Free PDF 2023 Authoritative L4M2: Defining Business Needs Valid Test Format
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Storage of raw materialsr B. Supervising the production liner C. Product warranties and special servicesr D. Develop digital SRM technology to manage suppliers betterr E. Distribution of products from factory to retailerr Answer: Dr Explanation:Primary activities consist of inbound logistics, operations, outbound logistics, sales & marketing, service.Second activities consist of firm infrastructure, human resource management, technology development and procurementSupport activities (also known as secondary activities) include Firm infrastructure, Human resource management, Technology development and Procurement. Developing digital SRM technology to manage suppliers better is Technology development.LO 1, AC 1.2r r NEW QUESTION 54 Which of the following specific markets is most likely to have the lowest entry barrier?r A. Retailr B. Manufacturingr C. Servicesr D. Agriculturer E. Financialr Answer: Cr Explanation:Start-up costs are generally low in service industries, and the main requirement is a level of knowledge and skill in that particular service.LO 2, AC 2.1r r NEW QUESTION 55 Which of the following are the focuses of ISO 14001:2015?r A. 1 and 2 onlyr B. 1. Life cycle2. Process3. Capacity4. Information security2 and 4 onlyr C. 3 and 4 onlyr D. 2 and 3 onlyr Answer: Ar Explanation:ISO 14001:2015 specifies the requirements for an environmental management system that an or-ganization can use to enhance its environmental performance. ISO 14001:2015 is intended for use by an organization seeking to manage its environmental responsibilities in a systematic manner that contributes to the environmental pillar of sustainability.ISO 14001:2015 helps an organization achieve the intended outcomes of its environmental man-agement system, which provide value for the environment, the organization itself and interested parties. Consistent with the organization's environmental policy, the intended outcomes of an environmental management system include:* enhancement of environmental performance;* fulfilment of compliance obligations;* achievement of environmental objectives.ISO 14001:2015 is applicable to any organization, regardless of size, type and nature, and applies to the environmental aspects of its activities, products and services that the organization determines it can either control or influence considering a life cycle perspective. ISO 14001:2015 does not state specific environmental performance criteria.ISO 14001:2015 can be used in whole or in part to systematically improve environmental manage-ment. Claims of conformity to ISO 14001:2015, however, are not acceptable unless all its require-ments are incorporated into an organization's environmental management system and fulfilled without exclusion.In conclusion, ISO 14001:2015 focuses on: management system (including roles, leadership and processes) and the life cycle of product or service. Life cycle is defined as "consecutive and inter-linked stages of a product (or service) system, from raw material acquisition or generation from natural resources to final disposal. [...] The life cycle stages include acquisition of raw materials, design, production, transportation/ delivery, use, end-of-life treatment and final disposal." The answer is process and life cycle.Reference:- ISO 14001:2015 Environmental management systems - Requirements with guidance for use LO 3, AC 3.1r r NEW QUESTION 56 What is the output of regression analysis?r A. Independent variablesr B. Line of best fitr C. Forecasting processr D. Dependent variablesr Answer: Br Explanation:Regression refers to a quantitative measure of the relationship between one or more independent variables and a resulting dependent variable. Regression is of use to professionals in a wide range of fields from science and public service to financial analysis.To perform a regression analysis, a statistician collects a set of data points, each including a com-plete set of dependent and independent variables. For example, the dependent variable could be a firm's stock price and the independent variables could be the Standard and Poor's 500 index and the national unemployment rate, assuming that the stock is not listed in the S&P 500. The sample set could be each of these three data sets for the past 20 years.On a chart, these data points would appear as scatter plot, a set of points that may or may not appear to be organized along any line. If a linear pattern is apparent, it may be possible to sketch a line of best fit that minimizes the distance of those points from that line. If no organizing axis is visually apparent, regression analysis can generate a line based on the least squares method. This method builds the line which minimizes the squared distance of each point from the line of best fit.Line of best fit is one of the most important outputs of regression analysis.Reference:- CIPS study guide page 99-100- Line Of Best Fit (investopedia.com)LO 2, AC 2.3r r NEW QUESTION 57 One of the disadvantages of using standards in specification is that...r A. Standards tend to be rigid and they often don't encourage innovationr B. Standards don't allow the buyers to add health and safety requirements into the specificationr C. Standards tend to be inaccurate and ambiguous, causing confusion among suppliersr D. Standards lengthen the time to produce a specificationr Answer: Ar Explanation:Using standards in specification is very convenient. They reduce the time and effort to produce. They tend to be very accurate with correct technical terminologies. They are well recognised and accepted by a wide range of suppliers and buyers. However, since a standard is very specific, complex and lengthy, it requires a lot of time to be drafted and approved. Therefore, standard tends to be static and don't encourage innovation. It may also not accommodate latest technology and trends.Reference:LO 3, AC 3.1r r NEW QUESTION 58......r P.S. 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