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CIPS L3M1 Exam Questions
- Topic 1: Different Sectors of Procurement and Supply: Under this heading, there are different subtopics of the various sectors of procurement and supply including description of the categories and functions of private sector, roles, and scope of procurement in the private, public, not-for-profit/third sectors. Understanding the above sub-topics is very essential in an attempt to understand the concept of procurement and supply in general in these different sectors.
- Topic 2: Types of Pricing Arrangements in Commercial Agreements: It focuses on explaining pricing arrangements of use in commercial agreements so an entity can have the most effective price and cost management. This sub-topic is important because through this the role of pricing in procurement and supply can be deciphered.
- Topic 3: External Environment and Its Impact on Procurement and Supply: The external environment and their impact on procurement and supply comprise such subtopics as identification of the impact of the external environment and a description of implications of economic, political, legislative, environmental, ethical, and social criteria on the procurement and supply. Investigating these sub-topics is necessary for comprehending the external factors influencing procurement and supply.
- Topic 4: Procedures that Regulate Procurement and Supply: It refers to the regulations that guide procurement and supply. The subtopics discuss the types of documentation in procurement and supply and how these documented policies and procedures help in working within this field. Knowledge of the subtopics presents an essential overview of how regulatory aspects work in procurement and supply.
Free CIPS L3M1 Exam Actual Questions
Note: Premium Questions for L3M1 were last updated On Sep. 08, 2024 (see below)
Which of the following would often be subject to health and safety legislation?
All answers are correct. Each of these areas can create safety hazards for people in the workplace, and so in many countries government legislation has been passed to make these topics subject to regulation.
For example, within the UK, it is mandatory for employers to provide compulsory training for em-ployees who may be involved in lifting heavy items, and there are limits placed on the weight which can be handled by any one person. In many cases, mechanised lifting equipment is used to aid or replace humans.
Which of the following are examples of non-renewable resources?
Coal and oil are the correct answers. These are finite resources and will run out some day.
The others shown are renewables.
In Hofstede's dimensions of differences in national cultures, which one measures the extent to which security, order, control and predictability are preferred to ambiguity, risk and change?
The answer is uncertainty avoidance. Even if you have never heard of Hofstede, you can select the correct answer based on the explanation given in the QUESTION NO :.
Although the word 'culture' does not appear in the syllabus, much of Learning Outcome 3.0 can be seen as referring to culture. Some understanding of culture, both organisational culture and national culture is essential to human interactions in the procurement and supply environment. Check out Geert Hofstede's website to learn more about his work.
Thinking of Michael Porter's Industry Structure Analysis (commonly referred to as Five Forces Analysis), which of the following are seen as threats (select all that apply):
The model speaks of the threat of new entrants and the threat of substitutes. New entrants are par-ticularly attracted by high profitability in the sector. Substitutes can come about in a number of ways for example, through lower prices or because of technology.
The price of one currency expressed in terms of another currency is called the:
Exchange rate - the rate at which the currencies are exchanged. This rate can vary frequently, some-times several times per hour, depending on circumstances.
The interest rate is the rate charged on loans - the cost of borrowing.
The base rate is the basic interest rate used for agreeing loans within an economy. This rate is nor-mally set by the government or the central bank. Loans within that economy will usually be at a higher rate than the base rate, often much higher.
The equilibrium rate (more commonly 'equilibrium price') is the rate at which supply and demand meet, not necessarily related to currency.
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