Exam (elaborations)
CIPS Quiz/142 Complete Questions and Answers 2024
CIPS Quiz/142 Complete Questions and Answers 2024
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CIPS Quiz/142 Complete Questionsand Answers 2024
Acceptance testing - -A form of testing used to determine if the
requirements of a specification or contract are met
-Accrual - -An adjustment made to a set of financial accounts to reflect
activity that has occurred but for which cash has not yet been received or
paid
-Annual planning cycle - -Planning involves a number of activities, such as
analysis of opportunities, setting aims, exploring options, producing detailed
plans and reviewing the plan against expectations. A cycle of activities as
the result where each activity might need the previous activity revised
before the final plan is accepted
-Approved supplier list - -A list of approved suppliers who have the skills (for
example, technical, functional or financial) to undertake the work
-Arms-length relationship - -The relationship between two parties each of
whom has no obligation to the other
-Asset value - -The value of everything an organisation owns
-Bargaining power - -The ability of a company or individual to influence
another
-Benchmarked prices - -The price paid for a product or service either in the
past or by other users in order to set a standard for future reference
-Bill of materials - -A comprehensive list of components, items, materials
and parts to create a product, essentially a recipe for the production of an
item
-Break-even point - -The level of output of a business at which revenue
equals total costs
-Breakthrough result - -The achievement of a particularly important and
significant result
-Business case - -A document that sets out the justification for undertaking
a project on commercial grounds
, -Business requirement - -The activities that meet the need of, and provide
value to, the business (also called business need)
-Business requirement definition (BRD) - -Sets out what the product or
service needs to achieve if all stakeholders are to be satisfied
-Buying off-contract - -The purchase of an item without a contract when a
contract for that item already exists
-Call off - -The purchase of an item using a framework agreement that has
already been through a procurement process
-Capability - -The ability of a supplier to meet an organisation's specific
business requirements
-Capacity - -The output of a business
-Cash flow - -The net amount of cash received and spent by an organisation
in a given period of time
-Change management - -The process, tools and techniques for dealing with
the people aspect of change to achieve the business outcome required
-Collaborative agreement - -This is a long-term agreement between a
buying organisation and a selling organisation which sets out how each party
proposes to share information, costs, risks and results by working together
on a product or service
-Company annual reports - -Reports released once a year as a way of
communicating with shareholders about the performance of a company
-Competitive assessment/ 'teardown' - -The act of disassembling a
competitor's or supplier's product into its component parts so that its costs
can be estimated
-Competitive bids - -Suppliers' submissions in the process y which an
organisation selects from a number of competing suppliers to award a
contract
-Consumer markets - -A marketplace involving individual consumers rather
than businesses or companies
-Continuous improvement - -The ongoing activities involved in improving a
process product or service
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