding of various aspects of business analysis. Successful candidates will demonstrate their ability to identify and analyze business problems, develop effective solutions, and communicate these solutions to stakeholders in a clear and concise manner. Defining Business Needs certification is highly valued by employers and can help professionals advance their careers in the field of business analysis. The CIPS L4M2 Certification is an excellent way for professionals to demonstrate their expertise and commitment to their profession.

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CIPS Defining Business Needs Sample Questions (Q229-Q234):

NEW QUESTION # 229
Which of the following are potential advantages of using a product performance specification?
* It reduces the need for the buyer to produce a detailed design
* It can widen the potential supply base
* The buyer can specify the product's actual design in detail
* Products are provided using the buyer's methodology

A. 2 and 3
B. 3 and 4
C. 1 and 4
D. 1 and 2

Answer: D

Explanation:
Detailed Explanation:
* 1 (Reduces design need): Performance specifications focus on outcomes rather than detailed designs, saving buyer resources.
* 2 (Wider supply base): Allowing suppliers to propose their own solutions can attract a broader range of suppliers.Options 3 and 4 align with conformance specifications, not performance-based ones.
Reference: CIPS Level 4, Specification Writing.

NEW QUESTION # 230
Which of the following are the fair and reasonable comparators in price analysis? Select TWO that apply:

A. Pricing formula
B. Cost driver
C. Competitive bidding
D. Price indices
E. Strike price

Answer: A,D

Explanation:
Price Analysis is the process of deciding if the asking price for a product or service is fair and rea-sonable, without examining the specific cost and profit calculations the vendor used in arriving at the price. It is basically a process of comparing the price with known indicators of reasonableness. When adequate price competition does not exist, some other form of analysis is required. Some reasons that could affect adequate price competition are: specifications are not definitive, tolerances are restrictive, or production capacity limits those eligible to bid.
Examples of other forms of price analysis information include:
* Analysis of previous prices paid
* Comparison of vendor's price with the in-house estimate
* Comparison of quotations or published price lists from multiple vendors
* Comparisons with government agencies (such as GSA in the US) published prices A strike price is the set price at which a derivative contract can be bought or sold when it is exercised. For call options, the strike price is where the security can be bought by the option holder; for put options, the strike price is the price at which the security can be sold. Strike price is also known as the exercise price.
A cost driver is the direct cause of a cost and its effect is on the total cost incurred. For example, if you are to determine the amount of electricity consumed in a particular period, the number of units consumed determines the total bill for electricity. In such a scenario, the number of units of electricity consumed is a cost driver.

NEW QUESTION # 231
What is the purpose of sending value engineering analysis to external suppliers?

A. To improve early supplier involvement
B. To standardise production processed
C. To analyse the supply market
D. To improve the existing products

Answer: A

Explanation:
Value engineering is often applied to new products or services. Early supplier involvement (ESI) is the involvement of a supplier in the product development process from a very stage in order to use the supplier's experience and expertise. ESI can bring cost reduction opportunities, process improvements, supply chain improvements and reduce supply risk. Both processes focus on development of new product or service. They tend to work the best if they are used together.
LO 3, AC 3.1 & AC 3.4

NEW QUESTION # 232
XYZ Ltd operates in the plumbing and heating industry. The company has developed and patented a new range of alternative products, using a different material from conventional brass that offers substantial cost savings. XYZ Ltd plans to launch the full range of new products. Will this change the impact on competitive forces in the market?

A. Yes, this development has created substitute products
B. Yes, this development has created the threat of new entrants
C. No, this development does not impact supplier bargaining power
D. No, this development does not impact buyer bargaining power

Answer: A

NEW QUESTION # 233
Buyers are more powerful than the supplier when they are purchasing from monopoly market. Is this statement true?

A. True, in monopoly market, buyer's switching costs from the incumbent supplier to an-other are relatively low
B. True, suppliers in monopoly market produce homogenous products
C. False, the buyer will be unable to track and manage supplier's performance
D. False, buyer will lack negotiating power on cost if the supplier has a monopoly in the market

Answer: D

Explanation:
A monopoly is a market with a single seller (called the monopolist) but with many buyers. In this market, the bargaining power of supplier is higher than of buyer since the supplier is the only seller.

NEW QUESTION # 234
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While attempting the exam, take heed of the clock ticking, so that you manage the CIPS L4M2 Questions in a time-efficient way. Even if you are completely sure of the correct answer to a question, first eliminate the incorrect ones, so that you may prevent blunders due to human error.

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100% Pass-Rate Prep L4M2 Guide & Leading Offer in Qualification Exams & First-Grade CIPS Defining Business Needs

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CIPS Defining Business Needs Sample Questions (Q229-Q234):

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