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Unparalleled CIPS New Test Cost–Marvelous L4M2 Test Objectives Pdf

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The CIPS L4M2 exam covers a wide range of topics, including the importance of defining business needs, the key stakeholders involved in the process, and the various techniques used to gather requirements. It also covers the different types of requirements, such as functional and non-functional requirements, and how to prioritize them based on their importance. L4M2 Exam also assesses the candidate's ability to evaluate and validate requirements and to communicate them effectively to stakeholders.

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CIPS L4M2 Test Objectives Pdf, Test L4M2 Questions Answers

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CIPS L4M2 Exam is designed to be challenging and comprehensive. It covers a wide range of topics related to business needs analysis, including business strategies, stakeholder analysis, requirements gathering, gap analysis, and solution evaluation. Candidates must demonstrate a thorough understanding of each of these topics and their practical application in real-world business scenarios.

CIPS Defining Business Needs Sample Questions (Q16-Q21):

NEW QUESTION # 16
A CPO is making a business case for acquiring a new computer system. He has set out objective, generated options, cost and benefit of each option and implementation plan. Which of the following elements should be included in the business case?

A. Operation management
B. Invitation to tender
C. Contract management
D. Risk assessment

Answer: D

Explanation:
Before a project commences (either capital purchase or switching to a new supplier), a business case should be developed. The business case outlines the why, what, how, and who necessary to decide if it is worthwhile continuing a project.
Basically, the following criteria can be applied to the assessment of a business case:
1. Objectives
This part describes why you are doing the project. The business objective answers the following questions:
- What is your goal?
- What is needed to overcome the problem?
- How will the project support the business strategy?
2. Option identification and selection
Identify the potential solutions to the problem and describe them in enough detail for the reader to understand.
For instance, if the business case and proposed solution makes use of technology, make sure to explain how the technology is used and define the terms used in a glossary. Since most problems have multiple solutions an option appraisal is often needed. This will explore the potential solutions and recommend the best option.
When writing the initial business case the option appraisal is likely to contain a long list of options and will cover many possibilities. As the project continues a number of options will be rejected. The final business case may contain three to five options - the short list - that includes a do nothing or benchmark option.
3. Benefits and limitations
The benefits and limitations section describes the financial and non-financial benefits in turn. The purpose is to explain why you need a project.
For instance, to:
- Improve quality
- Save costs through efficiencies
- Reduce working capital
- Generate revenue
- Remain competitive
- Improve customer service
- Align to corporate strategy
The business case should also include any limitations since these present potential risk to the pro-ject.
4. Risk management
The risk assessment summarizes the significant project risks and opportunities and how they are managed. The risks included should cover those that could arise from your project or the organiza-tion's ability to deliver change.
This section answers the following questions:
- What risks are involved?
- What are the consequences of a risk happening?
- What opportunities may emerge?
- What plans are in place to deal with the risks?
- Every project should include a risk log.
When writing a business case, make sure this is included as it explains how risk and opportunity are managed.
5. Implementation plan
The outline plan provides a summary of the main activities and overall timescale - project schedule - for the project.
Ideally, the project should be divided into stages with key decisions preceding each stage. Use this section to answer the following questions:
- What is required?
- How is it done?
- Who does what?
- When will things happen?
This outline plan lists the major deliverables and includes a brief project description plus accountabilities for each activity.
In the scenario, the CPO has set out objective, generated options, cost and benefit of each option and implementation plan. In order to make the business case more compelling, he should reinforce it with risk management.
Reference:
LO 1, AC 1.3

NEW QUESTION # 17
Which of the following are considered as direct costs in a construction company? Select TWO op-tions

A. Advertising and marketing communication
B. The materials and supplies needed for the company's day-to-day operations.
C. An employee is hired to work on a project, either exclusively or for an assigned number of hours
D. Clerical assistants who maintain the office
E. Raw materials

Answer: C,E

Explanation:
Direct costs are directly associated with the production of a good or service. In this question, 'An employee is hired to work on a project, either exclusively or for an assigned number of hours' and 'Raw materials' are directly related to producing the product.
Indirect costs are the general costs of the organisation - these costs cannot easily be attributed to specific products or services (also known as overheads). 'The materials and supplies needed for the company's day-to- day operations' or 'Clerical assistants who maintain the office' or 'Advertising and marketing communication' is example of indirect cost.

NEW QUESTION # 18
Which of the following is the process for improving the value of a new product or service?

A. Planning and design
B. Value engineering
C. Porter's Five Forces
D. Value analysis

Answer: B

Explanation:
Value Engineering (VE) is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evaluation and analysis. This takes place before any capital is invested in tooling, plant or equipment.
This is very significant, because according to many reports, up to 80% of a product's costs (throughout the rest of its life-cycle), are locked in at the design development stage. This is under-standable when you consider the design of any product determines many factors, such as tooling, plant and equipment, labour and skills, training costs, materials, shipping, installation, maintenance, as well as decommissioning and recycle costs.
Reference:
LO 3, AC 3.4

NEW QUESTION # 19
Which of the following is the purpose of benchmarking?

A. To identify and adapt the best practices to improve organisation's performance
B. To coerce all suppliers to sacrifice their profit
C. To copy other organisation's intellectual properties, processes and practices
D. To resist continuous improvement

Answer: A

Explanation:
According to US Department of the Navy, Benchmarking is a strategic and analytic process of continuously measuring an organisation's products, services, and practices against a recognised leader in the studied area.
Successful benchmarking will help you:
- Find who does the process best and close the gap
- Recognise the leading organisations in a process or activity
- Create performance standards derived from an analysis of the best in business
- Ensure that comparisons are relevant
- Measure your performance, your processes, and your strategies against best in business
- Measure business processes
- Assess performance over time
- Accelerate continuous process improvement (CPI)
- Establish more credible goals for CPI
- Establish actionable objectives
- Discover and clarify new goals
- Establish customer expectations of business standards set by the best suppliers in industry
- Help your organisation achieve breakthrough improvements
- Create a sense of urgency for change
- Increase customer satisfaction
- Become direction setting
- Provide a positive, proactive structured process
Benchmarking does not:
- Copy the other's processes
- Steal other business confidentiality
- Stop. Benchmarking is a continuous process.

NEW QUESTION # 20
Which of the following roles are relevant to a 'services' market?
* A data researcher
* A warehouse manager
* A marketing consultant
* A logistics director

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

Answer: A

Explanation:
Detailed Explanation:Roles such as a data researcher and marketing consultant are directly tied to the provision of services, which are intangible and often knowledge-driven. Warehouse managers and logistics directors are more relevant to goods markets. Reference: CIPS Level 4, Services Procurement.

NEW QUESTION # 21
......

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