CIPS L4M8 Chapter 1 exam 2024 with 100% correct answers

The 13 Stages of the Procurement Cycle - correct answer Stage 1 - Identify need and develop spec. Stage 2 - Market commodity/make or buy options. Stage 3 - Develop Strategy/Plan Stage 4 - Pre procurement market tests Stage 5 - Prepare Documentation Stage 6 - Supplier Selection Stage 7 - Send ITT Stage 8 - Receive & Evaluate Bids Stage 9 - Award contract Stage 10 - Warehouse/logistics prep Stage 11 - Contract management Stage 12 - Relationship management Stage 13 - End of life/asset management Procurement Cycle - Stage 1 - Understand need and develop a high-level specification - correct answer The person generating the need should communicate with the buyer to ensure there is no misinterpretation. Once the need is clearly understood, the procurement professional should develop a specification Two types of specification - correct answer Performance and conformance Performance specifications - correct answer Specifies what the product or service will do or achieve. This covers the outputs required, tolerances and any functions the product/service may have to perform Conformance specifications (technical) - correct answer Specifies which standards a requirement must