QUESTION: 37

`Reputation gained through proficiency, ability or achievement' (as used in the CIPS Code of Con- duct)

Statute
Status
Stature
Statue

Answer(s): C

Explanation:

The correct answer is 'stature' which is a word used in a heading within the CIPS Code of Conduct. If you selected 'status' you cannot be blamed for selecting a response different to the correct one - the two are extremely closely linked. However as 'stature' is used by CIPS, I think I can just about get away with declaring that the correct answer.

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QUESTION: 38

Lifetime costs are also known as (choose two):

Leased costs
Recommended purchase price
Whole life costing
Total cost of ownership

Answer(s): C,D

Explanation:

Lifetime costing, TCO and whole life costing are essentially the same concept - looking at buying based on total costs over the useful life of an asset, not just the purchase price. Although this con- cept seems obvious once you know it, very many people, including senior managers as well as politi- cians, seem to be unfamiliar with the notion.

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QUESTION: 39

`A high degree of skill or expertise'

Proficiency
Efficiency
Deficiency
Effectiveness

Answer(s): A

Explanation:

This is a definition of 'proficiency'.

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QUESTION: 40

The time between recognition / origin of the need; through to usage or consumption is described as:

Procurement lead time
Seller's lead time
Maker's lead time
True / total lead time
User's lead time

Answer(s): D

Explanation:

There are different views of 'lead time'; in part depending on where you are standing. The QUESTION NO : refers to total lead time, sometimes referred to as 'true' lead time. The other lead times all exist, in the eyes of the various parties to any particular transaction. One should note that the internal lead time (ie within the buying organisation) is often much longer than the external lead time. The idea that 'procurement' or suppliers take a long time to process a re- quirement can be illusory.

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Free L3M2 Exam Braindumps (page: 10)

QUESTION: 37

Explanation:

QUESTION: 38

Explanation:

QUESTION: 39

Explanation:

QUESTION: 40

Explanation: