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L4M5 Cert Exam & Reliable L4M5 Practice Questions

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CIPS L4M5 Exam is a Level 4 qualification under the Chartered Institute of Procurement and Supply (CIPS) program, which is considered as the leading global professional body for procurement and supply chain management. L4M5 exam is intended for individuals who have completed the CIPS L3M3 (Procurement Practice) or L3M5 (Advanced Certificate in Procurement and Supply Operations) qualifications or have equivalent experience in procurement and supply chain management.

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.

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Latest CIPS L4M5: Commercial Negotiation Cert Exam - Authoritative FreeCram Reliable L4M5 Practice Questions

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CIPS Commercial Negotiation Sample Questions (Q325-Q330):

NEW QUESTION # 325
Which of the following types of questions should be used most often in the proposing phase?

A. Hypothetical questions
B. Closed questions
C. Probing questions
D. Open questions

Answer: A

Explanation:
Explanation
At the proposing phase either side may start making tentative proposals regarding their offering. In the case of negotiation where TOP has already submitted a tender or proposal, this stage may provide an opportunity for them to make proposals to improve on their initial offers in general or in areas highlighted by the buying side in advance.
The word 'if' is very useful at this stage andallows you to test tentative proposals without committing yourself.
Skilled negotiators use language very carefully. The questions with 'if' are hypothetical ones.
LO 3, AC 3.1

NEW QUESTION # 326
In general, which of the following is the consequence of a flatter demand curve?

A. Unit price elastic
B. Price inelastic
C. Quantityelastic
D. Price elastic

Answer: D

Explanation:
Explanation
Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price or another factor.
In microeconomic graphs,elasticity and inelasticity can be shown by the slope of the demand curve. If a demand curve is almost horizontal, then the product pricing can be described as very elastic. If a demand curve is almost vertical, then the product pricing can be described asvery inelastic.
The formulae of elasticity:
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LO 2, AC 2.2

NEW QUESTION # 327
Which of the following should be done by the procurement team at the closing stage of a negotiation? Select TWO that apply.

A. Accept ambiguity or uncertainty
B. Tell TOP that they could have got a better deal
C. Seek agreement in principle if TOP does not have the final authority
D. Gloat publicly about the deal
E. Leave the meeting as soon as possible

Answer: C,E

Explanation:
The agreement and closing phase is the phase when it is either clear through explicit language, or strongly suggested through non-verbal signals, that TOP is ready to move to agreement. Judging when to close can be difficult and as with phases of the negotiation, experience, observation, practice and reflection will be the best ways to learn here.
In the closing phase, procurement should:
- Watch for closing/buying signals
- Check to ensure all issues have been resolved
- Consider using visual aids to summarise
- Use 'summary close'
- Make a decision to conclude/close
- Seek agreement in principle if TOP does not have the final authority
- Make your own private notes on the final agreement
- Shake hands on the agreement
- Leave the meeting as soon as possible thereafter.
LO 3, AC 3.1

NEW QUESTION # 328
Which of the following is categorised as fixed cost?

A. Governments taxes
B. Raw materials for next year production
C. Land rental paid in advance
D. Additional pallet hires due to higher demand in year-end season

Answer: C

Explanation:
:
An organisation's expense can be categorised into three groups:
Fixed Costs - costs that do not change with output.
Variable Costs - costs that vary in direct proportion to output.
Semi-variable costs - costs that are a combination of the above, with both a fixed and variable element.
Among the four options:
"Land rental paid in advance": This is fixed cost. The rental won't increase when the production increases.
"Additional pallet hires due to higher demand in year-end season": This can be identified as semi-variable cost (or step cost).
"Governments taxes": The taxes are often levied by a percentage of income or revenue. Therefore, it is variable
"Raw materials for next year production": This is obviously variable cost.

NEW QUESTION # 329
The stages of commercial negotiation involve which of the following characteristics?

A. Opening, debating, promising, testing, disagreeing, closing
B. Preparing, opening, bargaining, agreement, closure
C. Open, testing, bargaining, closing, revisiting
D. Preparation, proposal, bargain, leave

Answer: B

Explanation:
The typical stages of commercial negotiation are Preparing, opening, bargaining, agreement, and closure. This sequence facilitates a structured approach where negotiators prepare strategies, initiate discussions, engage in bargaining, reach agreements, and formally close the negotiation. This structure is emphasized in CIPS materials as essential for achieving a balanced negotiation process.

NEW QUESTION # 330
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