CIPS L4M2 Defıning Business Need Assignment Sample UAE
Successful procurement is all about understanding your market and negotiating contracts that fit with what you need. This course will help those in charge of sourcing activity from external suppliers, as well as define specifications for through life agreements so they can be fulfilled easily by both parties involved
In this course, those in charge of sourcing from external suppliers will learn how to negotiate contracts that fit with what they need. This course will also help those in charge of sourcing to define specifications for through life agreements so they can be fulfilled easily by parties involved. By now, procurement specialists should be familiar with the importance of the procurement process.
The procurement process is classified as the act of identifying, selecting, and purchasing goods or services needed for various levels of an organization. Some of the most successful procurement programs are those that keep the “buyer” informed of the specifications for the product or service that they want and allow them to change those specifications as needed.
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Assignment Brief 1: Analyse how business needs influence procurement decisions
A business needs to analyse what type of purchase it is making in order to make the most effective procurement decision. There are three types of purchase: new purchase, modified re-buy, and straight re-buy.
A new purchase is a procurement decision that is made when a company wants to buy something that it does not currently have in its inventory. This can be a product or a service. A company will need to do market research to determine if there is a demand for the product or service and whether it is worth investing in. If there is a demand for the product or service, the company will then need to calculate the financial feasibility of producing or purchasing the product or service.
Modified re-buy is when a company wants to make a purchase that has been bought before. A company may do this with an item that is on sale and they may find a good price for it. This is cheaper than buying the same product brand new and the risk is lower since it is a modified purchase. On the other hand, a company may choose to re-buy an item if it is no longer produced and find the item in the secondary markets.
A straight re-sell is when a company has a product that needs to be returned or dropped from inventory. This can be a product that was a gift and the company does not want it, a product that the company bought but never used, a product that is defective, or a product that is out of date. For the company, a straight re-sell can reduce waste, create a sale for a product that the company wants to dispose of, and help them to improve their inventory control.
When making purchasing decisions, businesses need to consider how each purchase will impact the company’s bottom line. For example, a business might choose to purchase a cheaper product in order to save on costs, or invest in a more expensive product that will offer greater efficiency or productivity.
Businesses must also take into account the implications of their purchases on other areas of the company. For instance, a decision to buy a low-quality product might result in decreased employee morale if workers are forced to use shoddy equipment. Conversely, investing in high-quality products might lead to increased worker satisfaction and productivity. In short, businesses must carefully weigh all their options and make decisions that best align with their overall goals and needs.
The procurement department’s role in developing a business case is to assess the financial and non-financial benefits of a proposed purchase.
The procurement department will review the supplier bids and make a recommendation to management on the best supplier based on price, quality, delivery time, and other factors. The procurement department will also calculate the cost of the proposed purchase and investigate any potential risks.
Once a decision has been made to proceed with a purchase, the procurement department will work with the supplier to negotiate the best price and terms for the company. Finally, the procurement department will draft a purchase order for a final approval.
A company’s procurement department serves a crucial role in the purchase process. For instance, a decision to buy a low-quality product might result in decreased employee morale if workers are forced to use shoddy equipment. Conversely, investing in high-quality products might result in fewer sick days and higher productivity.
Assignment Brief 2: Identify how costs and prices can be estimated for procurement activities
The cost and price of procuring goods and services can be estimated by analyzing data from a variety of market sources. The most reliable sources are usually government agencies that track prices and costs for specific products or services.
Some of the most common data that can be used to estimate procurement costs and prices include:
- Producer price indexes (PPIs) – a measure of the average change over time in the selling prices received by domestic producers for their output.
- Consumer price indexes (CPIs) – a measure of the average change over time in the prices paid by urban consumers for a fixed basket of goods and services.
- Import price indexes – measures of average changes over time in U.S. import prices, broken down by end-user and import category.
- Productivity inches (productivity growth) – estimates of the average annual growth in output per hour worked, by end-user and end-use category.
There are a few different ways to estimate costs and prices for procurement activities. The two main types of market data that can provide this information are transactional data and survey data.
Transactional data is collected when a company buys or sells goods or services. This data can be used to determine the average price of goods or services in a particular market, as well as the typical cost to procure those goods or services. Survey data is collected by surveying buyers and sellers about the prices they paid or received for specific transactions. This information can be used to identify variations in prices across different markets, as well as to track changes in average prices over time.
