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The CIPS L4M8 exam covers various topics related to procurement and supply chain management, such as supplier selection, contract negotiation, risk management, and ethical considerations. The exam is designed to test a candidate's ability to apply these concepts in real-world scenarios and make informed decisions that align with their organization's objectives.

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CIPS L4M8 exam questions just focus on what is important and help you achieve your goal. With high-quality L4M8 guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you. Every page is carefully arranged by our experts with clear layout and helpful knowledge to remember.

The exam is divided into three sections, each with a different focus. Section A covers procurement and supply chain fundamentals and provides an overview of the procurement process. Section B focuses on procurement operations and covers topics such as sourcing, contract management, and negotiation. Section C covers procurement management and covers topics such as procurement strategy, stakeholder management, and supplier management.

The CIPS L4M8 certification exam is an excellent opportunity for procurement and supply chain professionals to enhance their knowledge and skills and take their careers to the next level. It is a challenging exam that requires dedication and hard work, but the rewards are well worth the effort.

NEW QUESTION # 25
Which theory relates to the 3Ps

Answer:

Explanation:
Trying to measure how sustainable an organization was use to be challenging undertaking. However, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured. This framework is known as the triple bottom line (TBL) and measures sustainability in relation to organizational performance and investment against the 3Ps (1) Profits (2) People (3) Planet. For example; Profit: A packaging manufacturer reinventing its profits in a State- of-the-art recycling machinery for it wasted cardboard.
People: A large privately owned call centre donate its end of life computers to a local youth clubs and social groups to help gain internet cases.

NEW QUESTION # 26
Create a list of primary and secondary Data sources?

Answer:

Explanation:
Data can be primary or secondary
Primary data are derived from original work or research through experience. Primary data can be gathered from the following sources; 1) Interview (2) survey (3) meetings (4) case studies.
Secondary data is derived from a previous source, i.e. somebody else has gathered the data. Sec-ondary data can be gained from; (1) Books (2) Websites, Trade magazines, etc

NEW QUESTION # 27
What is CSR policy?

Answer:

Explanation:
Corporate Social responsibility (CSR) policies state how organizations aim to contribute towards the community and how an organization portrays itself towards social impacts.

NEW QUESTION # 28
Explain how a lack of understanding of a global supplier's culture and ethical behavior could cost buying organization money.

Answer:

Explanation:
Organizational culture is made up of behaviors, traits, values and beliefs and these differ signifi-cantly across the globe. Gestures that may be positive in one country can be highly offensive in another. This culture could mean; for example, individualistic/collectivistic, masculine/feminine, uncertainty avoidance, power distance, Time perspective, indulgence/restraint.
When negotiating and forming contracts within the extended supply chain, it is important that the culture of the suppliers is understood to be compatible with the buying organization or else their might be loss of reputation, time, money material and equipment.
Also, being not aware of what is an acceptable ethically behavior in global sourcing can cost a buying organization. In some countries, bribery and kickbacks are a standard part of doing business. If procurement professional is not aware of the fact that some countries methods of doing business involves or expect kickbacks, for example, this could be costly to the organization and cancel out any savings that had originally been seen.
Cost of poor quality and rework: if the product or service quality is poor the organization may not satisfy it customers and this can lead to a loss of reputation in the market. For example, a residential building construction company contracting a supplier that supply would require home owners to reinstall a new door within three months. The organization would spend more funds in carrying out rework.
More administrative cost in contract management: an organization will have to manage it sup-pliers and the contracts to ensure they are delivering what they were contracted to do. A poor con-tract management is a waste in the process of delivery that can lead to loss of money. Also, to cor-rect this would cost the organizations administrative cost.

NEW QUESTION # 29
Describe what should be considered when creating damages terms in a contract.

Answer:

Explanation:
Damages are 'sum of money that the supplier pays if it fails to carry out its contractual obligation.
When creating terms for damages in the contract, it should be considered that Damages are categorized into two types (liquidated and un-liquidated). And which or if both are applicable to the contract in hand.
Liquidate Damages are fixed amount of money agreed between the parties that is payable if a contract is breached. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device and going ahead to include a fee in the contract if the device was destroyed.
Un-liquidated damages are unfixed amount of money. It is used when the amount of money that will compensate the injured party cannot be known in advance. A court decides the amount when the damages occur. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device, other appliances and equipment unknown, cause the buyer delay in the process and reputational damage as in customer dissatisfaction. Yet, unquantifiable as both parties are unable to fix a fee in advance on the damages and leaving it to the court to decide the damage if it may occur.

NEW QUESTION # 30
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