EXAM CODE : L4M5 UPDATION DATE : 2023-03-20 TOTAL QUESTIONS : 162 UPDATES : UPTO 3 MONTHS GUARANTEE : 100% PASSING GUARANTEE
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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?
A. Yes, financial budgeting task would be a lot easier with fixed pricing arrangement
B. No, fixed price should be only applied to contracts that last 60 months or longer
C. No, the refinery would not be able to reap the benefits from falling commodity price and currency rates
D. Yes, the supplier would bear the risk when the material price increased
ANSWER : C
Jane is planning for a forthcoming negotiation with a key supplier. She has learned what are important to the supplier and what are important to her company from previous contracts between them. In order to avoid negotiation deadlocks, she has set up several concession plans. But Jane has little experience in dealing with suppliers and doesn't know when to trade these concessions. When is the best time in a negotiation to trade concessions?
A. In the testing phase
B. In the proposing phase
C. At bargaining stage
D. At opening stage
ANSWER : C
Which of the following are examples of push techniques in commercial negotiations? Select TWO that apply.
A. Threat of punishment, costs and damage
B. Listening to, involving andsupporting others
C. Argument based on information, logic and reason
D. Working together to define the problem, the goals and the best solution
E. Using language and imagery to ‘paint a picture others can see’ an be
ANSWER : A,C
Which of the following is the internal factor that is taken intoprice of a product?
A. Risk management
B. Customer tastes
C. Elasticity
D. Exchange rate
ANSWER : A
A procurement professional is negotiating with a supplier on cleaning service. She realises that there are huge cost-saving opportunities if the supplier agrees to reduce its mark-up and unnecessary employee benefits. Supplier's mark-up and employee benefits are examples of which of the following?
A. Spend waterfall
B. Spend cube
C. Spend tree
D. Addressable spend
ANSWER : D
