This page was exported from Latest Exam Prep [ http://certify.vceprep.com ] Export date:Sat Sep 21 11:38:44 2024 / +0000 GMT ___________________________________________________ Title: (Jul-2024) Get professional help from our L3M2 Dumps PDF [Q47-Q62] --------------------------------------------------- (Jul-2024) Get professional help from our L3M2 Dumps PDF Give You Free Regular Updates on L3M2 Exam Questions QUESTION 47The formal appraisal of a current supplier, measured in terms of factors such as quality, timeliness of delivery, etc is known as:  Vendor rating  Overall rating  Quality rating  Ship’s rating Once a supplier is contracted, monitoring performance is vendor rating.Prior to a supplier being contracted, attempting to understand what their performance would be like is called ‘supplier appraisal’.QUESTION 48OTIF stands for:  Order transmitted and in the supplier’s factory  Order transmitted in full  On time and in our facility  On time and in full On time and in full.OTIF is a reference to an order placed with a supplier having been delivered in the right quantity and on time. Note that this acronym makes no reference to quality.QUESTION 49Which ISO standard describes quality as ‘the degree to which a set of inherent characteristics fulfils requirements’?  ISO 9000  ISO 19000  ISO 14001  ISO 5750 The correct answer is ISO 9000 – this was based originally on the British Standard BS 5750.ISO 14,001 is an environmental management standard.ISO 19,000 is a management systems standard.QUESTION 50A single purchase agreement created to cover multiple repeat orders for supplies from a single source, is called a:  Call-off contract  Frequency distribution  Single source tender  Automatic replenishment Requirements are ‘called off’ from a single contract.QUESTION 51XXXX can be defined as ‘easy and timely access to information’, according to the Profex textbook for this subject. What is XXXX?  E-procurement  Tendering  Due diligence  Transparency Transparency.QUESTION 52Lifetime costs are also known as (choose two):  Leased costs  Recommended purchase price  Whole life costing  Total cost of ownership Lifetime costing, TCO and whole life costing are essentially the same concept – looking at buying based on total costs over the useful life of an asset, not just the purchase price. Although this con-cept seems obvious once you know it, very many people, including senior managers as well as politi-cians, seem to be unfamiliar with the notion.QUESTION 53A common term to describe an approach to settling contractual disagreements:  Alternative dispute resumption  Alternative dispute discussion  Alternative hypothesis  Alternative dispute resolution Alternative dispute resolution (ADR)The other terms shown are irrelevant / fictional.QUESTION 54A margin within which a specification can vary slightly – the outer limits of what is acceptable to the buyer – can be described as:  Impedances  Balances  Tolerances  Ordinances The correct answer is ‘tolerances’. The tighter the tolerance ie the more restrictive the specification, the more challenging for a supplier to deliver, and the more costly it is likely to become.QUESTION 55You have recently moved into the procurement department at your company, having earlier worked in the finance area in the same company for five years. You have decided to set up home with your partner, and you will need additional money to buy furniture, furnishings, etc. A friend has offered you extra part-time work at weekends, helping serve meals in their small family restaurant. Do you:  Decline the work on the basis that there is a potential conflict of interest (you may not work so effectively without weekend time off to relax)?  Accept the extra work, and let your employer know?  Advise your friend you’ll consult your employer, and let your friend know as soon as possible?  Accept the extra work, and say nothing to your employer? While one can take the view that your weekend is yours and nothing to do with your main employ-er, many contracts of employment prohibit extra work unless pre-agreed. In any event, it is likely to be seen as polite and respectful to seek permission from your main employer. The point about need-ing to rest at weekends (and during annual holidays) is a serious point: we should be able to func-tion effectively during normal working hours.If your main employer does not give consent, you may wish to ask for a pay rise. :)QUESTION 56The abbreviation ‘KPI’ stands for:  Key performance inducement  Key procurement indicator  Key performance improvement  Key performance indicator Key personnel insuranceExplanation: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.QUESTION 57A term used to describe preparatory activities undertaken after a contractor has been appointed, but before they have commenced work. Often used in projects, construction or management consultan-cy  work.  Globalisation  Synchronisation  Mobilisation  Improvisation It is probably often improvisation, but the correct answer is mobilisation: getting ready to undertake the task at hand.It could be as simple as booking a team of consultants into a hotel room; it could be as complex as leasing bulldozers from the US, hiring cranes from China, and buying cement from Nigeria.QUESTION 58The act of secretly and illegally stealing funds which have been placed in the individual’s trust, or money belonging to a person’s employer:  Fraud  Extortion  Bribery  Embezzlement This is a definition of embezzlement.The other terms shown as possible answers are also part of the syllabus for this subject.QUESTION 59‘Reputation gained through proficiency, ability or achievement’ (as used in the CIPS Code of Con-duct)  Statute  Status  Stature  Statue The correct answer is ‘stature’ which is a word used in a heading within the CIPS Code of Conduct.If you selected ‘status’ you cannot be blamed for selecting a response different to the correct one – the two are extremely closely linked. However as ‘stature’ is used by CIPS, I think I can just about get away with declaring that the correct answer.QUESTION 60You work as a buyer for a large international corporation. You are currently involved in managing a high-value tender, and one of the potential bidders offers to take you to a horse-racing event, with all expenses paid. The offer is for you alone; not for colleagues in your organisation. What do you do?  Decline  Accept Decline.It seems pretty obvious, and I hope you can come up with one or two reasons for this being the cor-rect answer.QUESTION 61‘The act of drawing the attention of someone in authority, to an alleged instance of unethical con-duct’, is called:  Whistleblowing  Wetting one’s whistle  Whistle stopping  Whistling in the wind Whilst alerting senior managers to wrongdoing within the organisation may be whistling in the wind, requiring one to wet one’s whistle afterwards, the term for this increasingly common practice in organisations is ‘whistleblowing’.QUESTION 62The axes on the Kraljic matrix are (select two):  Cost / profit impact  Supplier perception of the buyer  Number of suppliers  Risk to security of supply Risk and financial impact. Loading … Achieve the L3M2 Exam Best Results with Help from CIPS Certified Experts: https://www.vceprep.com/L3M2-latest-vce-prep.html --------------------------------------------------- Images: https://certify.vceprep.com/wp-content/plugins/watu/loading.gif https://certify.vceprep.com/wp-content/plugins/watu/loading.gif --------------------------------------------------- --------------------------------------------------- Post date: 2024-07-20 10:01:49 Post date GMT: 2024-07-20 10:01:49 Post modified date: 2024-07-20 10:01:49 Post modified date GMT: 2024-07-20 10:01:49