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L4M8 Sample Questions Answers

Questions 4

What are the four methods that can be used to try to resolve dispute?

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Questions 5

What do STEEPLE and SWOT stand for?

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Questions 6

What matrix helps to define how to manage stakeholders?

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Questions 7

Describe what should be considered when creating damages terms in a contract.

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Questions 8

What are five recognized types of modern slavery?

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Questions 9

Create a list of assets of a company with which you’re familiar and divide them into standard and bespoke categorizing.

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Questions 10

Describe two ways in which an organization with which you are familiar could use continuous im-provement as part of whole life asset management.

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Questions 11

Explain with examples three differences between offers and invitation to treat.

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Questions 12

What are the two options for the disposal of an asset if resale is not possible?

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Questions 13

What are advantages and disadvantages of the two types of specifications?

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Questions 14

What are the four stages of decommissioning?

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Questions 15

What are the definition of a new buy and a modified re-buy?

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Questions 16

What is PQQ and what does it include?

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Questions 17

Explain how a lack of understanding of a global supplier’s culture and ethical behavior could cost buying organization money.

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Questions 18

What is needed for a contract to be binding?

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Questions 19

Explain why the behavior of an organization with which you are familiar could affect its business.

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Questions 20

When benchmarking what other factors, apart from price should be considered to find the total cost of acquisition?

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Questions 21

What Incoterm applies here?

The supplier is responsible of placing the goods in the hands of a chosen carrier by the buyer, at which point the buyer takes on the risk.

Options:

A.

EXW – Ex Works

B.

FCA – Free Career

C.

CPT – Carriage Paid To

D.

CIP – Carriage and Insurance Paid to

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Questions 22

What topics are covered within ethics?

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Questions 23

What is the retention of title clause also known as?

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Questions 24

What is the retention of title clause also known as?

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Questions 25

What are Carter’s 10Cs?

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Questions 26

Use the balance sheet below to work out the correct ratio for coffee Time and explain whether the company appears to have enough assets to cover it liability.

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Questions 27

Why is it important to keep ethical codes of practice up to date?

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Questions 28

What is a cross function team?

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Questions 29

When should whole life asset management be applied?

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Questions 30

Describe what should be considered when creating damages terms in a contract.

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Questions 31

Describe a situation where amendment or an addendum would need to be created

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Questions 32

What information should be included on a purchase requisition?

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Questions 33

Justify which of the five approaches to condition performance monitoring you think is the most cost effective within whole life asset management.

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Questions 34

What potential costs could an organization face if it fails to conduct Due diligence effectively?

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Questions 35

Write all of factors that contribute towards value for a product that you regularly purchase.

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Questions 36

Create two KPIs and two SLAs for a contract with which you are familiar.

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Questions 37

Which type of power is most likely to be used in corruption?

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Questions 38

What effect is technology having on jobs within an organization with which you are familiar with?

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Questions 39

Using the case study about Toyata, which type of benchmarking Tada has used when comparing the Toyata with Porsche?

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Questions 40

What are the eight elements of whole life asset management?

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Questions 41

What is commissioning?

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Questions 42

How can procurement professionals select suppliers?

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Questions 43

What happens in the public sector, regarding providing feedback?

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Questions 44

Explain the difference between bonded and forced labor.

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Questions 45

Think of a supply chain with which you are familiar and distinguish between the primary, second-ary and tertiary sector organization within it.

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Questions 46

What Incoterm applies here?

The supplier is responsible for delivering the goods to a carrier or to an intermediate agreed place. From this point, the buyer is responsible for ensuring these goods reach their named destination.

Options:

A.

EXW – Ex Works

B.

FCA – Free Career

C.

CPT – Carriage Paid To

D.

CIP – Carriage and Insurance Paid to

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Questions 47

What are the four methods that can be used to try to resolve dispute?

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Questions 48

What is contract performance review and continuous improvement?

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Questions 49

Which contract term contains details of when a product or service should be delivered and ex-plained the potential loss of business?

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Questions 50

What are five recognized types of modern slavery?

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Questions 51

Looking at stage 8 of the procurement and supply cycle, what does TCA mean?

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Questions 52

Which Incoterm applies here?

The supplier is responsible for delivering the goods to a point alongside a water vessel (such as a dock or quay) as determined by the buyer at a named port. Once delivered, all risk is transferred to the buyer until the goods are transported and delivered to their name destination.

Options:

A.

DAT – Delivered At Terminal

B.

DAP – Delivered At Place

C.

DDP – Delivery Duty Paid

D.

FAS – Free Alongside Ship

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Questions 53

Describe a situation where amendment or an addendum would need to be created

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Questions 54

What is the method of monitoring suppliers?

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Questions 55

Why is it important to keep ethical codes of practice up to date?

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Questions 56

Which contract term contains details of when a product or service should be delivered and ex-plained the potential loss of business?

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Questions 57

Create a list of primary and secondary Data sources?

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Exam Code: L4M8
Exam Name: Procurement and Supply in Practice
Last Update: Feb 12, 2025
Questions: 192
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