CIPS – Whole Life Asset Management (L4M7) paper*8 Leave a Comment / By Admin / June 10, 2024 Before you begin ✍️ You are about to practice the questions set for CIPS - Whole Life Asset Management (L4M7) paper*8. Please put away any distractions and focus all your efforts on passing. ⏱️Time limit: 1 hour 30 minutes At the end of your examination practice, you will 📝 View your grade ✅ View the correct answers NOTE: The answers provided haven't been verified by an official CIPS-affiliated entity, therefore consider discussing your concerns with the instructor or fellow students for clarification. To begin your exam practice, wait a few seconds for the start button to appear, then tap the START button. "We're rooting for you all the way!" All the best. 😃 1. If a supplier Is ‘transactional’ which of the below characteristic reflects transactional suppliers? alternatives exist high switching costs highly customized unique products none business critical products None 2. Why is it beneficial that the buying organization shares its objectives with the supplier? so the supplier can take advantage of this knowledge so early supplier involvement can take place so a closer tactical relationship can be formed all working towards the same goal None 3. The Thomas-Kilmann conflict resolution model was designed to illustrate the options we have when handling conflict. Which of the objectives below provides a win-win solution from the model: Compromising Collaborating Accommodating Avoiding None 4. Tradeables (also known as variables) should be discussed at the planning stage of any negotiation. From the list below what would NOT be considered a variable: Added value services Payment type Lead time Payment terms None 5. Using the buyers' attractiveness model which segment would provide the highest attractiveness and highest spend value from the option below: Develop a segment Exploit segment Nuisance segment Core segment None 6. To increase a buyer's leverage during negotiations the buyer may decide to come together and combine their purchase volumes to attract a better deal, The term for this concentration of spend is known as: Harmonisation and standardization of specifications Forming a purchasing consortia Volume redistribution . Reduction of vendor base None 7. Using the relationship spectrum, which would provide the closest relationship from the options below: Regular trading Partnering Alliance Call-off contract None 8. A procurement professional will only have to negotiate with external parties. True False None 9. In regard to Public Sector procurement, negotiation is more regulated. Which of the two procurement Procedures below do not slow for any type of negotiation to take place? Competitive Procedure with Negotiation Open Procedure Competitive Dialogue Restricted Procedure Innovation Partnerships 10. When considering Conflict Management and the TKI, if a procurement professional only wanted their position to be successful, which section of the model would they deem to fall under? Competing Avoiding Accommodating Compromising None 11. When thinking about the influence of stakeholders in negotiations there are three types of stakeholders, Which of the below is not a CIPS recognised set of stakeholders? Connected stakeholder Internal stakeholders Disconnected stakeholders External stakeholders None 12. If a stakeholder has a high level of interest but 2 low level of influence, how should they be managed? By being involved Through engagement By keeping them informed None 13. Prior to entering into a negotiation as many tradeables as possible should be identified. This will increase the opportunity for: a win-lose outcome a lose-win outcome a lose-lose outcome a win-win outcome None 14. What is a BATNA? Best Alternative to a Negotiated Argument Best Advantageous Tendered Negotiated Agreement Best Alternative to a Negotiated Agreement Best Analysed Negotiated Agreement None 15. The term “win-win” is the more popular description for a collaborative approach. Another word for this is: Zero-sum approach Distributive integrative Competitive None 16. The point at which a party to a negotiation cannot concede any more ground Is commonly know as: the best alternative to a negotiated agreement the zone of potential agreement the walk-away point an invented option for mutual gain None 17. Which of the below is not a tradeable? Specification Price Payment Terms Contract Ts and Cs None 18. If a customer had an impressive reference site this would be considered by the supplier to be: A demonstration of buyer power A demonstration of purchasing power Of no interest An attractiveness factor None 19. Which of the below tools sis used to consider the Macro environment? Pestle analysis Thomas-Kilman conflict mode instrument Porter's Five Forces Stakeholder map None 20. A purchasing organization decides to reduce the number of suppliers it works within one particular category. ‘What type of spend consolidation has the organization carried out? Vendor base reduction Standardisation of specifications Volume redistribution Volume pooling None 21. If a customer is viewed as having a high spend but low attractiveness, which quadrant of the attractiveness: model would the customer fit into? Nuisance Develop Exploit Core None 22. What does the letters of PESTLE (or STEEPLE] stand for? Political, economic, social, technological, leverage, environmental Political, ethical, social, technological, legal, environmental Political, economic, social, technological, legal, environmental Political, economic, supplier-power, technological, legal, environmental None 23. If a supplier supplies a buying organization with a highly customized product or service, this supplier is likely to be considered which type of supplier? Tactical Operational Strategic Transactional None 24. The relationship spectrum is based on the idea of: conflict management analysis of the macro environment supper segmentation negotiation None 25. If a supplier is considered to be transactional, what type of negotiation will it probably be subject to? win-win win-lose None 26. When budding commercial relationships based on trust, there are three types of trust. Which of the below is not a type of trust? Contractual trust Competence trust Goodwill trust National trust None 27. Overheads are also known as direct costs indirect costs Fixed costs variable costs None 28. To be able to achieve the break-even point variable cost per item must be greater than the selling cost per item Fixed costs must be equal to variable costs. Selling price per item must be greater than the fixed costs Selling price per item must be greater than variable cost per item None 29. When overhead costs, such as rent and rates, are fully recovered by being incorporated into the cost of the products created, this is Absorption costing Activity-based costing Variable costing Marginal costing None Your comment matters to us😊. Please share your experience. Please proceed to view your grade. Fingers crossed🤗 Time's upTime is Up!
