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CIPS L4M5 Exam Questions
- Topic 1: Analyse the application of commercial negotiations in the work of procurement and supply/ Negotiation in relation to the stages of the sourcing process
- Topic 2: Understand key approaches in the negotiation of commercial agreements with external organisations/ Sources of conflict that can arise in the work of procurement and supply
- Topic 3: Team management and the influence of stakeholders in negotiations/ Definitions of commercial negotiation
- Topic 4: Setting targets and creating a best alternative to a negotiated agreement (BATNA)/ Collaborative win-win integrative approaches to negotiations
- Topic 5: Differentiate between the types of approaches that can be pursued in commercial negotiations/ Distributive win-lose, distributive approaches to negotiation
- Topic 6: Organisational power: comparing the relative power of purchasers and suppliers/ Explain how the balance of power in commercial negotiations can affect outcomes
- Topic 7: How purchasers can improve leverage with suppliers/ The importance of power in commercial negotiations
- Topic 8: Building relationships based on reputation, and trust/ Repairing a relationship/ The relationship spectrum
- Topic 9: Identify the different types of relationships that impact on commercial negotiations/ Pragmatic and principled styles of negotiation
- Topic 10: Costing methods such as absorption, marginal or variable and activity based costing/ Know how to prepare for negotiations with external organisations
- Topic 11: Macroeconomics and its influence on commercial negotiations/ Contrast the economic factors that impact on commercial negotiations
- Topic 12: Setting objectives and defining the variables for a commercial negotiation/ Use of telephone, teleconferencing or web based meetings
- Topic 13: How behaviours should change during the different stages of a negotiation/ Compare the key communication skills that help achieve desired outcomes
- Topic 14: Analyse how to assess the process and outcomes of negotiations to inform future practice/ Protecting relationships after the negotiation
Free CIPS L4M5 Exam Actual Questions
Note: Premium Questions for L4M5 were last updated On Dec. 10, 2024 (see below)
Which of the following is considered a weakness of a 'dealer' style negotiator?
A useful and simple shorthand for preferred negotiation styles is summarised by four simple descriptor: 'warm', 'tough', 'logical' and 'dealer', which can be applied to describe individuals' dominant preferred style in most circumstances.
Warm - a people person
Tough - a hard-nosed negotiator
Logic - a numbers person
Dealer - a trader who loves bargaining
Strengths, weaknesses of dealer style are described below:
LO 2, AC 2.4
A supplier's mark-up on all products is 25%. Supplier's profit margin is...?
LO 2, AC 2.1
Which of the following are the most typical characteristics of integrative approach to negotiation? Select TWO that apply.
Integrative approach to negotiation used when the interested parties are attempting to create more of something of value to share, also known as collaborative approach or win-win. Integrative, interest-based negotiation can facilitate constructive, positive relationship and establishes contracts between parties on a foundation of goodwill. In integrative bargaining, both parties seek to 'expand the pie' by creating more value for both the buyer and the seller. Integrative negotiation 'shares the pie' and is interest rather than positional based.
In distributive bargaining, the focus is on claiming value and getting as much of the pie as parties can.
LO 1, AC 1.2
Which of the following are most likely to be abilities of a person with high emotional intelligence? Select TWO that apply.
Emotional Quotient is the set of skills that enables us to make our way in a complex world - the personal, social and survival aspects of overall intelligence, the elusive common sense and sensitivity that are essential to effective daily functioning. It has to do with the ability to read the political and social environment, and landscape them; to intuitively grasp what others want and need; what strengths and weaknesses are; to remain unruffled by stress; and to be engaging. The kind of person others want to be around and follow.
EQ seeks to measure emotional intelligence and is centred on abilities such as the following:
- Identifying emotions
- Evaluating how others feel
- Controlling one's own emotions
- Perceiving how others feel
- Using emotions to facilitate social communication
- Relating to others
On the other hand, cognitive ability is defined as a general mental capability involving reasoning, problem solving, planning, abstract thinking, complex idea comprehension, and learning from experience (Gottfredson, 1997).
LO 3, AC 3.3
What letter R in the acronym SMART stands for?
SMART is an acronym that you can use to guide your goal setting. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound
A student met this question in the L4M5 exam. SMART is mentioned primarily in L4M3 Commercial Contracting.
LO: Unknown, AC: Unknown
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