CIPS L3M2 Exam Topics
CIPS L3M2 Exam Overview :
| Exam Name: | Ethical Procurement and Supply |
| Exam Code: | L3M2 |
| Certifications: | CIPS Level 3 Advanced Certificate in Procurement and Supply Operations Certification |
| See Expected Questions: | CIPS L3M2 Expected Questions in Actual Exam |
CIPS L3M2 Exam Topics :
| Section | Objectives |
|---|---|
| Know techniques that can achieve added value and its contribution to organisational success | In procurement, understanding the sources of added value and defining value for money are fundamental principles. Applying the "five rights" ensures the procurement of products and services aligns with organizational goals. Additionally, comprehending the concept of lifetime costs is crucial. The contribution of value for money to organizational success is evident in efficiency, effectiveness, and the balance between economies of scale and product/service quality. Techniques to achieve quality supplies involve defining quality, adhering to standards, implementing quality assurance, and striving for zero defects. Securing required quantities within specified timescales requires efficient lead time management, expedited delivery, milestone planning, scheduling, and inventory control. Criteria for assessing value for money include pricing, delivered quality, adherence to timescales and quantities, and evaluating supplier performance for continuous improvement. |
| Know tasks associated with each stage of the sourcing process | Establishing procurement needs involves close collaboration with users and customers to understand their commercial requirements thoroughly. This includes reviewing customer needs, making informed decisions on whether to make or buy products or services, and defining specifications accordingly. Criteria for creating specifications should focus on their importance in contracts with external parties, adopting either conformance or output-based approaches, and incorporating Key Performance Indicators (KPIs) for effective measurement. Approaches to sourcing supplies encompass market surveys, supplier appraisal, soliciting quotations and tenders, evaluating submissions, leveraging e-sourcing technologies, and assessing supplier performance. Similarly, forming agreements with external organizations involves addressing queries, ensuring transparency and fairness, managing mistakes and second bids, utilizing reverse auctions where applicable, and establishing agreements with customers and suppliers while also managing transition and mobilization arrangements effectively. |
| Understand the significance of ethics for procurement and supply | The CIPS Code of Conduct plays a pivotal role in procurement and supply by upholding the highest standards of professionalism and integrity. It serves to enhance and protect the reputation of the profession while promoting ethical business relationships and ensuring compliance with laws and regulations. By adhering to the Code of Conduct, professionals uphold integrity, proficiency, and ethical practices, thereby contributing to the credibility and stature of the profession. Furthermore, codes of ethics are instrumental in guiding the behavior of stakeholders, monitoring adherence to ethical standards, and addressing any suspected breaches effectively. Additionally, understanding and addressing conflicts of interest are essential in maintaining ethical practices, identifying potential conflicts, and implementing measures to mitigate them while prioritizing ethical conduct in all procurement and supply activities. |
| Understand how operational performance of the procurement and supply function can be measured and improved | Recognizing the paramount importance of delivering exceptional customer service is crucial for organizational success. This entails evaluating customer service and stakeholder satisfaction through various methods and actively seeking feedback to identify areas for improvement. Developing action plans based on feedback and performance evaluations ensures continuous enhancement of service quality. Additionally, measuring cycle times for the sourcing process is essential for optimizing efficiency. This involves evaluating timescales, identifying delays' root causes, and implementing corrective actions to reduce cycle times as needed. Furthermore, assessing and controlling budgets are integral to financial management. Analyzing departmental budgets, identifying variances, and implementing strategies to mitigate future discrepancies contribute to effective budget management and organizational success. |
| Official Information | https://www.cips.org/qualifications/procurement-certificate-advanced/ethical-procurement-and-supply/ |
Updates in the CIPS L3M2 Exam Topics:
CIPS L3M2 exam questions and practice test are the best ways to get fully prepared. Study4exam's trusted preparation material consists of both practice questions and practice test. To pass the actual Level 3 Advanced Certificate in Procurement and Supply Operations L3M2 exam on the first attempt, you need to put in hard work on these questions as they cover all updated CIPS L3M2 exam topics included in the official syllabus. Besides studying actual questions, you should take the CIPS L3M2 practice test for self-assessment and actual exam simulation. Revise actual exam questions and remove your mistakes with the Ethical Procurement and Supply L3M2 exam practice test. Online and Windows-based formats of the L3M2 exam practice test are available for self-assessment.
Our Features
- 50000+ Customers feedbacks involved in Products
- Customize your exam based on your objectives
- User-Friendly interface
- Exam History and Progress reports
- Self-Assessment Features
- Various Learning Modes