The world of procurement is constantly evolving. From sourcing to transactional data to survey data there are many ways to estimate price.
The cost for a procurement activity can be estimated in two ways: direct costs and indirect costs.
Direct costs are those that can be specifically identified with the procurement activity, such as the purchase price of the goods or services being acquired. Indirect costs, on the other hand, cannot be specifically identified with the procurement activity but must be allocated to it based on some reasonable allocation methodology. An example of an indirect cost would be the salary of the individual responsible for managing the procurement activity.
It’s important to note that not all indirect costs can be allocated to a procurement activity. Only those costs that are causally related to it can be allocated. For example, if the individual responsible for managing the procurement activity also does other work , then the salary cannot be allocated to just this individual.
It is important to produce estimated costs and budgets for procurement activities. This can help to ensure that all necessary resources are available when needed and prevent overspending.
There are a few different ways to estimate costs and prices. One way is to use past data to generate a projected budget. Another way is to use market analysis to understand what similar products or services typically cost. Additionally, it may be helpful to consult with suppliers or other industry professionals in order to get a better understanding of current market rates. Whatever method is used, it’s important that the estimates are as accurate as possible so that the procurement process can run smoothly.
Assignment Brief 3: Analyse the criteria that can be applied in the creation of a business case
Cost-benefit analysis is the process of measuring the benefits and costs of a proposed action to determine whether it is worth doing. Risk assessment is the process of identifying and assessing the risks associated with a proposed action. Opportunity cost is the value of the best alternative forgone when making a decision.
When creating a business case, it’s important to ensure that the benefits are clear and can be quantified. In addition, the options should be considered and assessed in terms of feasibility and alignment with organisational needs. It’s also important to consider the timeframe for implementation, in order to ensure that the business case is realistic.
Benchmarking can be used to measure the potential success of a business case proposal. By comparing current performance against best-practice standards, it’s possible to gauge how much improvement is possible if the proposal is implemented. This can help to build a strong business case for change.
When creating a business case, it’s important to consider the benefits to be gained by the organisation as well as the options available. The case should also be aligned with the organisational needs and goals.
Some of the key benefits of implementing a new project or initiative can include increased revenue, improved efficiency or reduced costs. It’s important to weigh up all the pros and cons before making a decision, and to ensure that any potential risks are taken into account.
When putting together a business case, it’s also important to think about how the proposed project or initiative will fit in with the overall strategy of the organisation. The case should make clear how this new venture will help meet organisational objectives and contribute to ROI.
The business case you present to your audience should be well-informed and objective. Consider all of the benefits and risks, including hidden financial factors.
There are three main criteria that are typically considered when creating a business case: financial feasibility, technical feasibility, and strategic alignment.
Financial feasibility looks at whether or not the proposed project is likely to generate a positive return on investment (ROI). Technical feasibility considers the practicality of implementing the proposed project and whether or not it is possible from a technical standpoint. Strategic alignment assesses how well the proposed project aligns with an organization’s overall business strategy.
Other factors that may be considered include benchmarking requirements (i.e., how does this project compare to similar projects elsewhere), compliance requirements, and risk assessments.
Considering all of these factors, a business case should provide a constructive, supportive, and compelling argument.
Assignment Brief 4: Interpret financial budgets for the control of purchases
Financial budgets can be used to control the flow of cash in and out of a business, as well as purchases made by the business. By tracking costs and tying them to certain periods of time, it becomes easier to make sound financial decisions that will keep a company in the black.
There are two main types of financial budgets — the income statement budget and the balance sheet budget. The income statement budget looks at how much money is coming in and going out over a specific period of time, while the balance sheet budget tracks assets, liabilities, and equity over a particular time frame. Both types of budgets are important for effectively managing a company’s finances.
A financial budget can be used as a performance tool to measure and control purchasing within an organization. Organizations use budgets as planning and decision-making tools to track actual results against desired outcomes. Budgets can be used to allocate funds for specific programs or products, track expenses, and measure the financial performance of the organization.
