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CIPS L4M3 Exam Assessment

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CIPS L4M3 Certification Exam is a valuable qualification for procurement and contract management professionals who are looking to enhance their knowledge and skills in commercial contracting. It provides candidates with a comprehensive understanding of the subject matter and demonstrates their expertise in this area, which can help them to advance their careers and achieve their professional goals.

CIPS Commercial Contracting Certification Exam is an important qualification for professionals in procurement, supply chain management, or contract management roles. It provides a comprehensive assessment of the knowledge and skills required to manage commercial contracts effectively, and is recognized by employers worldwide as a mark of excellence. With its focus on practical application and critical thinking, the certification can help professionals to advance their careers and achieve their goals.

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CIPS Commercial Contracting Sample Questions (Q75-Q80):

NEW QUESTION # 75
The cost in cost reimbursable contract is…?

  • A. Actual cost
  • B. Fixed cost
  • C. Profit
  • D. Variable cost

Answer: A

Explanation:
A cost reimbursable contract (sometimes called a cost plus contract) is one in which the contractor is reimbursed the actual costs they incur in carrying out the works, plus an additional fee. Option E of the NEC3 Engineering and Construction Contract (ECC) is an example of a cost reimbursable contract.
Reference:
– CIPS study guide page 176-179
– Cost reimbursable contract
LO 3, AC 3.3

NEW QUESTION # 76
Which of the following is regulated by standard ISO 14001?

  • A. Quality management systems
  • B. Energy management
  • C. Information security management
  • D. Environmental management

Answer: D

Explanation:
ISO has about 22,000 international standards covering a vast range of aspects of product or service quality. Below are some of the most common ISO standards:
– ISO 9001: Quality management system
– ISO 27001: Information security management
– ISO 5001: Energy management
– ISO 14001: Environmental management
Reference:
– ISO 14001:2015 Environmental management systems – Requirements with guidance for use
– CIPS study guide page 86
LO 2, AC 2.1

NEW QUESTION # 77
Which of the following standards gives guidance on the layout and preparation of specifications?

  • A. BS 5975:2019
  • B. BS EN 60601-1-11:2015
  • C. BS 7373-1:2001
  • D. BS 5864:2019

Answer: C

Explanation:
BS 7373-1:2001 Product specifications. Guide to preparation gives guidance on layout, preparation and management. The subject has been treated in a generic way and guidance can be used in the preparation of all types.
BS 5864:2019 is the standard for installation and maintenance of gas-fired ducted air heaters of rated heat input not exceeding 70 kW net (2nd and 3rd family gases). Specification BS 5975:2019 is the standard for code of practice for temporary works procedures and the permissible stress design of falsework.
BS EN 60601-1-11:2015 is the standard for medical electrical equipment. General requirements for basic safety and essential performance. Collateral Standard: Requirements for medical electrical equipment and medical electrical systems used in the home healthcare environment.
Reference:
– BSI website
– CIPS study guide page 90-92
LO 2, AC 2.1

NEW QUESTION # 78
Carillion Ltd is a major construction contractor in the UK. The company commits to continuous improvement and sets out a performance management program that is integrated across the organisational, individual, and supplier levels. To ensure that the suppliers acknowledge the program, every time negotiating the contract terms with suppliers, the procurement team of Carillion appends a performance management framework to the draft document as a schedule. Is the action of procurement team appropriate?

  • A. No, because the performance management should be solely developed by suppliers
  • B. Yes, because the framework should have legal standing as a part of contract
  • C. Yes, because Carillion wants to implement early supplier involvement
  • D. No, because the framework will increase the complexity of the contract

Answer: B

Explanation:
Performance management framework often consists of KPIs, targets and consequences that arise from achieved scores. To ensure that the framework has binding effect on contracting parties, it should be developed, appended to the main contract document and agreed by both parties. So the answer should be “Yes, because the framework should have legal standing as a part of contract”.
Reference:
LO 1, AC 1.1

NEW QUESTION # 79
Which of the following are among five ‘pillars’ of information assurance?
1. Recovery plan
2. Availability
3. Non-repudiation
4. Governance

  • A. 2 and 3 only
  • B. 3 and 4 only
  • C. 1 and 4 only
  • D. 1 and 2 only

Answer: A

Explanation:
Information Assurance (IA)
Information Assurance (IA) is the practice of managing information-related risks and the steps involved to protect information systems such as computer and network systems. The IA transformation is a partnership that stretches across the Department of Defense (DoD), Office of National Intelligence, Committee on National Security Systems, National Institute of Science and Technology (NIST), and the Office of Management and Budget.
The US Government’s definition of information assurance is:
“measures that protect and defend information and information systems by ensuring their availability, integrity, authentication, confidentiality, and non-repudiation. These measures include providing for restoration of information systems by incorporating protection, detection, and reaction capabilities.” Information Assurance (IA) is essentially protecting information systems, and is often associated with the following five pillars:
– Integrity
– Availability
– Authentication
– Confidentiality
– Nonrepudiation
The following pillars can be applied in a variety of ways, depending on the sensitivity of the information, or information systems within your organization. Currently, these five pillars are used at the heart of the US Governments ability to conduct safe and secure operations in a global environment.
1. Integrity
Integrity involves assurance that all information systems are protected and not tampered with. IA aims to maintain integrity through means such as anti-virus software on all computer system, and ensuring all staff with access to know how to appropriately use their systems to minimize malware, or viruses entering information systems.
2. Availability
Availability simply means those who need access to information, are allowed to access it. Information should be available to only those who are aware of the risks associated with information systems.
3. Authentication
Authentication involves ensuring those who have access to information, are who they say they are. Ways of improving authentication involve methods such as two-factor authentication, strong passwords, bio-metrics and other devices. Authentication may also be used to not only identify users, but also other devices.
4. Confidentiality
IA involves the confidentiality of information, meaning only those with authorization may view certain data. This step is closely mirrored by the six data processing principles of the General Data Protection Regulation (GDPR), where by personal data must be processed in a secure manner “using appropriate technical and organizational measures” (“integrity and confidentiality”).
5. Nonrepudiation
The final pillar simply means someone with access to your organizations information system cannot deny having completed an action within the system, as there should be methods in place to prove that they did make said action.
Reference:
– What is Information Assurance (IA)?
– CIPS study guide page 99-100
LO 2, AC 2.1

NEW QUESTION # 80
……

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