CIPS – Whole Life Asset Management (L4M7) paper *6 Leave a Comment / By Admin / June 11, 2024 Before you begin ✍️ You are about to practice the questions set for CIPS – Whole Life Asset Management (L4M7) paper *6. 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. Indirect material is an absorbed direct cost? True False None 2. How many parties are there in conflict? 3 2 4 1 None 3. The supplier recovers only which marginal cost pricing? Marginal cost Variable cost Total cost Fixing cost None 4. Which of the following is NOT a macroeconomic factor? Economic growth Inflation rate Climate Protectionism None 5. Testing stage is the stage in a negotiation? False True None 6. When do tactics work best? If used frequently on an ad-hoc basis If used sparingly as part of your plan If never used at all None 7. What kind of answers do closed questions usually generate? They are generally ignored specific answers Non-specific answers Closed answers None 8. Haw many {expanded) dimensions did Professor Hofstede classify in national cultures? 4 6 3 5 None 9. Which of the following is a benefit of reflection? It helps leader get rid of weak staff The strengths and weaknesses of negotiation strategy can be confirmed It helps participants lose focus during the meeting You can forget about what just happened None 10. In the conflict management strategy what is the objective is to Win? Avoiding Competing Compromising Accommodating None 11. How many steps are in the contract management cycle? 12 13 9 11 None 12. How many parties are there in conflicts? 1 3 2 4 None 13. When does PESTLE stand for? Political economic, serial, technological, loyal, and environmental Political, economic, social, technological, legal, and environmental Polite, economic, severe, technological. loyal, and environmental Polite, ecological, social, technological, legal, and environmental None 14. There are six sources of personal power, False True None 15. What structure has one producer in the market? Monopoly Perfect Competition Oligopoly None 16. Which costs are not absorbed into direct cost. Direct materials Advertising Overhead (indirect) cost relating to the manufacturing operation Direct labour None 17. Question 17 The supplier recovers only which marginal cost pricing? Total cost Variable cost Marginal cost Fixed cost None 18. Which of the following is a macroeconomic factor? Economic growth Climate Inflation rate Protectionism None 19. Which one below describes costs plus pricing? This is seen when a supplier is attempting to enter a new market or extend its share in an established one The supplier calculates total variable and fixed costs and adds a percentage Brand marketing is the prime driver of this approach The supplier is determined to change a very high price, not connect with cost structures None 20. What push/pull style is a term-orientated one? Collaborative Persuasive reasoning Visionary Directive None 21. What question style do you use to start a conversation? Hypothetical question Probing question Closed question Opening question None 22. Testing stage is the first stage in a negotiation? False True None 23. Which of the following is a benefit of reflection? The strengths and weaknesses of negotiation strategy can be confirmed it helps participants lose focus during the meeting You can forget about what just happened Its helps leaders get rid of weak staff None 24. Whilst leading a Contract Management negotiation, if the group you are meeting with cannot come to an agreement- what would be the best strategy going forward? Give 5 minutes to allow everyone to absorb what has been said and then take a vote within the meeting to allow all opinion to count In order to keep the negotiation going - you give In to their demands As the lead, you make the decision on how to best proceed. Seek the advice of a higher management to see what they would do None 25. When entering into a negotiation with a supplier, how should you prepare. Let the internal stakeholders collaborate between themselves as to what is required and let them feed this back to you. There is no point in you wasting tine in collaboration talks when ultimately the requirement is for these stakeholders Speak with all internal stakeholders beforehand as to what their crucial requirements and use this as a basis for your negotiations No need to prepare because we don't know yet what the supplier is going to want to propose As the lead, make an intuitive decision yourself about what the requirements and stick to this firmly. After all, it is your contract and therefore Is reliant totally on you to make the right decision None 26. As the Contract lead, you are wanting to meet with your internal stakeholders regularly but are unable to get in everyone in the same place at the same. How do you proceed with this? See If there Is a reason as to why some people can't make it. Ask them would there be a better solution with regards to the collaboration i.e. different times each week, conference calls, skype meetings etc Allow that there will be times when it is not going to be possible to get everyone in the same place at the same time. After all, it shouldn't matter too much because | can get enough from those that are present and will have plenty to work with Ignore the requirements of the stakeholders who are unable to give their time to collaborating with you. | mean you are the key player in all of this so you would think that it was vital for them to engage Same place, same time weekly - no confusion then as to the when and where of the collaborations None 27. As the Contract lead, you are wanting to meet with your internal stakeholders regularly but are unable to get in everyone in the same place at the same. How do you proceed with this? As supplier knows that the customer is only ever interested in price so is there anything else that can persuade a customer that them {as a supplier) could be the best option? Absolutely not, customers will always go for the lowest cost Have a baseline price for the package you offer then work your negotiations around what can be removed from the package if the customer is not needing certain scopes within this Work hard to have a stronger value strategy that is unique to your business that no one else offers. Transfer your confidence that you hold the best solution Take the stance that you offer something that other suppliers do not therefore negotiations are not ready needed because the customer cannot get what you are offering elsewhere 28. As a supplier, it is sometimes easy to think that the customer has all the power. Are there any measures you can apply to ensure a move even balance of power? Brainstorm all the reasons as the why the customer would be better off purchasing from yourself. Ask yourselves the following questions and provide answers to: why do | have more power than I think, how's the customers power limited and why would the customer need to go with us? No, at the end of the end of the day it h purely down to best price and that is what | need to provide to the buyer to ensure | am a successful supplier Explain to the customer that you really don't see any alternative fort them to go elsewhere as they will not get what you are offering because you are the best solution Give the customer lower prices, and provide additional services to ensure that the purchase sits with yourselves None 29. What are the main differences between Marginal Costing and Absorption Costing? The main difference between the two costings is that Absorption costing will estimate the periodic cost to include these at the time of the costing whereas Marginal costing will show these within each of the periods Le. The books on the preferred method of absorption costing will likely show a deficit within the first few periods but over time will begin to balance as the costings per period will become lower due to having already Impacted whereas marginal costing will demonstrate a better picture at the start for overall cost but will steadily impact each reporting period Not much really, it all comes down to the supplier's preferred method Absorption costing Is to include the overheads at a variable rate and apply these within the period the manufacturing of supplies is taking place Marginal costing aims to calculate the whole cost including fixed overheads at the time of the costing None Your comment matters to us😊. Please share your experience. Please proceed to view your grade. Fingers crossed🤗 Time's upTime is Up!
