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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.
The CIPS L4M5 exam covers a range of topics related to commercial negotiation, including the principles of negotiation, negotiation planning and strategy, the use of power and influence in negotiation, and negotiating with suppliers in different cultural contexts. L4M5 Exam also evaluates the candidate's ability to apply negotiation techniques to real-world scenarios, including resolving disputes, managing conflicts, and negotiating contracts. By passing the CIPS L4M5 Certification Exam, procurement and supply chain professionals can demonstrate their expertise in commercial negotiation, making them more attractive to potential employers and helping them to advance their careers in the industry.
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CIPS L4M5: Commercial Negotiation exam is a critical module that enables procurement and supply chain professionals to master the art of successful negotiations. L4M5 Exam is aimed at individuals who are looking to grow within their role or advance their careers, and it demonstrates their capability to successfully negotiate in a business setting. Successful candidates will acquire skills and knowledge that are valuable in every sector of the industry, including supplier and stakeholder management.
CIPS Commercial Negotiation Sample Questions (Q342-Q347):
NEW QUESTION # 342
Which ofthe following is a true statement regarding macroeconomic factors and their potential impact on negotiations?
Answer: D
Explanation:
Explanation
'Macroeconomic factors always directly influence the negotiations': This statement is false. For any given negotiation it is not the macroeconomic factor itself that necessarily influences the negotiation but the change or rate of change that factor.
'Changes in macroeconomic factors may affect businesses and individualsdifferently': This statement is true.
Macroeconomic factors are factors that have general effects on the economy and many businesses may be completely unaffected or affected more or less than others in the same industry by a change in a factor.
'Macroeconomic factors cannot be influenced by anyone's expectation or sentiment': This statement is false.
When it comes to macroeconomic factors another key consideration is expectation regarding what might happen to these factors, or specifically the measures, metrics or percentage rates associated with these factors in the future.
'Expectations on macroeconomic prospect are always correct': This statement is false. Expectations are not always correct.
LO 2, AC 2.2
NEW QUESTION # 343
An oil refinery plant imports much of its crude oil from overseas. A procurement manager in the refinery suggests that fixing the crude oil contract price for 36 monthswould be beneficial for the company. Would this be a right thing to do?
Answer: B
Explanation:
Explanation
Fixed price contract is the contract in which the price is static throughout the contract period. A fixed-price contract may give certainty to budget and simplify contract management. However, it may lead to other problems since it requires bidders to estimate and bear the financial risks associated with price escalations. If the estimates are too high or events do not materialize, the buyer will pay a steep price that may affect the economy and efficiency of the contract. In the worst case, it may mean that the bid price is then above budget and may lead to a reduction in the requirements or rebidding. If the estimates are too low, it may appear as an abnormally low bid and disrupt contract execution.
On the other hand, price adjustment provisions include formulas designed to address problems, and can protect both theborrower and contractors from price fluctuations. Price adjustment formulas allow contractors to offer more realistic prices at the time of bidding. Despite concerns that they may lead to budget uncertainties, price adjustment formulas will estimate the actual cost implications that will be encountered. They use indexes that can be used for cost projection.
According to Asia Development Bank (ADB), any contract with a delivery or completion period beyond 18 months should contain an appropriate price adjustment clause.
In the scenario, the crude oil contract is planned to last 36 months. This period is pretty long with a fluctuating commodity. Therefore, the company should use price adjustment agreement.
NEW QUESTION # 344
When is the best time in procurement process in which procurement should get involved so that the cost- saving opportunities are the greatest?
Answer: D
Explanation:
The earlier procurement get involved in the procurement processes, the better. If procurement are involved in design at the specification stage they can feed in prices and costs to designer so they know the likely budget implication of choices made. Sending in a procurement team to negotiate at or close to the end of the procurement process effectively ties their hands and limits their negotiation leverage. This is illustrated in the graph below:
Chart Description automatically generated
LO 2, AC 2.1
NEW QUESTION # 345
Using emotion as a technique of persuasion is ethical. Is this a true statement?
Answer: C
NEW QUESTION # 346
In general, which of the following is the consequence of a flatter demand curve?
Answer: B
Explanation:
Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price or another factor.
In microeconomic graphs, elasticity and inelasticity can be shown by the slope of the demand curve. If a demand curve is almost horizontal, then the product pricing can be described as very elastic. If a demand curve is almost vertical, then the product pricing can be described as very inelastic.
The formulae of elasticity:
Text Description automatically generated with low confidence
Table Description automatically generated with medium confidence
LO 2, AC 2.2
NEW QUESTION # 347
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