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CIPS L4M6 Exam - Topic 4 Question 53 Discussion

Actual exam question for CIPS's L4M6 exam
Question #: 53
Topic #: 4
[All L4M6 Questions]

How would a buyer measure value for money from a relationship with a new supplier for goods?

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Suggested Answer: B

CPV codes help suppliers find opportunities they can bid for. CPV codes are a numerical classification for products e.g. Strawberry Jam is 15332296 and when they are included on a Tender, any supplier who is registered with that same CPV code will get a notification that the tender is live. CPV codes are discussed on p.72 but not in much detail- so don't worry if you don't know much about them. So long as you know the above, you'll be fine.


by Rossana at Sep 13, 2024, 02:25 PM

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Isaiah
4 months ago
Surprised that people think B is enough, what about quality?
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Justine
4 months ago
A is interesting, but can you really audit promises?
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Carrol
4 months ago
D makes sense too, quality and volume matter a lot!
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Erick
5 months ago
I think B is too simplistic, lowest cost isn't always best.
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Tijuana
5 months ago
Definitely C, it's all about balancing quality and cost.
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Shenika
5 months ago
I’ve seen similar questions before, and I think the balance of quality and cost is crucial. It’s not just about getting the cheapest option, right?
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Rebecka
5 months ago
I’m a bit uncertain about this one. I feel like an audit of supplier promises could be important, but I’m not sure if that’s the main measure of value.
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Afton
5 months ago
I remember a practice question that emphasized the importance of quality over just going for the lowest cost. It seems like option C might be the right choice.
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Alaine
6 months ago
I think measuring value for money involves looking at the balance of quality and cost, but I'm not entirely sure if that's the best approach.
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Jacinta
6 months ago
Auditing the supplier's promises is a good starting point, but I'd also want to look at their actual track record and see if they've delivered on what they said they would. That real-world data is key.
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Alisha
6 months ago
Lowest possible cost is definitely important, but I think you also need to consider the quality of the goods and whether the supplier can reliably meet your needs. Gotta find that sweet spot.
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Shelba
6 months ago
Hmm, not sure about this one. I'd need to think through all the different factors that could impact value for money, like delivery times, customer service, and the supplier's overall reliability.
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Andra
6 months ago
This seems like a straightforward question about evaluating supplier value. I'd focus on looking at the balance of quality and cost, as that seems to capture the key factors.
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Lelia
11 months ago
As an accountant, I'd say C is the way to go. It's all about that sweet spot between quality and price. *chuckles* Gotta keep the bean-counting boss happy, you know?
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Rosalia
9 months ago
A: True, it's important to make sure you're getting the best value for your money.
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Arminda
10 months ago
B: I think comparing prices and quality is key. Can't go wrong with that.
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Malissa
10 months ago
A: Definitely agree with you there. It's all about finding that balance.
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Cherelle
11 months ago
Auditing the supplier's promises, as in A, is a start, but it doesn't tell you the actual value you're getting. Gotta look at the real-world outcomes.
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Lettie
9 months ago
Lettie: Auditing the supplier's promises is a good start, but actual outcomes matter more.
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Nathalie
10 months ago
Nathalie: Look at the real-world outcomes, not just the promises.
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Nan
10 months ago
Buyer: How can I measure the value for money from a new supplier?
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Annette
11 months ago
I believe the audit of how suppliers promise is also crucial in measuring value for money. We need to ensure they deliver on their promises.
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Gerald
11 months ago
I agree with Eloisa. It's important to consider both quality and cost when evaluating a new supplier.
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Tamala
11 months ago
D, quality and volume of goods, is a good consideration, but it's not the complete answer. We need to factor in the cost as well.
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Dorian
11 months ago
C) Balance of quality and cost
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Val
11 months ago
A) Audit of how suppliers promise
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Eloisa
11 months ago
I think a buyer would measure value for money by balancing quality and cost.
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Matilda
12 months ago
Option B, going for the lowest possible cost, is a common mistake. That doesn't capture the full picture of value.
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Ronny
12 months ago
I think the correct answer is C. Balancing quality and cost is the key to measuring value for money with a new supplier.
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Lizette
10 months ago
I disagree, I think the lowest possible cost is the most important factor in measuring value for money.
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Martina
10 months ago
I believe the audit of how suppliers promise is essential to ensure value for money.
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Desirae
10 months ago
I think quality and volume of goods is also crucial in determining value for money.
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Rhea
11 months ago
I agree, balancing quality and cost is important when measuring value for money.
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