L4M2 STUDY MATERIALS: DEFINING BUSINESS NEEDS & L4M2 TEST SIMULATE MATERIAL

L4M2 study materials: Defining Business Needs & L4M2 test simulate material

L4M2 study materials: Defining Business Needs & L4M2 test simulate material

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CIPS Defining Business Needs Sample Questions (Q107-Q112):

NEW QUESTION # 107
Which of the following is the best definition of target costing?

  • A. The cost of a product after analysing its components step by step
  • B. The total of all costs in acquiring goods or services from the inception of the demand for them until their safe and satisfactory delivery at the point required.
  • C. The net present cost of the purchase or project and all future revenues flowing from it discounted back to the present time.
  • D. A product cost estimate derived from a competitive market price.

Answer: D

Explanation:
Target costing is an activity aimed at reducing the life-cycle costs of new products, while ensuring quality, reliability, and other consumer requirements by examining all possible ideas for cost reduction at the product planning, research and development and prototyping phases of production. But it is not just a cost reduction technique; it is part of a comprehensive strategic profit management system.


NEW QUESTION # 108
Due to the growth of consumer electronics market, semiconductor industry develops exponentially. However, the industry is dominated by a dozens of manufacturer. Chipset need to be built in factories with highly controlled environments. New chip factories cost billions of dollars and can take two years to build. Right now, factories are running at full capacity, which produce almost perfect yields, meaning basic chipset can be made for less than a dollar and more advanced versions for not much more. What are the barriers to new entrants in the semiconductor industry?
1. Poor industry growth
2. High set-up costs
3. Economies of scale
4. Low switching costs

  • A. 2 and 3 only
  • B. 1 and 4 only
  • C. 3 and 4 only
  • D. 2 and 4 only

Answer: A

Explanation:
Barriers to entry is an economics and business term describing factors that can prevent or impede newcomers into a market or industry sector, and so limit competition. The most obvious barriers to entry are high start-up costs and regulatory hurdles which include the need for new companies to obtain licenses or regulatory clearance before operation. Also, industries heavily regulated by the government are usually the most difficult to penetrate. Other forms of barrier to entry that prevent new competitors from easily entering a business sector include special tax benefits to existing firms, patent protections, strong brand identity, customer loyalty, and high customer switching costs.
In the scenario, the new factory for chipset manufacturing costs billions of dollars, which indicates high set-up costs. Also, the incumbent manufacturers have reached economies of scale, allowing them to produce the components at optimal price.
The above descriptions are compiled from recent reports on current chip shortage (2021).
Reference:
- Barriers to Entry Definition (investopedia.com)
- CIPS study guide page 96-97
LO 2, AC 2.2


NEW QUESTION # 109
A procurement manager has noticed that profitability within a market has increased steadily over the years. In addition, the market is relatively easy to enter, and demand within the market is predicted to remain high.
Which of the following is likely to happen in this particular market as a direct consequence of these factors?

  • A. The market will attract new entrants
  • B. Buyers will switch to a different market
  • C. Suppliers will invest more heavily in technology
  • D. The regulator will intervene and establish pricing controls

Answer: A


NEW QUESTION # 110
It could be argued that wherever possible, specifications should be more output and outcome focused. Why is this?

  • A. To reduce the number of options available
  • B. So that they can be amended easily after contract award
  • C. So that a specific branded product is provided
  • D. To allow as many suppliers as possible to respond

Answer: D


NEW QUESTION # 111
Royal Navy is preparing a through-life contract. They put to the contract a term on rectification of operational defects and planning and delivery of Fleet Time Support Periods. Which part of through-life requirement does this term belong to?

  • A. Customer support
  • B. In-service support
  • C. Installation
  • D. Manufacture

Answer: B

Explanation:
There are 6 main components of the through-life requirements of an asset: Design, Manufacture, Installation, In-service support, Decommission and disposal and Customer support.
Rectification of operational defects and planning and delivery of Fleet Time Support Periods are maintenance activities which belong to in-service support. You may have chosen Customer support. However, in through-life asset management context, customer support does not include maintenance services. Instead, it is the services that go along the stages of asset life. It may include consulting, communication and information exchange.

Source: Andrew Graves
Reference:
LO 3, AC 3.2


NEW QUESTION # 112
......

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