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CIPS L3M2 Exam Questions
- Topic 1: Know techniques that can achieve added value and its contribution to organisational success: Understanding the techniques to achieve added value is crucial for procurement professionals aiming to excel in the L3M2 exam. Topics covered include using methods to obtain supplies that meet purchaser requirements, securing quantity within timescales, and evaluating value for money. Mastery of these topics enhances your ability to contribute to organizational success, a key focus of the exam.
- Topic 2: Know tasks associated with each stage of the sourcing process: This topic prepares you to confidently tackle L3M2 exam questions on establishing procurement needs, creating specifications, sourcing supplies, and forming agreements with external organizations. By understanding these stages, you can effectively manage the procurement process, an essential skill for passing the exam and excelling in the procurement field.
- Topic 3: Understand the significance of ethics for procurement and supply: Ethics is a critical area in procurement, heavily emphasized in the CIPS exam. Here, you will learn about the importance of the CIPS Code of Conduct, the use of ethics codes, and managing conflicts of interest. This knowledge is vital to ensuring ethical decision-making in your procurement role, a key competency assessed in the exam.
- Topic 4: Understand how operational performance of the procurement and supply function can be measured and improved: To pass the L3M2 exam, it is important to grasp methods to measure and improve operational performance in procurement. This includes enhancing customer service, measuring cycle times, and controlling budgets. Mastery of these concepts will help you demonstrate your ability to optimize procurement functions, a crucial aspect of the evaluation criteria of CIPS exam.
Free CIPS L3M2 Exam Actual Questions
Note: Premium Questions for L3M2 were last updated On Nov. 14, 2024 (see below)
A situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity, is called:
The interests of your employer / official position (for example, to award a contract to the most suit-able bidder) may be in conflict with your personal interests (for example, to line your pockets to live more comfortably). Hence 'conflict of interest'.
The abbreviation 'KPI' stands for:
Key performance indicator, designed to monitor a small number of critically-important aspects of supplier performance, indicated within a contract or a service level agreement as part of a contract.
Key Performance Indicators could be said to be:
SMART
Specific, measurable, achievable, realistic, timebound or similar.
The budget for procurement staff costs is 100,000 but only 90,000 has been spent in the period. This has resulted in substantial further work for procurement staff members, sometimes working into the evening or at weekends.
As less has been spent than budgeted, the variance is favourable.
'A product will not survive commercially unless it satisfies XXXX needs'. Which one of the follow-ing is the most important fit for XXXX?
Business is all about the customer.
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