L4M5 EXAM TOPIC, LAB L4M5 QUESTIONS

L4M5 Exam Topic, Lab L4M5 Questions

L4M5 Exam Topic, Lab L4M5 Questions

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Tags: L4M5 Exam Topic, Lab L4M5 Questions, Online L4M5 Bootcamps, Reliable L4M5 Exam Cram, L4M5 New Exam Braindumps

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To prepare for the CIPS L4M5 Certification Exam, candidates should have a good understanding of the procurement process and negotiation principles. They should also have experience in negotiating contracts and agreements. There are various training programs and resources available to help candidates prepare for the exam, including online courses, study guides, and practice exams. With the CIPS L4M5 Certification, procurement professionals can demonstrate their expertise in commercial negotiation and enhance their career prospects in the field of procurement.

CIPS L4M5 (Commercial Negotiation) Exam is a professional qualification designed for individuals who are interested in developing their skills and knowledge in commercial negotiation. L4M5 exam is offered by the Chartered Institute of Procurement and Supply (CIPS), which is a leading global professional body for procurement and supply chain management. The CIPS L4M5 Exam is one of the most comprehensive and widely recognized qualifications in the field of commercial negotiation, and it covers a broad range of topics, including negotiation planning, techniques, strategies, and tactics.

CIPS L4M5 certification exam covers a broad range of topics, including negotiation theory and strategy, communication, ethics and professionalism, and contract law. L4M5 exam is designed to evaluate the candidate's ability to effectively manage the negotiation process, analyze the negotiation context, and develop effective negotiation strategies. Commercial Negotiation certification provides candidates with a deep understanding of the negotiation process, enabling them to effectively advocate for their organization and achieve optimal outcomes.

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Lab L4M5 Questions | Online L4M5 Bootcamps

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CIPS Commercial Negotiation Sample Questions (Q184-Q189):

NEW QUESTION # 184
What letter R in the acronym SMART stands for?

  • A. Relevant
  • B. Recommended
  • C. Risk-free
  • D. Random

Answer: A

Explanation:
Explanation
SMART is an acronym that you can use toguide your goal setting. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound A student met this question in the L4M5 exam. SMART is mentioned primarily in L4M3 Commercial Contracting.
LO: Unknown, AC: Unknown


NEW QUESTION # 185
Which of the following is the most appropriate pricing arrangement in contracts where major inputs are commodities?

  • A. Cost reimbursable pricing arrangement
  • B. Standard schedule of rates
  • C. Price adjustment mechanism
  • D. Fixed pricing arrangement

Answer: C

Explanation:
:
In contracts which have major commodity input, the price is determined by market forces with no individual supplier or buyer able to influence it significantly. Prices are much more variable even within long term contracts and seeking a fixed price would create financial risks for both the buyers and the suppliers. It is often intelligent to agree a contract price adjustment mechanism to allow for market price changes so both sides share risk.


NEW QUESTION # 186
At which stage in a negotiation would questions be asked to obtain missing information?

  • A. The opening stage
  • B. The bargaining stage
  • C. The testing stage
  • D. The proposing stage

Answer: C

Explanation:
There are 5 key phases of negotiation:
The opening phase: confirm understanding and get the issue on the table The testing phase: check assumption and confirm understanding The proposing phase:asking 'if' The bargaining phase: using tradeables The agreement and closing phase The testing could take the form of questions following a presentation by either side or questions on a tender or proposal document received by the buyer from the potential supplier. The testing phase is necessary to confirm that your approach and objectives are appropriate for the negotiation situation you now find yourself in.
Careful listening, observation and interpretation of TOP's responses may give indication of the following:
Areas where TOP is willing and unwilling to make concessions
What factors or issues TOP places a high value on
If there are any non-commercial or emotional factors that may be pertinent TOP's underlying interests - why they are taking the positionthey are.


NEW QUESTION # 187
Which of the following are most likely to be sources of conflict that can emerge from the process of commercial negotiations? Select TWO that apply.

  • A. Types of purchase
  • B. Differences in culture
  • C. Standard terms and conditions
  • D. Differences in conflict management style
  • E. Line of the best fits

Answer: B,D

Explanation:
There are multiple sources of divergent positions that can arise in situations where money is exchange for goods and services. There are 2 different types of sources. Those that arise from the content or subject matter of the negotiation (what is being negotiated) and those that arise from the process of negotiation (how it is being negotiated).
Sources of divergent positions - the process of negotiation:
Table Description automatically generated

Line of best fits is the line that goes approximately through the middle of the data points with an equal number of data points above and below it. Line of best fits is a method of calculating medium value instatistics.
Standard terms and conditions are basic terms and conditions of business governing transactions that do not have a definitive contract, usually designed to be included in form documents such as orders. While there may be conflicts regarding standard terms and conditions, they are about the content of negotiation, not the process.
Type of purchase: when buying organisation makes an decision to purchase an item, a buyer is faced with three possible scenarios. The item to be bought could be a straight re-buy, a modified re-buy or a new purchase. Decision on type of purchase is purely an internal decision.


NEW QUESTION # 188
A supplier's mark-up on all products is 25%. Supplier's profit margin is...?

  • A. 20%
  • B. 75%
  • C. 15%
  • D. 30%

Answer: A

Explanation:
LO 2, AC 2.1


NEW QUESTION # 189
......

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