CIPS L4M6 Exam - Topic 4 Question 53 Discussion

Actual exam question for CIPS's L4M6 exam

Question #: 53
Topic #: 4

[All L4M6 Questions]

How would a buyer measure value for money from a relationship with a new supplier for goods?

AAudit of how suppliers promise

BLowest possible cost

CBalance of quality and cost

DQuality and volume of goods

Show Suggested Answer

Suggested Answer: B

CPV codes help suppliers find opportunities they can bid for. CPV codes are a numerical classification for products e.g. Strawberry Jam is 15332296 and when they are included on a Tender, any supplier who is registered with that same CPV code will get a notification that the tender is live. CPV codes are discussed on p.72 but not in much detail- so don't worry if you don't know much about them. So long as you know the above, you'll be fine.

by Rossana at Sep 13, 2024, 02:25 PM

Limited Time Offer

25%

Off

Get Premium L4M6 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Isaiah

9 months ago

Surprised that people think B is enough, what about quality?

upvoted 0 times

...

Justine

9 months ago

A is interesting, but can you really audit promises?

upvoted 0 times

...

Carrol

10 months ago

D makes sense too, quality and volume matter a lot!

upvoted 0 times

...

Erick

10 months ago

I think B is too simplistic, lowest cost isn't always best.

upvoted 0 times

...

Tijuana

10 months ago

Definitely C, it's all about balancing quality and cost.

upvoted 0 times

...

Shenika

10 months ago

I’ve seen similar questions before, and I think the balance of quality and cost is crucial. It’s not just about getting the cheapest option, right?

upvoted 0 times

...

Rebecka

11 months ago

I’m a bit uncertain about this one. I feel like an audit of supplier promises could be important, but I’m not sure if that’s the main measure of value.

upvoted 0 times

...

Afton

11 months ago

I remember a practice question that emphasized the importance of quality over just going for the lowest cost. It seems like option C might be the right choice.

upvoted 0 times

...

Alaine

11 months ago

I think measuring value for money involves looking at the balance of quality and cost, but I'm not entirely sure if that's the best approach.

upvoted 0 times

...

Jacinta

11 months ago

Auditing the supplier's promises is a good starting point, but I'd also want to look at their actual track record and see if they've delivered on what they said they would. That real-world data is key.

upvoted 0 times

...

Alisha

11 months ago

Lowest possible cost is definitely important, but I think you also need to consider the quality of the goods and whether the supplier can reliably meet your needs. Gotta find that sweet spot.

upvoted 0 times

...

Shelba

11 months ago

Hmm, not sure about this one. I'd need to think through all the different factors that could impact value for money, like delivery times, customer service, and the supplier's overall reliability.

upvoted 0 times

...

Andra

11 months ago

This seems like a straightforward question about evaluating supplier value. I'd focus on looking at the balance of quality and cost, as that seems to capture the key factors.

upvoted 0 times

...

Lelia

1 year ago

As an accountant, I'd say C is the way to go. It's all about that sweet spot between quality and price. *chuckles* Gotta keep the bean-counting boss happy, you know?

upvoted 0 times

Rosalia

1 year ago

A: True, it's important to make sure you're getting the best value for your money.

upvoted 0 times

...

Arminda

1 year ago

B: I think comparing prices and quality is key. Can't go wrong with that.

upvoted 0 times

...

Malissa

1 year ago

A: Definitely agree with you there. It's all about finding that balance.

upvoted 0 times

...

Cherelle

1 year ago

Auditing the supplier's promises, as in A, is a start, but it doesn't tell you the actual value you're getting. Gotta look at the real-world outcomes.

upvoted 0 times