Organizations use two primary budgeting methods: fixed (or static) budgets and flexible (or variable) budgets. Fixed budgets are set in advance and do not change regardless of the level of activity or sales. Flexible budgets are based on actual sales volume and change with changes in sales volume. The use of fixed or flexible budgets can have a significant impact on the control of purchasing within an organization.
A financial budget can be an extremely useful tool for controlling and regulating spending. By understanding where your money is going, you can spot areas where you may be overspending and correct them. In addition, if you experience any variances from your budgeted figures – whether that’s due to unexpected expenses or fluctuations in sales – you can take steps to address them and ensure that your spending remains under control.
One way to handle variance is to create a “buffer” fund. This is essentially a pool of extra cash that you can use to cover unexpected costs without having to dip into funds allocated for other purposes. It’s important to remember, though, that a buffer fund should only be used as a last resort; ideally you should use every other means to cover any budget problems before you use a buffer fund.
Assignment Brief 5: Analyse the different types of markets utilised by procurement and supply
When it comes to procurement and supply, there are a number of different markets that can be utilised. The most common ones include manufacturing, construction, retail, financial, agriculture, and services. Each market has its own unique set of characteristics and requirements that need to be considered when making a purchase or supply decision.
Manufacturing is one of the most common types of markets, and it typically involves the production of goods for resale or for use in other processes.
Construction is another common market, and it encompasses all activities related to the planning, design, funding, construction, operation, and management of physical structures.
Retail is another important market sector that involves the sale of goods or services to consumers for their personal use.
Financial markets deal with the supply and demand of funds as well as other assets such as stocks and bonds.
Agriculture is an important market as it involves the production and sale of food and other agricultural products.
Services markets encompass all types of services that are paid for on a per-period basis such as legal and consultancy services.
Each market has its own unique set of characteristics and requirements that need to be considered when making a purchase or supply decision. Consider factors such as the industry, the type of good or service, the type of access, and the number of buyers or sellers to make the best decision.
A market is any place, facility, or mechanism by which resources and goods and services are exchanged. Different types of resources can be traded all over the world and in some cases, the resources traded may be the same. Suppose for example that a buyer and seller of canned goods decide that they can trade their canned goods and both pay and take their goods at the same market.
Manufacturing markets are characterised by the production of physical goods. In order to do business in this type of market, suppliers must have the ability to produce high-quality products at a competitive price. Construction markets involve the building or renovation of physical structures. To be successful in this type of market, suppliers must have a strong understanding of local requirements, regulations, and available natural resources.
Assignment Brief 6: Compare the competitive forces that influence markets
The bargaining strength of suppliers and buyers, the availability of substitutes, and the threat of new entrants are the three key competitive forces that influence markets.
The bargaining power of suppliers is determined by how much it costs suppliers to switch to other producers, how important supplier inputs are to production, and the extent of differentiation among suppliers. The bargaining power of buyers is determined by how much it costs buyers to switch to other products, the importance of buyer demand for the product, and the extent of differentiation among buyers.
The availability of substitutes is determined by how well products can be substituted for one another, the price difference between substitute products, and switching costs. The threat of new entrants is determined by barriers to entry into the market, such as high start-up cost or regulatory barriers.
Availability of substitutes and threat of entry are two of the five competitive forces that influence markets.
Availability of substitutes: This force reflects how easy it is for consumers to switch to another product or service if they are dissatisfied with the one they are using. The greater the number and variety of substitutes available, the more intense this force will be.
Threat of entry: This force reflects how easy it is for new competitors to enter a market and offer competing products or services. The greater the barriers to entry, the less intense this force will be.The bargaining power of suppliers and buyers is one of the most important competitive forces that influence markets. When buyers have a lot of bargaining power, they can force sellers to reduce prices. This is because sellers need to sell their products in order to make a profit, while buyers don’t need to buy products if they can’t get them at a good price.
The bargaining power of suppliers is determined by how essential the supplier’s product is to the buyer. If the supplier’s product is essential, then the buyer doesn’t have much bargaining power. However, if the supplier’s product isn’t essential, then the buyer has a lot of bargaining power. This is because the seller can always find another supplier who will sell them its product.
