L5M2 Exam Lab Questions – CIPS L5M2 Exam Assessment

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NEW QUESTION 54
Which of the following will you put into box 2?

  • A. terminate
  • B. tolerate
  • C. transfer
  • D. treat

Answer: D

Explanation:
Explanation
The correct answers are as follows:
Table Description automatically generated with low confidence

 

NEW QUESTION 55
Which of the following is an International Standard for Risk Management?

  • A. ISO28000
  • B. ISO 27000
  • C. ISO 22301
  • D. ISO31000

Answer: D

Explanation:
Explanation
Risk Management = ISO31000. Learn the ISOs for the exam as it’s a popular exam topic. 31000 is explained on p. 140. As well as the numbers, you should also learn the guiding principles of each ISO for the exam.

 

NEW QUESTION 56
Which of the following statements is true about ISO9001? Select TWO.

  • A. it aims to ensure sustainability within the supply chain
  • B. it helps businesses to identify areas of potential risk and mitigate these accordingly
  • C. It complements ISO 20400
  • D. it encourages businesses to see quality from the viewpoint of the customer
  • E. it is based on the principle of continuous improvement

Answer: D,E

Explanation:
Explanation
ISO 9001 is Quality Management- answers 1 and 2 are correct. ISOs are a popular topic on this exam so be sure to revise them – and not only what the names of them are, but also the principles behind each ISO. ISO
9001 is discussed on p. 25 of the CIPS study guide.

 

NEW QUESTION 57
Chloe is a procurement manager at Ruby Company. She has been asked to join a cross-functional team to review the company’s risk appetite, potential risks within the supply chain and brainstorm mitigating actions.
Chloe has suggested that the cross-functional team should first draw up a list of potential supply chain risks and potential strategies to overcome the risks. Is Chloe correct?

  • A. yes- the team should focus on creating a risk register and strategies for mitigating risks as quickly as possible
  • B. no- Chloe should first speak with suppliers before drawing up the list of potential supply chain risks
  • C. yes- the first thing the team should look at are the risks and categorise these by topic
  • D. no- the team should review the company’s risk appetite before creating a risk register

Answer: D

Explanation:
Explanation
The correct answer is 3 ‘no- the team should review the company’s risk appetite before creating a risk register’.
This questions tests to see if you understand what risk appetite is and when this should be reviewed. Risk appetite is the first stage in developing any plan as it will influence the next stages. For example if the company has a large risk appetite, this would affect how they would classify risks and what mitigating actions they would take. Risk appetite is explained in chapter 1.1 (p.4) but it also comes up in Learning Outcome 3

 

NEW QUESTION 58
……

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