QUESTION: 57

Warwickshire Ambulance Service (WAS) is an NHS Trust. It operates throughout Warwickshire and the neighbouring areas. It has three core areas of activity, namely the provision of Emergency Ambulance Services, routine Patient Transport Services, and Logistic Medical Services. The agency is working towards higher service level through benchmarking.
Which of the following is the benefit of benchmarking to WAS?

Benchmarking is a panacea for all WAS's problems
It will help WAS create performance standards derived from an analysis of the best in business
It helps WAS identify better ways to deliver service through a cookbook process
It will help WAS analyse the competitors in the industry

Answer(s): B

Explanation:

Benchmarking is 'the pursuit by organisations of enhanced performance by learning from the suc- cessful practices of others. Benchmarking is a continuous activity; key internal processes are adjusted, performance is monitored, new comparisons are made with the current best performers and further changes are explored.
Where information about these key processes is obtained through a co-operative partnership with specific organisations (rather than via a third party such as an independently-maintained database), there is an expectation of mutual benefit over a period of time.

Reference:

- The Department of Navy Benchmarking Handbook: A system view

- CIPS study guide page 49-51
LO 1, AC 1.3

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QUESTION: 58

Which of the following specific markets engage in creation, liquidation and change of ownership of stock?

Financial
Manufacturing
Construction
Agriculture
Retail

Answer(s): A

Explanation:

According to Investopedia, the financial services sector provides financial services to people and corporations. This segment of the economy is made up of a variety of financial firms includ-ing banks, investment houses, lenders, finance companies, real estate brokers, and insurance com- panies. As noted above, the financial services industry is probably the most important sector of the economy, leading the world in terms of earnings and equity market capitalization. Large conglomerates dominate this sector, but it also includes a diverse range of smaller companies. According to the finance and development department of the International Monetary Fund (IMF), financial services are the processes by which consumers or businesses acquire financial goods. For example, a payment system provider offers a financial service when it accepts and transfers funds between payers and recipients. This includes accounts settled through credit and debit cards, checks, and electronic funds transfers.
Companies in the financial services industry manage money. For instance, a financial advi-sor manages assets and offers advice on behalf of a client. The advisor does not directly provide investments or any other product, rather, they facilitate the movement of funds between savers and the issuers of securities and other instruments. This service is a temporary task rather than a tangible asset.
Financial goods, on the other hand, are not tasks. They are things. A mortgage loan may seem like a service, but it's actually a product that lasts beyond the initial provision. Stocks, bonds, loans, commodity assets, real estate, and insurance policies are examples of financial goods.

Reference:

CIPS study guide page 79-80
LO 2, AC 2.1

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QUESTION: 59

XYZ Ltd is a large supermarket chain which operates mainly in the UK and Europe. Their custom-ers are increasingly concerned about sustainability. Therefore, procurement manager is required to source the products from suppliers who have good environmental performance.
Which of the fol- lowing can be an assurance that the supplier has procedures and policies to enhance its environmental performance?

ISO 14001:2015 certificate
ISO 13485:2016 certificate
ISO 22716:2007 certificate
ISO 9001:2015 certificate

Answer(s): A

Explanation:

ISO 9001:2015 specifies requirements for a quality management system. ISO 14001:2015 specifies the requirements for an environmental management system that an or- ganization can use to enhance its environmental performance. ISO 14001:2015 is intended for use by an organization seeking to manage its environmental responsibilities in a systematic manner that contributes to the environmental pillar of sustainability. ISO 22716:2007 gives guidelines for the production, control, storage and shipment of cosmetic products. These guidelines cover the quality aspects of the product, but as a whole do not cover safety aspects for the personnel engaged in the plant, nor do they cover aspects of protection of the environment.
ISO 13485:2016 specifies requirements for a quality management system where an organization needs to demonstrate its ability to provide medical devices and related services that consistently meet customer and applicable regulatory requirements.

Reference:

CIPS study guide page 125
LO 3, AC 3.1

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QUESTION: 60

Which of the following might be consequences of over-specification? Select 2 that apply:

Reducing motion waste
Higher cost due to inessential features
Limiting competition in supply market
Lack of essential features
Better contract management

Answer(s): B,D

Explanation:

Over-specification can cause problems to buying organisation, include the following:
- Higher expense due to unnecessary features embedded into the product
- Stifle competition because higher requirements will lead to fewer suppliers in the market are able to supply
- Harder to evaluate the trade-offs between different features and attributes in the specification

Reference:

CIPS study guide page 141-142
LO 3, AC 3.3

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Free L4M2 Exam Braindumps (page: 15)

QUESTION: 57

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QUESTION: 58

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QUESTION: 59

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QUESTION: 60

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