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CIPS L3M3 Exam Questions
- Topic 1: Know the administrative content and key tasks associated with commercial contracts Identify types of contracts and agreements: As a procurement professional preparing for the CIPS L3M3 Exam, you will gain a comprehensive understanding of the key administrative elements involved in managing commercial contracts. Mastering this topic will enable you to efficiently handle contract-related tasks, ensuring compliance and smooth contract execution.
- Topic 2: Understand how to achieve competitive pricing and the role of negotiation in procurement and supply: This topic will equip you with the skills to compare competition effectively to obtain price quotations. You will learn how to recognize and leverage the critical role of commercial negotiations within procurement and supply. By understanding various approaches to negotiating competitive prices, you will be well-prepared to handle real-world procurement scenarios and excel in your L3M3 exam.
- Topic 3: Know how effective tendering is achieved: This topic will guide you through the initial actions and processes involved in tendering. You will learn to describe the essential documentation and content required at the start of the tender process, which is vital for successful tender management. Additionally, you will explore the tender evaluation and acceptance process, along with relevant regulations that may affect tendering.
- Topic 4: Understand how to measure contract performance: This topic covers the use of data to gauge performance. Aspiring procurement professionals will learn about Key Performance Indicators (KPIs), which are crucial for assessing and managing contract outcomes. Additionally, they will explore different types of contractual risks and strategies for managing them.
Free CIPS L3M3 Exam Actual Questions
Note: Premium Questions for L3M3 were last updated On Apr. 12, 2025 (see below)
In the written presentation of a business case, a brief explanation of everything in the case, includ-ing the ultimate recommendation, aimed at people (eg senior managers) who have little time to plough through the details.
The Executive Summary summarises the situation for busy executives to save them working all the way through the detail.
The summary needs to be very well written, accurately reflective of the entire document, and in-clude the key points needed to make a balanced decision.
The executive summary should be written last of all the sections, and is often the only part of a document which will be read.
What do we call the point when the supply firm makes neither a profit nor a loss ie where all costs are covered yet no profit is made?
Breakeven point. The firm breaks even: covers all of its fixed costs. At this point the firm has made neither a profit nor a loss, and hopefully is about to enter profitability.
The official power to make legal decisions and judgments in a given location, for example
Jurisdiction.
American movies seem to spend half the time with law enforcement people arguing about who has jurisdiction.
Jurisprudence means the theory or study of law; Jurassic is about an age.
de jure means practices which are legally recognised, as opposed to de facto which is about the reali-ty (Wikipedia).
Which of the following would be unethical? Choose two.
Taking up suppliers' time if there is no intention to purchase from them is unethical.
Negotiating with suppliers is to be encouraged; following your line manager's instructions is general-ly regarded as being a good thing, although regarding ethical issues, one is encouraged to query.
The variable cost of a bottle of water is 25 cents. Selling price is $1, and fixed costs are one hundred thousand dollars. How many bottles of water must be sold to reach breakeven point?
The calculation which needs to be done is one hundred thousand (dollars) divided by the contribu-tion per bottle. The contribution per bottle is one dollar minus the variable cost - 25 cents. Thus the contribution is 75 cents. One hundred thousand divided by $0.75 = 133,333. Note the answer is in units - in response to the QUESTION NO : of how many bottles / units must be sold to break even.
For people who feel they have difficulty with calculations, just look at the possible answers. If the contribution is a bit less than a dollar, and the fixed costs are 100,000, we would expect the answer to be a number a little over 100,000 - one of the answers fits the bill, and this is the correct answer. So the QUESTION NO : may look complicated or difficult, but if you stay calm and think it through, it's not that difficult.
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