CIPS Defining Business Needs L4M2 Question # 31 Topic 4 Discussion

CIPS Defining Business Needs L4M2 Question # 31 Topic 4 Discussion

L4M2 Exam Topic 4 Question 31 Discussion:
Question #: 31
Topic #: 4

SET Group are a start-up company trying to estimate the direct costs of materials for a project. The organisation has limited procurement records available. Would using general industry averages as a benchmark provide an accurate estimation of the project costs?


A.

Yes, industry benchmarks are always kept up to date to consider real-time market conditions


B.

No, the organisation will not have access to industry benchmarks as they are a new organisation


C.

No, industry benchmarks do not consider specific specifications, quality requirements, or real-time market conditions


D.

Yes, cost predictions do not need to be accurate as they are just an initial guess


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