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Defining Business Needs
Last Updated: Oct 4, 2024
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145 Questions and Answers for the CIPS L4M2 exam
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CIPS Defining Business Needs Syllabus
- Monitor specification creation by colleagues and other internal stakeholders/ Analyse how business needs influence procurement decisions
- Approaches to total costs of ownership/whole life cycle costing/ Interpret financial budgets for the control of purchases
- Identify opportunities to regulate short and longer term specifications/ Procurement’s role in developing a business case
- Provide guidance to internal stakeholders on implementation/ Implications of the business needs on the types of purchase
- Output or outcome, statement of work based specifications/ Types of market data that can provide information on costs and prices
- Identify sections of specifications for through life contracts/ Identify how costs and prices can be estimated for procurement activities
- Analyse the criteria that can be applied in the creation of a business case/ Availability of substitutes and threat of entry Understand market management in procurement and supply/ Compare the competitive forces that influence markets
- Understand the use of specifications in procurement and supply/ Analyse the different types of markets utilised by procurement and supply
- Identify the risks that can result from inadequate specifications and mitigation approaches/ Use information to prepare budgets or to negotiate prices
- Understand how to devise a business case for requirements to be sourced from external suppliers/ Producing estimated costs and budgets