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In order to pass the CIPS L4M2 exam, candidates must have a good understanding of the key concepts and principles involved in defining business needs. They must also be familiar with the various techniques used to gather and analyze requirements, as well as the tools and methods used to evaluate and validate requirements. Candidates must also be able to communicate requirements effectively to stakeholders and prioritize them based on their importance. With the right preparation and study, candidates can successfully pass the CIPS L4M2 Exam and advance their career in business analysis.

CIPS Defining Business Needs Sample Questions (Q151-Q156):

NEW QUESTION # 151
Company A sells a product for $100. The total unit variable costs are $60. Fixed costs as in its ac-count are $20,000. How many products does the company have to sell to achieve break-even point?

A. 0
B. 1
C. 2
D. 3

Answer: B

Explanation:
Break even point = Fixed costs/(Price-variable cost). In this case, break even point = 20,000/(100-60) = 500 Reference:
LO 1, AC 1.2

NEW QUESTION # 152
Which of the following activities are considered as secondary activities of an organization? Select TWO that apply

A. Component fabrication
B. Information system development
C. Shipping
D. Service response
E. Training

Answer: B,E

Explanation:
According to Porter's value chain, secondary activities consist of firm infrastructure, human re-source management, technology development and procurement.
Training is an example of human resource development, while information system is a part of firm infrastructure.
LO 2, AC 2.1

NEW QUESTION # 153
Which of the following technology is likely to be an innovation in financial sector?

A. Robotics
B. E-commerce
C. E-auction
D. Blockchain

Answer: D

Explanation:
Traditional financial systems operate with a centralised database, usually with a single point of authority. Blockchain technology, on the other hand, allows for a distributed database that holds a growing number of records. Instead of existing in one place, the ledger is continually updated and synchronised across multiple computers in a network. Therefore, any participant in the network with the proper authorisation can view the entire ledger - without relying on an intermediary or any one authority.
Another key feature of blockchain technology is a "smart contract," which is a self-executing protocol that enforces a previously agreed arrangement. For example, a smart contract could trigger an automatic refund under certain conditions or the automatic payment of an agreed commission after a sale. These smart contracts can eliminate delays in traditional Finance processes, while increasing transparency and reducing reliance on middlemen to follow through on their commitments. Moreover, like other parts of a blockchain, smart contracts are immutable, so they can enhance accuracy in the financial statements.
LO 2, AC 2.1

NEW QUESTION # 154
Which of the following statements is true about product life cycle?

A. If price skimming is adopted, the supplier will gradually lower the price when it attracts enough buyers
B. The price competition will be the fiercest at the declining stage because the inventories are plentiful
C. Sale volume will be the highest at the introductory stage
D. The price remains static throughout the product life cycle

Answer: A

Explanation:
A product's life cycle portrays the length of time a product is in the market; from the beginning of its introduction to consumers until it is removed from shelves and phased out. This cycle is often divided into four phases: introduction, growth, maturity, and decline. Depending on the relevant stage, companies will set an according strategy to achieve their desired targets. Pricing and promotions play a pivotal role in the design of these product life cycle strategies. Therefore, product life cycle management, the process of strategizing ways to continuously support and maintain a product, is seen more and more at pricing mature players and could bring real value to your company.
Introduction phase: during the introduction phase, the new product is introduced to consumers and a substantial amount of money is invested in advertising and marketing campaigns to bring awareness of the product to the customer. In this phase competition is low, but units sold will also correspondingly be quite low as well still. Consumers need to be convinced of the benefits of the product. Lots of articles never make it beyond this phase: e.g. 3D televisions.
Profits in the introduction stage tend to be low or there may even be a loss. This is because the cost of marketing to establish product awareness plus distribution costs can be far higher than the revenue received from sales. This can be offset to a degree by 'skimming' price in the very early stages. Skimming a price is where a business charges the highest price that it thinks the market will bear initially until product recognition brings in other buyers and then the price drop.
Growth phase: when it's shown there is proven demand for the product and consumers are buying it, the next stage will be its growth phase. This phase is punctuated by increasing demand, increas-ing production and an increase in the competitive landscape. Availability of the product is under-standably paramount during this phase, going out of stock is unthinkable during the growth period.
The electric car is an example of a product that is currently in the midst of the growth phase.
Maturity phase: normally the maturity phase is the phase that is characterized by declining production and marketing costs due to synergies and economies of scale. During this phase the first signs of market saturation occur and most consumers or households already own the product. Sales numbers still grow, but at a slower pace. In the maturity phase, price competition becomes intense, a broader range of distribution channels are deployed and competition is more focused on competitive pricing, marginal product differences or the difference in services or promotions. This period in the PLC is often said to be the 'cash-cow period'.
That being said, the idea of 'Maturity from the start' also exists. This occurs when a brand decides to launch a product extension and directly follows up the maturity phase of an earlier version of the product. For example, the iPhoneX followed up from the 'normal' iPhone-series and therefore the iPhoneX never had to undergo the introduction or growth phase, but immediately started in its maturity phase.
Decline phase: the final phase of the PLC is entered once the product loses market share to other, newer products and the competitive landscape becomes too hard to survive. During this stage, de-mand declines, companies are left with overstock with prices and margins getting depressed. Therefore retailers and brands normally start stunting with promotions during the decline of the PLC to sell their final stock.
A well-known example of a product that has been through the decline phase were the Nokia phones; sales results dramatically decreased after the introduction of the iPhone.

NEW QUESTION # 155
A CPO is analyzing whole life cycle costing of a machinery. He realises that cost elements are not specific but come from a range of values. Which whole-life costing model should the CPO use to get the most accurate total cost of ownership?

A. Optimisation models
B. Simulation models
C. Decision support models
D. Kraljic's preferencing model

Answer: B

Explanation:
There are three basic groups of WLC (whole life-cycle costing) models:
- Decision support models
- Simulation models: Life cycle cost is an essential approach to decide on alternative rehabilitation strategies for infrastructure systems. Monte Carlo simulation approach is used to develop a stochastic life cycle cost (SLCC) model and methodology in order to compare different rehabilitation scenarios/alternatives for infrastructures, such as water mains. This method assumes that some inputs are randomly variable in a range of values.
- Optimisation models
Reference:
LO 1, AC 1.2

NEW QUESTION # 156
......

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