Name: Procurement and Supply in Practice
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SKU: L4M8
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Free CIPS L4M8 Exam Actual Questions

The questions for L4M8 were last updated On Mar 26, 2025

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Question No. 1

Which four procurement cycle stages happen after the award of the contract?

AExplanation:
The procurement cycle is the heart of purchasing, sourcing and supplying and should be followed in day-to-day practice in the industry. The procurement cycle has thirteen stages. Contract award is stage 9, and the stages after the contract award are;
Stage 10: ware house, logistic and receipt
Stage 11: Contract performance review and continuous improvement
Stage 12: SRM/SCM and contract management
Stage 13: Asset management, lessons learned, end of life.

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Correct Answer: A

Question No. 2

Describe a situation where amendment or an addendum would need to be created

AExplanation:
After all the due diligence is carried out, before awarding contract to the best supplier, sometimes procurement professionals find themselves in some problem solving situation; this might have been emanated from supplier facing a financial challenge or problems from external environment. Responding to this might require an amendment or an addendum, depending on the case in hand.
An amendment is for a physical change in the existing contract for example; if a contract contains a negotiated and agreed fixed price for the period of the contract but unexpected market forces such as an economic down turn or force majeure occur, the supplier may have to request an amendment order to continue to make a profit.
An addendum is when an additional document is added to the existing contract for example, If a contract have a schedule of rates and the market forces prices up, an addendum can be added to an existing contract with a revised schedule. Once accepted, the addendum becomes part of the con-tract. Addendum are physically used when the forecasted cost of a project rises and approval is needed to increase the contract spend.
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Correct Answer: A

Question No. 3

Create a list of assets of a company with which you're familiar and divide them into standard and bespoke categorizing.

AExplanation:
Name of company: Full power projects
Business: Project management training and consultancy
If an organization is sourcing an asset that is readily available or mass produced then the cost associated with the design and manufacturing will be lower percentage of the total cost than if an organization commissions a bespoke piece of equipment to be designed and manufactured.
The following are a list of assets owned by fullpower projects.
Standard/off the shelf (Mass produced)
Projector from a shop-displayed files and document jackets from market
Desks and furniture
Bespoke/specialist - white board and marker
With extra, e.g. made with company color
Gift/ sovereign (bags and T. shirt) with coup any label, color and design
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Correct Answer: A

Question No. 4

Explain which factors should be considered when deciding the quantity of a product to order.

AExplanation:
When reviewing supplier's response the procurement professional should consider the right quantity of product or service that has to be ordered at anytime as against the price to decide how to gain the best cost.
Factors to consider include the following
(1)Cost of inventory
(2) cost of insurance
(3) cost of transportation.
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Correct Answer: A

Question No. 5

What is contract performance review and continuous improvement?

AExplanation:
Contract performance review and continuous improvement is the stage 11 of the CIPS procurement and supply cycle.
In order to effectively manage supplier performance and contractual obligations, the suppliers per-formance against key performance indicators (KPI) should be reviewed regularly. This KPI should have been agreed doing the post contract award negotiation. In addition to review KPIs suppliers and the procurement team should work towards continuous improvement. This is a continuous ef-fort to improve product or services within an organization. This may involve improving quality, reducing waste in the supply chain and focusing on innovation. It is an ongoing process that works toward perfection.
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Correct Answer: A