Assignment Brief 7: Contrast the breakdown between direct and indirect costs and the types of data that can provide information on cost and price
There are two types of data that are typically used to calculate the price of a good or service: direct and indirect. Direct data measures the actual cost incurred in order to produce a good or service. Indirect data, on the other hand, measures how much consumers are willing to pay for a good or service.
It’s important to use both types of data when calculating price because they provide different perspectives on the market value of a product or service. For example, direct data can show how much it actually costs to produce a good or service, while indirect data can show how much people are willing to pay for that same good or service. This information is valuable because it can help businesses better understand where they fall in terms of price on the market. It can also help them stay competitive with their pricing.
The main difference between direct and indirect costs is that direct costs are easily identifiable and traceable whereas indirect costs are not. For example, the cost of labour involved in manufacturing a product would be a direct cost, whereas the rent for the factory would be an indirect cost.
Data that can provide information on cost and price can come from a variety of sources. For example, data on production costs can be gathered from accountants or engineers, while data on consumer prices can be obtained from market research firms or government agencies.
By analysing this data, businesses can develop a better understanding of how their products are priced in the market and identify areas where they could make savings or increase profits.
In today’s world of ever-rising costs, most companies are looking for ways to improve their profits. A company that understands the relationship between cost and price, and how it affects profitability, is in a better position to react to market changes and avoid unnecessary expenses.
Assignment Brief 8: Analyse different types of specifications used in procurement and supply and sources of information that can be used to create specifications
Specifications are essential for making sure that products and services meet the needs of buyers. But not all specifications are created equal. In fact, there are three main types of specifications: Functional, Performance, and Design.
Each type of specification has its own benefits and drawbacks. Functional specifications describe what a product or service should do, while Performance specifications describe how well it should do it. Design specifications focus on the aesthetics or form of a product or service.
The best type of specification to use depends on the particular situation. Some cases call for a mix of different types of specs, while others might require only one type. It’s important to carefully consider all the options before settling on a particular type of specification.
Sources of specifications include product manuals, qualitative feedback, interviews, competitor analysis, and customer feedback. If possible, it’s best to rely on the actual product or service by using it for yourself, or by sending it back if it fails to meet your needs.
There are three main types of specifications: functional, performance, and design. Functional specifications primarily focus on what a product or service should do, while performance specs primarily focus on how well it should do it. Design specs primarily focus on the aesthetics or form of a product or service.
It’s important to carefully consider which type to use when developing specifications for different purposes. The best type of specification to use depends on the particular situation. Some cases call for a mix of different types of specs, while others might require only one type. It’s important to carefully consider all the options before settling on a particular type of specification.
Drawings are generally used for more complex items, or when an exact replica is needed. They can be helpful for ensuring that all parties involved in the manufacturing process understand the item to be made.
Samples are often used as a way of verifying that a supplier can actually produce the desired item. This is particularly important when dealing with more custom items. Samples can also help to ensure that the quality of the product is up to standard.
Branded specifications are created by a manufacturer or supplier and list all of the specific requirements for a product. These are often used when there is no existing drawing or sample available.
Technical specifications are created by engineers and detail the specific requirements for an item down to the minute detail. These can be useful for those who need a detailed breakdown of exactly what materials should be used.
Assignment Brief 9: Identify sections of specifications for through life contracts
Specifications for through-life contracts can be generally broken down into the following sections: Scope, Definition, Description of requirement, Testing and acceptance.
The Scope section will outline what is and is not included in the contract.
The Definition section will provide a more detailed description of what is expected from each party. The Description of requirement section will outline the specific requirements that each party must meet. The Testing and acceptance section will detail how and when the parties involved will test and accept the completed contract.
The sections of a specification for a through life contract can typically include testing and acceptance, change control mechanisms and remedies, and definition. Each of these sections can be critical in ensuring that the expectations of both the customer and supplier are met.
Testing and acceptance is important to ensure that the product or service meets the requirements set out in the contract. Change control mechanisms and remedies help to ensure that any changes to the product or service are made in a controlled manner, with clear procedures in place for how changes will be assessed and approved. Finally, definition helps to make sure that everyone involved understands exactly what is expected from both parties throughout the duration of the contract.
