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CIPS L4M1 SUMMARIZED STUDY GUIDE TO ACE YOUR EXAMs
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CIPS L4M1 SUMMARIZED STUDY GUIDE TO ACE YOUR EXAMs
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CIPS L4M1 SUMMARIZED STUDY GUIDE TO ACEYOUR EXAMs
Differences between Public and Private (Private sector)
✔✔1. More flexibility
2. Contracts can be bespoke
3. Suppliers can be managed as required as long as anti-bribery, coercion,
unethical conduct etc. do not occur
4. Freedom to negotiate
5. All suppliers can be considered
6. Buyers can invite who they want to bid and disregard anyone they
choose not to work with
7. Confidentiality in spending patterns is easier to maintain
8. Relationships often more personal and less regulated
9. Innovation is promoted
10. Procurement workers can negotiate salaries
Elements of a brand
✔✔1. Advertising
2. Marketing
3. Trust
4. Identity
5. Value
6. Design
7. Logo
8. Strategy
A brand should inform consumers of 3 basics things
,1. What the product is
2. What the product can do
3. Why the product is the desired choice
Goods V Services
✔✔1. Goods are tangible, services are intangible
2. Services cannot be seprated from their supplier
3. Heterogenity (goods are uniform while services are unique)
4. Services perish upon delivery, while goods can be stored
5. Services have no transfer of owenrship
features of capital procurement
✔✔1. Price is only 1 element
2. Specialised investment
3. Complex
4. High level of investment from staff
5. Unique / one off
6. Additional IT infrastructure
Stages of the sourcing process
✔✔1. identify the need
2. define the need
3.Make v buy
4. Develop Documentstion
5. Source the market
6. Appraise suppliers
,7. Supplier Selection
8. Invite quotations or tenders
9. Bid / tender evaluation
10. Negotiation and contract award
11. contract / supplier management
12. Asset management
Benefits of E procurement
✔✔1. cost saving
2. communication
3. Accuracy
4. Responsiveness
5. Supplier relations
6. Real time information
7. Fraud risk
8. Traceability
9. Internal and global sourcing in real time
10. Provenance
Corporate Governance
✔✔the system of governing a company so that the interests of corporate
owners and other stakeholders are protected
when not to use competitive tendering
✔✔1. Urgency
2. Commercial confidentiality or national security
, 3. Value of purchase
4. Production costs cannot be measured
5. Price is not the only criterion for supplier selection and contract award
6. Tooling or set up costs and major factors
7. intellectual property rights and monopoly
E- sourcing tools
✔✔1. E-Catalogues
2. E-Tendering
3. E-Auctions
4. Reverse Auctions
5. Online supplier evaluation data
Advantages if structured sourcing
✔✔1. All tasks are performed without gaps
2. Consistency in approach
3. Prevents conflicts
4. Supports Compliance
5. Allows devolution of some tasks
IT systems in procurment
✔✔1. ERP is a single data base to manage a wide range of functions and
resources across a business . it offers real time solutions
2. MRP is a set of records, decisions, rules and procedures to manage
demand.
3. P2P is a two way flow of transactions taking a purchase requisition
through to payment of invoice
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