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Cips L4m2 Questions And Answers With Verified Solutions Rated A+
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Cips L4m2 Questions And Answers With Verified Solutions Rated A+
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Cips L4m2 Questions And Answers WithVerified Solutions Rated A+
When should Competitive bidding not be used? - ANSWER✔✔Where price
cannot be establish with certainty
Where price isn't the only variable
Where there are significant set up costs involved
Which 3 types of Whole Life Costing (WLC) models can be used in the planning
stage? - ANSWER✔✔Decision support models
Simulation models
Optimisation models
What do Decision Support models do in WLC? - ANSWER✔✔Identify the issue
to find possible alternatives
What do Simulation Models do in WLC? - ANSWER✔✔Considers that cost
variables may come in different values and informs which variables have the
biggest impact
What is the Preparation stage of WLC used for? - ANSWER✔✔To choose the best
model and identify any costs requiring further investigationg
Why is it good to know the criteria whether considering whether to approve a BC?
- ANSWER✔✔Because it improves chances of approval
Which criteria is usually applied when creating a Business Case (BC)? -
ANSWER✔✔Objectives
Options
Cost and Benefits
Risk Assessment
Implementation Plan
What are the 3 trends to help determine strategic levels of Objectives in a BC? -
ANSWER✔✔External trends
Internal trends
Organisational trends
,Identify the 6 types of intervention to consider when looking a Options in a BC. -
ANSWER✔✔Market interventions: 'make vs buy'
Technical interventions: simplifying specs
Cost structure interventions
Work process interventions
Supplier rel interventions:
Supply chain interventions:
Identify 3 of the typical costs considered in the Costs and Benefits part of a BC. -
ANSWER✔✔Machinery
Additional staff
Cost of external input
Identify 3 less typical costs considered in the Costs and Benefits part of a BC. -
ANSWER✔✔Impact on health and safety
Organisation's reputation
Environmental Costs
How should you conduct a Risk Assessment? - ANSWER✔✔List all the potential
sources of risk
Identify the potential impact if the risk occurs
Identify the likelihood of the risk occurring
Identify the 6 typical elements to consider when creating a Implementation Plan in
a BC. - ANSWER✔✔Have roles/responsibilities been allocated and agreed?
Is there an effective communication strategy?
Is there a change management strategy?
Has the procurement route been agreed?
Is there sufficient time allocated to managing the tender process?
Is there sufficient time allocated for negotiations and contract writing?
What is benchmarking? - ANSWER✔✔A process of continuously measuring an
organisation's products, services and practices against a recognised leader
, Identify the 4 main types of benchmarking. - ANSWER✔✔Internal
Competitive
Functional
Generic
What is Internal Benchmarking? Identify 2 Pros and 2 Cons of this. -
ANSWER✔✔Comparing a business process to a similar one within the same
organisation
Pros - quicker and easier
Cons - limits growth opportunity, could create unhealthy competition
What is Competitive Benchmarking? Identify 2 Pros and 2 Cons of this. -
ANSWER✔✔Compares a business process with a direct competitor
Pros - compares similar processes, provides better understanding of competitors
Cons - low performance improvement, potential to capitalise on an organisational
weakness
What is Functional Benchmarking? Identify 2 Pros and 2 Cons of this. -
ANSWER✔✔Comparing similar or identical practices with an organisation
outside the immediate sector
Pros - provides industry trend information, increases improvement rates
Cons - more time consuming, requires detailed information to be provided
What is Generic Benchmarking? Identify 2 Pros and 2 Cons of this. -
ANSWER✔✔Comparing unrelated business processes that can be carried out in a
similar way
Pros - non-competitive process, allows for global comparisons
Cons - difficult to compare, lengthy process
What is a financial budget? - ANSWER✔✔A plan for a defined period of time
(usually 12 months) to show costs, revenue or both
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