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CIPS Certification
L4M5 Exam
CIPS.L4M5.v2022-04-18.q58 Dumps

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Question 21

Which of the following is the best description of direct cost?

A.Direct costs are only variable raw materials that constitute a product
B.Direct costs include raw materials, labour andoverheads
C.Direct costs include only raw materials and labour of making the final product
D.Direct costs include raw materials, labour and other expenses attributable to the final product

Correct Answer: D

Direct costs are those costs of a product/service directly attributable/traceable to its production, for example, the costs of labour and materials directly used to produce the goods/services which the organisation sells.

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Question 22

The trust is built based on the other party's professional qualifications or proven or certified technical capability or experience is known as...?

A.Goodwill trust
B.Contractual trust
C.Irrevocable Trust
D.Competence trust

Correct Answer: D

Trust is the expectation that the other party will behave in a predictable and mutually acceptable way. In inter-firm relationships, the presence and absence of trust can affect the level of cost in a relationship. The existence of trust is taught to lower the transaction cost in a relationship. Dr. Mari Sako identified taxonomy of
3 types of trust in commercial relationship, which is very useful from the perspective of procurement.
Contractual trust: Trust based on the contract with TOP. This is potentially the weakest source of trust if there is nothing else to base the trust on, but it is the quickest to establish.
Competence trust: Trust based on TOP's professional qualifications or proven or certified technical capability or experience.
Goodwilltrust: Trust based on knowing TOP has your interest at heart and will not behave opportunistically.
This is potentially the strongest type of trust, but it takes the longest time to build.

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Question 23

Which of the following types of questions should be used most often in the proposing phase?

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

Correct Answer: A

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

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Question 24

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

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

Correct Answer: B,E

Explanation
The agreement and closingphase 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

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Question 25

Which of the following are hardball tactics in negotiations? Select TWO that apply.

A.Expand the pie
B.Snow job
C.Good cop, bad cop
D.Sweetening the deal
E.Bridging

Correct Answer: B,C

In difficult negotiations and disputes, hardball tactics like punishment and threats often seem like the only way to win concessions. Some negotiators seem to believe that hardball tactics are the key to success in any negotiation. They resort to extreme demands and even unethical behaviour to try to get the upper hand in a negotiation.
The following are 8 typical hardball tactics:
1. Good cop / Bad cop
2. Low ball / High ball
3. Bogey
4. The Nibble
5. Chicken
6. Intimidation
7.Aggressive Behaviour
8. Snow Job
You can read the details of each tactic here.
In the contrary to hardball tactics, negotiators can adopt integrative approach to the negotiation. Some of integrative tactics are:
1. Expand the Pie
2. Bridging
3. Post Settlement -Settlement
Et cetera

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