Free PDF Quiz 2023 L4M8: Procurement and Supply in Practice–Valid Downloadable PDF

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The CIPS L4M8 exam is a rigorous assessment that tests candidates’ understanding of procurement and supply chain management practices. The exam covers a range of topics that are essential for procurement professionals to understand, including supplier management, contract management, and negotiation. To prepare for the exam, candidates should undertake formal study with a CIPS approved study centre and gain practical experience in the field of procurement and supply chain management. Passing the CIPS L4M8 exam is a significant achievement that can help procurement professionals to advance their careers and enhance their knowledge and skills in the field.

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CIPS Procurement and Supply in Practice Sample Questions (Q70-Q75):

NEW QUESTION # 70
Explain with examples three differences between offers and invitation to treat.

Answer:

Explanation:
An offer is created when one party communicates to another or to multiple parties that they wish to enter into a legal binding agreement in accordance with the terms stated, for example; a company in promotion advertising for buyers to buy one and get one free, an offer is a buying organization communicating to a supplier to supply X number of goods and be paid x amount upon delivery at company premises, an offer is when a football club proposes to pay X amount to a player if agrees to play for them for a month. An offer can be legally banded if accepted, whereas invitation to treat does not. An invitation to treat is just an invitation from one party to another to begin negotiations with the intention of creating an offer. If an offer is made without stating terms, this becomes an invitation to treat, for example, an invitation to treat is when a pharmacy displays a drug in its shelf. An invitation to treat can be linked to a request a buyer send to suppliers asking them for specific information.

NEW QUESTION # 71
Which sector most frequently uses invitation to tender?

Answer:

Explanation:
The public sector uses tenders a lot more in the working environment than private sector.

NEW QUESTION # 72
Which products or services should not be considered for outsourcing, according to Carter’s out-sourcing matrix

Answer:

Explanation:
Carters outsource matrix is a useful tool that procurement professionals uses to decide which products or services has a high or low contribution to the organization operation performance and its strategic importance. The matrix segments products/services into four quadrants. These are Eliminate, outsource, strategic alliance and retain.
According to Carters outsource matrix, all product/services that has a high strategic importance should not be outsourced. They should rather be retained in house or carefully chose suitable sup-pliers and go into strategic alliance.

NEW QUESTION # 73
What are the four quadrants in the Mendelow stakeholder matrix?

Answer:

Explanation:
Stakeholder are individuals or organizations that can be affected directly or indirectly by any project or decision. For successful procurement activities to take place, stakeholders must be identified, engaged and managed. Not all stakeholders require the same level of engagement and management. To appropriately manage identified stakeholders, the Mendelow management matrix has categorized stakeholders in four quadrants, according to how low or high their power and interest in the project could be. The four categories are:
1) Minimum effort (low power-Low interest)
2) Keep satisfied (high power-Low interest)
3) Keep informed (Low power – high interest)
4) Manage closely (High power- High interest)

NEW QUESTION # 74
Which Incoterm applies here?
The supplier is responsible for delivering the goods directly onto the vessel that will transport them to their named destination, covering the cost of both the transport and the insurance to cover this. Again, the supplier bears all risks until the goods are delivered to the buyer at their named place.

  • A. FAS – Free Alongside Ship
  • B. FOB – Free On Board
  • C. CIF – Cost Insurance and Freight
  • D. DAP – Cost and Freight

Answer: C

NEW QUESTION # 75
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