We have compiled the question topics for the L5M4 module (Advanced Contract and Financial Management) in the table below. Students are encouraged to review the previously asked topics for reference. This information will be updated regularly !!!
Power is the ability to influence others. Therefore, the bargaining power of the buyer refers to a buying organization’s ability to influence its supplier. Most people aim to maximize their power in various ways to achieve favorable outcomes in commercial negotiations. The level of bargaining power can vary depending on the specific market and the size of the companies involved. For example, consider sourcing utilities for a manufacturing company. Due to high production levels, utility costs represent a significant portion…
You can see barcodes printed on many products around us. But have you ever wondered about the benefits of these barcodes? They are created to streamline inventory management and improve business productivity. In manufacturing, barcodes are often printed on all types of inventory, including raw materials, components, work-in-progress, and finished products. Each barcode is assigned to similar products. For example, if a company purchases a consignment of 10,000 screwdrivers, it’s not necessary to print 10,000 different barcodes. Instead, the same…
You may be familiar with supplier performance management, where various KPIs are used to measure suppliers’ performance. Based on these metrics, performance is recorded, tracked, and continuously improved. The same approach applies to inventory management activities. You should not underestimate the role of inventory management in business development. Inventory represents company assets that need to be managed carefully and optimally. There are several KPIs you can use to monitor inventory management effectively. Delivery performance This metric measures the percentage of…
Let’s imagine you are a buyer sourcing desks for your office. You want to purchase desks tailored to your bespoke requirements, but there is no suitable availability in the market. You need to communicate your needs to suppliers and these might include dimensions such as height, width, and depth, as well as materials and any unique features of the desks. You may have to speak with several suppliers to find the most suitable one. So, how can you ensure they…
Understanding all types of CIPS exam questions is necessary. Of course, we cannot predict exactly what the question will ask, but we will feel more confident if we are familiar with the CIPS exam format. In this post, I continue to analyse the different types of exam questions. Example 4: Data on markets and suppliers can be obtained using two sources, primary and secondarysources. Which of the following are examples of primary sources of data? Select the TWO thatapply.a. Trade…
In the previous post, “How to Maximize Your Score in the CIPS OR Exam“ I shared some tips on optimizing your exam performance. However, you may still find it hard to imagine what the exam questions actually look like. In the OR exam, all questions are in multiple-choice format, but they’re presented in different ways. To help you better understand, I’ll walk you through some of the question types below. In the exam, CIPS may ask a simple question like……
As you know, there are 60 multiple choice questions in each OR exam. You are allowed to finish 60 questions in 90 minutes. It means that you can answer each question in an average of 1,5 minutes. CIPS will ask questions with different levels of difficulty so you may answer a simple question in 30 seconds and a complicated question in 5 minutes. However, all questions are weighted equally so you need to make sure the accuracy of your answer…
Have you ever looked up summary notes in a CIPS discussion group? As an admin of several CIPS revision groups, I’ve seen many requests for notes, especially before exams. I often ask myself how these notes actually help. Obviously, we can’t guarantee their clarity or accuracy, as they’re often written by unqualified individuals. We know that summary notes provide students with an overview and the key points of a module. Based on that, we can explore the details in the…