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CIPS L4M8 Exam Questions and Answers (100% Guaranteed Pass)
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Stage 13: Assest management/end of life The procurement professional should evaluate whether the need is still current. If it is and unchanged, the procurement cycle process commences again but from a different stage as the need is already known and understood. If the need is not required the buye...

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  • March 19, 2024
  • 58
  • 2023/2024
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CIPS L4M8 Exam Questions and Answers
(100% Guaranteed Pass)
Stage 13: Assest management/end of life

The procurement professional should evaluate whether the need is still current. If it is and unchanged,
the procurement cycle process commences again but from a different stage as the need is already
known and understood. If the need is not required the buyer should manage the end of life by reducing
stock levels and informing the supplier




Anti-bribery procedures

-Proportionate procedures: should be in line with the ype of bribery risk and scale that is likely to be
faced



-Top level commitment: High level execs should set an example and issue statements, updates and
feedback on the procedures and expectations



-Risk assessment: Regular and documented risk assessment of the likelihood and impact of bribery



-Due diligence: Documented procedures should cover and be enforced by all of the organisation within
the supply chain



-Communication: Ongoing training and updates should be provided to keep the organisation and its
workforce aware of current developments



-Monitoring and reviewing: Methods should be implemented to review compliance with the policies and
procedures




Busisness case for whole life asset management

,-Introduction

-Objective

-Approach

-Resources

-Benefits




Procurement Cycle

the cyclical process of key steps when procuring goods or services.




Steps of the Procurement Cycle

1. Understand Need and develop High level Spec.

2. Market/Commodity and options (inc make or buy assessment).

3. Develop Strategy/plan

4. Pre-procurement market test and market engagement.

5. Develop documentation, PPQ/detailed spec/combine with 1.

6. Supplier selection to participate in ITT/RFQ/negotiation.

7. Issue ITT/RFQ.

8. Bid/Tender Evaluation and validation.

9. Contract award and implementation.

10. Warehouse logistics and receipt.

11. Contract performance review and continuous improvement.

12. SRM and SC management and development.

13. Asset management/end of life and lessons learnt.




Terms and Conditions and the Developing of Contracts

,are a very important element of developing contracts, helping to minimise contractual risks and
exposure when doing business.




Supplier Evaluation

the process of evaluating and approving existing and potential suppliers by quantitative assessment
against specific business criteria.




Sourcing

a critical activity that commands increasing attention as managing supply chains becomes more complex
(Trautmann et al., 2009). It is used at both tactical and strategic levels and is concerned with what needs
to be purchased (product/service), in what quantities, for what purpose and where.




Whole life cycle costing

takes into account the total cost of a product or service over its lifetime, from concept through to
disposal including purchase, hire or lease, maintenance, operation, utilities, training and disposal. It is
important for procurement to take all these elements into consideration when making decisions and
comparing the costs of buying, renting or leasing equipment particularly. In most cases the purchase
costs are only a small proportion of the cost of operating it.




Corporate Social Responsibility (CSR)

a way of ensuring that the business monitors its compliance with the law and industry standards. It
embraces the company's obligations and creates a positive impact through its activities and in some
cases relates to a company going beyond its obligations in terms of its effect on the environment and
impact on social welfare.




Diversity and Inclusion

Businesses not only have a responsibility to respect and value all forms of difference including race and
ethnicity, culture and belief, gender and sexuality, age and social status and ability. There is also a huge

, business advantage to be had: diverse teams are more innovative, but also people want to be part of
them and stay part of them.




Modern Slavery

possession or control of a person deprived of their rights with the intention of exploiting them




Sustainable and Ethical Procurement

consider the impact of environmental, economic and social factors along with price and quality. This is
important in terms of how the buyer conducts their relationship with suppliers, including contract
negotiation especially when sourcing globally with unfamiliar work cultures.




Supplier Diversity

A proactive business program which encourages the use of minority-owned, women owned, veteran
owned, LGBT-owned [1], service disabled veteran owned, historically underutilized business, and Small
Business Administration (SBA)-defined small business concerns as suppliers.




Social Value

a way of thinking about how scarce resources are allocated and used. It involves looking beyond the
price of each individual contract and looking at what the collective benefit to a community is, when a
public body chooses to award a contract.




implied terms

always present in a contract and are set by the law of the land.




Express terms

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