If there is any disagreement about how these expectations are to be met, the contract will set out the specific responsibilities for how any disagreements on the matter will be handled. The testing and acceptance section will detail how and when the parties involved will test and accept the completed contract. It will also detail any changes to the product or service to ensure the company is meeting the expectations set out in the contract up to the point of agreeing to the contract. These changes may be made by either party. Changes made by the supplier must be approved by the customer before the alterations are made.
The change control mechanism and remedies section will detail how changes made to the product or service will be assessed for its effect on the contract. This section will detail the procedures for making any changes to the contract.
It will also detail what coverage is provided to the customer in the event that the changes negatively impact the contract. The remedies come into play when there is disagreement among the parties on how the change should be approved. The requirement is for a section that describes the need for a through life contract.
A through life contract is a type of contractual agreement where both parties agree to remain bound by the terms of the contract for the duration of their lives. This type of agreement can be used in situations where it is important to maintain the status quo, such as in business partnerships or marriages.
The terms of a through life contract can usually be amended or terminated under specific circumstances, such as death or divorce, but unless these conditions are met, both parties are legally obligated to uphold their end of the bargain.
Assignment Brief 10: Identify the risks that can result from inadequate specifications and mitigation approaches
When it comes to information security, one of the biggest risks is inadequate specification and mitigation. This happens when people don’t take the time to properly document and plan out their security measures, which can lead to a number of different problems down the road.
One issue is that without clear specifications, it becomes difficult to determine who is responsible for what when something goes wrong. Another issue is that without adequate mitigation in place, an organization runs the risk of a breach or other attack happening due to lack of security controls.
It’s therefore important that all stakeholders involved in specifying and implementing security measures – including colleagues from other parts of the organization – collaborate closely to ensure that all requirements are met. By working together, everyone can help minimize the risks associated with inadequate specifications.
There are a few risks that can result from inadequate specifications and mitigation. One possibility is that the system will not function as intended, which could lead to all sorts of issues from lost time and productivity to safety concerns.
Another risk is that the system may be over or under specified, leading to increased costs or decreased performance, respectively. Finally, if the necessary specifications and mitigations are not put in place, there is always the potential for something bad to happen. So it’s important to make sure that all the necessary precautions are taken in order to avoid these risks.
If your organization is susceptible to security vulnerabilities, it is important that your security analysts work closely with stakeholders from other parts of the organization to ensure that all security objectives are met. By collaborating, everyone can help minimize the risks associated with inadequate security objectives.
One of the risks that can result from inadequate specifications is that you may end up with either too much or too little infrastructure. This can be costly and inefficient, and can also lead to security vulnerabilities. Additionally, without proper specifications in place, it can be difficult to properly assess and mitigate risk. This can leave your organization exposed to a number of potential threats.
Assignment Brief 11: Identify opportunities to regulate short and longer term specifications
It’s important to regulate short and longer term specifications in order to maintain a consistent level of quality in the products that are produced. By regulating these specifications, you can ensure that products are made to meet specific standards and that they will be consistently high-quality.
This is especially important for products that are used over a long period of time, as it can help to avoid any negative consequences that may be caused by a lower-quality product.Implement standardisation, value analysis, and value engineering to regulate short and longer term specifications.
Standardisation – Implementing standardisation will help ensure that all stakeholders are aware of what is expected and will help to eliminate ambiguity.
Value Analysis – Conducting a value analysis will help identify opportunities to reduce costs without sacrificing quality or function.
Value Engineering – Applying value engineering techniques will help to improve the design of a product or system while maintaining or even reducing costs.
Common sense approaches will help to regulate the short and the longer term specifications.
There are a few things to keep in mind when it comes to short and long term specifications. First, it’s important to have a clear understanding of the difference between the two.
Short term specifications are those that need to be met in the near future, while long term specifications are goals that may take longer to achieve. With that in mind, here are some tips for regulating short and long term specifications:
1- Make sure your team is aware of both types of specifications and their importance. This will help ensure that everyone is working towards the same goal.
2-Use value engineering to find ways to meet short term specifications while still meeting long term goals. This can help minimize any disruptions caused by changes in the product or system design.
3-Avoid sacrificing long term goals for short term progress. Without long term goals, many of the benefits of value engineering are lost.
4-Ensure that implementation is smooth and efficient, so that there is as little disruption as possible.
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