L4M2 Defining Business Need

About this course

This course consists of two practice tests. The practice tests have been specifically designed help candidates whose aims are to pass CIPS modules with ease. Candidates will test their knowledge and understanding of the module and use the results to improve in areas found to be lacking. The practice tests have been designed  in a similar manner to the actual CIPS level 4 examinations. The instructor put more emphasis on areas of the module which frequently appear on CIPS exams.#CIPS level 4 Diploma#Understanding Business Need#Analyse how business needs influence procurement decisions#Analyse the criteria that can be used that can be applied in the creation of a business case#Understand market management in procurement and supply#Interpret financial budgets for the control of purchases#Types of Purchase: straight re-buy, modified re-buy, new purchase#Understand the use of Specifications in procurement and supply. identify risks that can result from inadequate specifications and mitigation approaches# ISO Standards #Porters generic strategies#Types of cost: fixed cost vs variable costs, direct costs vs indirect costs#Pricing arrangements: fixed pricing, cost reimbursable pricing#Sources of data about prices and costs#Developing a business case#Classification of industries#Compare the competitive forces that influence the markets: bargaining power of buyers and suppliers, availability of substitutes and threat of new entrants