EXAM L5M5 REVIEW | L5M5 FREE EXAM DUMPS

Exam L5M5 Review | L5M5 Free Exam Dumps

Exam L5M5 Review | L5M5 Free Exam Dumps

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CIPS Managing Ethical Procurement and Supply (L5M5) Sample Questions (Q51-Q56):

NEW QUESTION # 51
A company frequently ships high-value goods internationally, and the logistics team identifies a significant risk of financial loss due to potential cargo theft or damage during transit. To mitigate this risk, the company hires an external freight forwarder who provides insurance coverage and assumes full responsibility for the goods while in transit.
What is the most appropriate risk management strategy in this scenario?

  • A. Tolerate
  • B. Transfer
  • C. Terminate
  • D. Treat

Answer: B

Explanation:
Option B- By hiring the external freight forwarder with insurance coverage, the company shifts the responsibility and potential financial loss to a third party. Thus, the correct answer is B.
Incorrect answer:
Option A- "Treat" involves taking action to mitigate the risk internally. For example, the company could implement its own security measures, such as using GPS tracking, enhanced packaging, or employing in-house logistics staff. In this scenario, the company is not mitigating the risk itself but instead transferring the responsibility to the freight forwarder.
Option C- The risk of theft or damage is significant in this scenario, and ignoring it would likely result in substantial financial losses. Hence, tolerating the risk is not a viable strategy.
Option D- Terminating the activity is not practical for the business, as shipping goods internationally is likely critical to operations. Instead, transferring the risk to the freight forwarder is a more reasonable approach.
Reference:
LO-2.1; Page 166; Use of risk mitigation strategies to achieve ESG objectives to secure ethical and sustainable procurement and supply arrangements


NEW QUESTION # 52
A global aerospace manufacturer collaborates closely with a supplier to develop a highly specialized component requiring advanced technical expertise and customization. The supplier invests significant resources in co-designing and producing the component to meet the manufacturer's specific requirements. This partnership is built on strong relationships and mutual commitment.
Which type of relationship on the CIPS relationship spectrum best describes this scenario?

  • A. Moderate
  • B. Bespoke
  • C. Partnership
  • D. Transactional

Answer: B

Explanation:
Option D- Bespoke relationships are characterized by a tailored approach, close collaboration, shared risk, and trust to deliver unique and specific solutions. The scenario describes significant customization and co-development, which are hallmarks of a bespoke relationship.
Incorrect answer:
Option A- Transactional relationships are arms-length, low-commitment relationships where the focus is on individual purchases, cost, and efficiency rather than collaboration. The scenario involves high collaboration, customization, and long-term commitment, which are not characteristics of a transactional relationship.
Option B- Moderate relationships sit in the middle of the spectrum, involving more interaction and coordination than transactional relationships but less collaboration than strategic or bespoke relationships. The scenario exceeds moderate collaboration and requires significant resources, expertise, and trust, which align with bespoke relationships.
Option C- Partnership describes a collaborative working relationship but lacks specificity. It does not explicitly account for the high customization and tailored solutions detailed in this scenario. While "partnership" implies collaboration, the CIPS relationship spectrum uses "bespoke" to specifically describe high customization and co-design relationships.
Reference:
LO-2.1; Page 152-153; Mapping supply chains to achieve supply chain transparency


NEW QUESTION # 53
A group of small-scale coffee farmers in a rural village has been receiving the Fairtrade Premium for their products. During a recent community meeting, they discuss how to allocate the premium funds for the upcoming year. Which of the following projects would best align with the principles of the Fairtrade Premium in addition to the fair trade price?

  • A. Allocating the funds to one farmer to expand their personal farming business
  • B. Investing in building a community health clinic to improve access to healthcare for all villagers
  • C. Using the funds to subsidize private education for the children of the wealthiest farmers
  • D. Distributing the funds equally among the farmers to use as they see fit

Answer: B

Explanation:
Choice B- This option aligns with the principles of Fair Trade, as the premium is intended to support projects that benefit the community as a whole, fostering development and sustainability.
Incorrect answer:
Choice A- While this might seem fair at first glance, the Fairtrade Premium is not meant for personal distribution. Its purpose is to fund collective projects that benefit the entire community, such as infrastructure, education, or health initiatives.
Choice C- This option does not align with the principles of equity and inclusivity. Fair Trade encourages using the premium to benefit the entire community, particularly the most vulnerable and marginalized groups, rather than focusing on individuals who are already advantaged.
Choice D- Providing funds to a single farmer for personal business expansion is not in line with the collective approach of Fair Trade. The premium is intended to address community-wide challenges and improve the shared resources and infrastructure for all.
Reference:LO-3.3; Page 305; Fairtrade standards that affect the workplace and producers and their implications for procurement and supply


NEW QUESTION # 54
During the transition phase at the end of a contract, what is typically the most challenging aspect to manage?

  • A. Transferring documents
  • B. Knowledge transfer and intellectual property (IP) rights
  • C. Developing an exit strategy
  • D. Returning physical assets

Answer: C

Explanation:
continuity, and addressing ownership, usage rights, and confidentiality. Mismanagement can have significant operational and legal implications.
Incorrect answer:
Choice B- Developing an exit strategy: This should already be planned during the contract drafting phase, making it less complex at the end stage.
Choice C- While it can involve logistical challenges, it is usually straightforward with clear inventory and tracking.
Choice D- Though it requires careful handling, it is generally a easier procedural task.
Reference:
LO-2.4; Page 240-241; Escalating non-compliance and making exit arrangements


NEW QUESTION # 55
A company seeks a fair-trade certification that covers its entire business operations instead of just individual products. Which organization offers certification for the entire organization rather than a single product?

  • A. Fair for Life
  • B. Fairtrade International
  • C. Fair Trade Federation
  • D. Fair Trade USA

Answer: C

Explanation:
Choice D- Fair Trade Federation is the correct answer! It is a membership-based organization that evaluates and certifies entire businesses that are committed to fair trade principles across all their operations, not just specific products.
Choice A - Fair Trade USA - Certifies individual products, not entire businesses. It allows companies to label specific items as "Fair Trade Certified" rather than certifying the company as a whole.
Choice B - Fair for Life - While it offers certification for supply chains and business practices, it primarily focuses on product certification rather than certifying an entire organization.
Choice C - Fairtrade International - Like Fair Trade USA, it certifies specific products, particularly commodities like coffee, cocoa, and bananas, rather than the entire business.
Reference:
LO-3.3; Page 300-301; Fairtrade international (FI), global fair trade organizations and their implications for procurement and supply


NEW QUESTION # 56
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