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CIPS Level 3 M2 & M3 Questions And Answers With Verified Solutions Already Passed!!!
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CIPS Level 3 M2 & M3 Questions And Answers With Verified Solutions Already Passed!!!
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CIPS Level 3 M2 & M3 Questions AndAnswers With Verified Solutions Already
Passed!!!
Service Level Agreement (SLA) - ANSWER✔✔An agreement between a supplier
and a buyer based on quality, delivery, availability and other measuresvle criteria
For a contract to exist, what 5 things are necessary? - ANSWER✔✔Offer
acceptance
consideration
intention to legally bound
capacity
What is a panel agreement? - ANSWER✔✔It is a framework agreement with more
than one supplier
What is a call off? - ANSWER✔✔The order placed under a term contract or the
contract created under a framework agreement
What are express terms? - ANSWER✔✔Contractual terms that are agreed between
two parties and written into a contract
What are implied terms? - ANSWER✔✔Contractual terms that exist even if they
are not stated in the contract
What is linear pricing? - ANSWER✔✔The unit price doesn't change according to
the purchased quantity
What is collusion? - ANSWER✔✔Where two or more potential suppliers (or the
purchaser) secretly cooperate to undermine the competitiveness of the tender
process
What are the four stages of developing a business case? -
ANSWER✔✔Understand your own organisation
Understand the market
Options appraisal
Make recommendation
, What does tangible mean? - ANSWER✔✔Something you can physically touch or
see
What is a loss leader pricing strategy? - ANSWER✔✔A product or service
delivered at a price that makes a loss for the supplier in the hope of future gains
What is distributive negotiation? - ANSWER✔✔Any gain to one party is offset by
an equivalent loss to the other party
What is collaborative negotiation? - ANSWER✔✔When both parties achieve their
goals in full (win-win)
What does BATNA stand for? - ANSWER✔✔Best alternative to a negotiated
agreement
What does ZOPA stand for? - ANSWER✔✔Zone of Potential Agreement
What is margin? - ANSWER✔✔Profit as a percentage of sales
What are the six rights of procurement? - ANSWER✔✔Quality
Quantity
Place
Time
Price
Source
What is mark-up? - ANSWER✔✔Profit as a percentage of costs (profit divided by
cost)
What is a qualified bid? - ANSWER✔✔An offer made by a supplier unilaterally
opting out of part of the requirements
What is a variant bid? - ANSWER✔✔An offer made in addition to a compliant bid
as an alternative
Monopsony - ANSWER✔✔Market with only one buyer
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