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Latest L4M5 Test Pdf - L4M5 Exam Training

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The CIPS L4M5 Exam covers a broad range of topics, including negotiation preparation and planning, the psychology of negotiation, power dynamics, cultural differences, and ethical considerations. By studying for and earning this certification, candidates will gain a detailed understanding of these topics, which will help them to negotiate more effectively and achieve better outcomes for their organizations. Those who pass the exam will be better equipped to navigate the complex and often unpredictable world of commercial negotiations, making them highly desirable candidates for a variety of procurement and supply chain management positions.

CIPS Commercial Negotiation Sample Questions (Q194-Q199):

NEW QUESTION # 194
Which of the following is the purpose of using stakeholder support level scale?

A. To estimate the gap and the progress towards desired levels of support
B. To identify stakeholder's needs and expectations
C. To identify key stakeholders
D. To identify stakeholder level of influence and interest and plot them on stakeholder map

Answer: A

Explanation:
In order to estimate the gap and the progress towards desired level of support, a stakeholder support scale can be used by the procurement internally. The support level scale measures stakeholder commitment. Current support level for the procurement/negotiation objectives should be gained from engagement with key stakeholders. The following is an example of stakeholder support level scale:
LO 1, AC 1.1

NEW QUESTION # 195
When implementing value analysis or value engineering, which of the following acronyms reminds both buyer and supplier of ideas on removal, substitution and design-out of cost elements?

A. SMART
B. SAMOA
C. STOPS WASTE
D. OWN-IT

Answer: C

Explanation:
:
Ray Carter coined the mnemonic STOPS WASTE to remind buyers of 10 cost-reduction ideas they can ask for themselves and their suppliers in any situation when considering a key purchase input. Stop Waste by:
Standardisation - is there a standard specification?
Transportation - is the inbound transport classification appropriate
Over-engineered - is the specification too tight?
Packaging - can packaging be reduced or eliminated?
Substitutes - is there a cheaper substitute material
Weight - is there opportunity to reduce weight of the product?
Any unnecessary processing - is there any unnecessary design or feature?
Supplier's input - are suppliers able to assist with the cost reduction To make - is it more economical to make or buy?
Eliminate - if no one uses the feature, can it be eliminated?
SAMOA is a useful acronym for checking and testing the information gathered from the Internet:
Source
Audience
Methodology
Objectivity
Accuracy
OWN-IT is acronym for 5 steps in the process of collecting and analysing the data and information needed in any field:
Outline
Wide search
Narrow search
Increase your stockpile of information
Transform your stockpile into new knowledge
A SMART goal is used to help guide goal setting. SMART is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Time-bound.

NEW QUESTION # 196
Which of the following is an example of non-verbal communication?

A. 2 and 3 only (Word-of-mouth communication and Eye contact)
B. 3 and 4 only (Eye contact and Body language)
C. 1 and 3 only (Interview and Eye contact)
D. 2 and 4 only (Word-of-mouth communication and Body language)

Answer: B

Explanation:
Reference: CIPS L4M5 Study Guide, Section 3.2 - The Negotiation Process

NEW QUESTION # 197
If the price of a good is above the equilibrium price, which of the following will happen?

A. There is a surplus (i.e. an excess supply) and the price will fall
B. There is a surplus (i.e. an excess supply) and the price will rise
C. There is a shortage (i.e. an excess demand) and the price will fall
D. The quantity demanded is equal to the quantity supplied and the price remains unchanged

Answer: A

Explanation:
:
In microeconomics, equilibrium price is determined when the quantity demanded is equal to the quantity supplied at equilibrium price in a market, there will be no shortages and no surpluses. If we combine our supply and demand curves on one graph, the point at which they converge determines the equilibrium price. If the price is set above this price and you read across the graph you will see the supply excess demand and there will be a surplus. In order to reduce this surplus, the price will need to fall. The scenario is illustrated in the graph below:
Chart, line chart Description automatically generated

NEW QUESTION # 198
When is the best time for buyer to propose the negotiation agenda to potential supplier?

A. At opening stage
B. At conclusion stage
C. At testing stage
D. At preparation stage

Answer: D

Explanation:
A business negotiation agenda is a formal agreed upon list of goals to be achieved or items to be discussed in a particular order during a meeting or negotiation. Agendas can be formal and obvious, or informal and subtle in negotiations.
The agenda is one of the main structural elements of negotiation, in addition to such questions as site, identification of participants, and elements of timing. Together, they answer the who, what, when, and where questions. As with other aspects of negotiation, the agenda can be used either manipulatively to enhance leverage or to improve the prospects for agreement and the possibilities for mutual gain. In most cases, it will be used both ways, reflecting the nature of negotiation as a "mixed-motive" situation.
Although it can be instrumental to [research] volunteer as a sole source to write the agenda, in most cases it becomes a joint activity to construct a consensual basis for subsequent negotiation. In these situations, agenda- building becomes one of the pre-negotiation activities that set the tone for the relationship (Saunders, 1985).
In other situations, the parties may engage in actual negotiation without a formal or written agenda. When this occurs, the risks and uncertainties may be high but the party who appreciates the importance of the informal agenda has a tremendous advantage.
Whether one plans it or not, during the course of negotiation the parties will discuss a finite set of issues in some sequence and from a particular perceptual framework. Consciousness of the universality and centrality of the agenda is prerequisite to guiding negotiation to a successful conclusion.

NEW QUESTION # 199
......

The CIPS L4M5 certification exam is a valuable asset for beginners and seasonal professionals. If you want to improve your career prospects then L4M5 certification is a step in the right direction. Whether you’re just starting your career or looking to advance your career, the CIPS L4M5 Certification Exam is the right choice.

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