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The CIPS L4M8 exam covers a wide range of topics related to procurement and supply chain management, including contract management, negotiation, supplier management, inventory management, and risk management. It also covers areas such as ethical procurement practices, sustainability, and corporate social responsibility. The exam consists of multiple-choice questions, scenario-based questions, and essay-style questions, which require candidates to demonstrate their practical knowledge and ability to apply theoretical concepts to real-world scenarios. Overall, the CIPS L4M8 exam is a rigorous assessment that tests a candidate's understanding of procurement and supply chain management and their ability to perform effectively in this field.

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NEW QUESTION # 16
What information should be included on a purchase requisition?

Answer:

Explanation:
A purchase requisition should contain the following information
1) Date of the requisition
2) Description of what is required
3) Supplier if known
4) The quantity
5) when the need is required
6) why the need is required
7) who identified the need
8) who approved the need
9) if it's a re-buy

NEW QUESTION # 17
Why do some specifications need to adapt?

Answer:

Explanation:
Specification is a detailed description of what is required or needed. Due to certain reasons, needs sometimes increase in importance or lose their essence, therefore specifications need to adapt and develop to reflect the changing requirements of the consumer and also to comply with regulations and legislatures as this are amended.
Standard, regulations and legislation are continually evolving and new updated versions of existing guideline, as well as completely new initiatives one being released.

NEW QUESTION # 18
Justify which of the five approaches to condition performance monitoring you think is the most cost effective within whole life asset management.

Answer:

Explanation:
Condition performance monitoring is a surveillance system that is designed to get the maximum production uptime and availability out of an asset. And this can be achieved by timely monitoring and measuring of temperature, vibration, output, speed, noise, emissions and quality. With this, decision has to be made as to what, if any, action needs to be taken. The five approaches to condition performance monitoring are as follows:
1. Do nothing: Use like a commodity. This will bring worries later.
2. Reactive: Fix it when it breaks. This will run to failure.
3. Preventive: Scheduled maintenance.
4. Predictive: Fix it before it breaks. Predict faults.
5. Proactive: Continuous improvement defect elimination.
The most cost-effective approach is 'Proactive', because is the only approach that has continuous improvement in the process, people and policies to minimize downtime. Being proactive takes defect out of the system and continuously harness opportunity that will optimize the system

NEW QUESTION # 19
Explain the difference between bonded and forced labor.

Answer:

Explanation:
Bonded labour and forced labour are among the five types of modern slavery which is against ethical and responsible sourcing.
Bonded labour also known as debt bondage, this is an individual's promise to provide services through exploitation as repayment, or part of them, of a debt or other obligation whereas forced labour is work that people are forced to do with the heat of punishment if it is not carried out.
(Correct)

NEW QUESTION # 20
Explain why the behavior of an organization with which you are familiar could affect its business.

Answer:

Explanation:
The social impact of an organization is formed by various behaviors. If an organization; behavior is poor this will create social impact which is likely to be reflected in the business performance. Organizations which display poor behavior face outcomes such as the following.
1. Reduce brand loyalty
2. Difficulty in recruiting
3. Negative media coverage
4. Reduced sales/profit
5. reputation damage

NEW QUESTION # 21
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