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CIPS Exam L4M6 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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Lelia
2 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
7 days ago
A: True, it's important to make sure you're getting the best value for your money.
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Arminda
20 days ago
B: I think comparing prices and quality is key. Can't go wrong with that.
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Malissa
26 days ago
A: Definitely agree with you there. It's all about finding that balance.
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Cherelle
2 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
14 days ago
Lettie: Auditing the supplier's promises is a good start, but actual outcomes matter more.
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Nathalie
24 days ago
Nathalie: Look at the real-world outcomes, not just the promises.
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Nan
29 days ago
Buyer: How can I measure the value for money from a new supplier?
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Annette
2 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
3 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
3 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
2 months ago
C) Balance of quality and cost
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Val
2 months ago
A) Audit of how suppliers promise
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Eloisa
3 months ago
I think a buyer would measure value for money by balancing quality and cost.
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Matilda
3 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
3 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
1 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
1 months ago
I believe the audit of how suppliers promise is essential to ensure value for money.
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Desirae
1 months ago
I think quality and volume of goods is also crucial in determining value for money.
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Rhea
2 months ago
I agree, balancing quality and cost is important when measuring value for money.
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