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| Section | Objectives |
|---|---|
| Topic 1: Understanding Asset Management | - Principles of whole life asset management
|
| Topic 2: Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Topic 3: Operation and Maintenance | - Asset performance and reliability
|
| Topic 4: Disposal and End-of-Life Management | - Asset disposal strategies
|
| Topic 5: Risk and Value Management | - Managing asset-related risk
|
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NEW QUESTION # 101
PPC Refinery (UK) must close down an out-of-date refinery which has very poor environmental performance.
The refinery is very sophisticated with many technically complicated machineries, lubricants, coolants and other chemical substances. Decommissioning the refinery is highly risky and hazardous. To manage the decommissioning process well, PPC project team must know these machineries and substances in details.
Which document can provide the technical details on the refinery?
Answer: A
Explanation:
Decommissioning or disposal should start with the original specifications of the assets so that the organisation and supplier can make an appropriate plan. Some specifications also mention the is-sues regarding to end-of- life environmental factors.
Reference: CIPS study guide page 200
LO 3, AC 3.3
NEW QUESTION # 102
One of the important outputs of an MRP system is the material requirement plan. This plan shows the net requirements for materials or components to make the final product. Which of the following best describes the net material requirements?
Answer: A
Explanation:
The net requirements are worked out using the following equation:
Net requirements = Total requirements - Available inventory
Where:
Total requirements = Gross requirements
Available inventory = Inventory on-hand + Units on-order
In the other words: Net requirements = Gross requirements - Inventory on-hand - Units on-order Inventory on-hand is also known as Inventory level, whereas Units on-order can be called Scheduled receipt.
Reference:
LO 2, AC 2.3
NEW QUESTION # 103
In the periodic review system, the order quantity is the same for each order. Is this statement true?
Answer: C
Explanation:
Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies. The system also contains a target inventory level, R, which is restored when order received. The order quantity is calculated as:
Q = R - IP
where: Q = order quantity
R = target inventory level
IP = inventory position
Inventory position (IP) is equal to inventory on-hand plus quantity on order minus backorder (if any) The order quantity varies because the inventory position at each review point differs from each other.
LO 2, AC 2.3
NEW QUESTION # 104
Using consignment stocking with suppliers can assist with flexible warehousing when space is at a premium in the warehouse. Another advantage of using the consignment stocking approach is that ...
Answer: A
NEW QUESTION # 105
Which of the following is the character that allows the computer to verify whether a product code is entered correctly?
Answer: D
Explanation:
Many codes have integrated check digits. These are additional numbers or characters added to codes that a computer uses to verify the number is valid. The intention is to reduce the likelihood of miskeying an item and hitting an alternative live item. More often, a system is devised which a computer can calculate using combination of numbers.
Barcode is a graphic symbol used to convey data. Typically the characters in a barcode symbol consist of bars
/space pattern. Barcode is the method of representing data in a visual, machine-readable form. Initially barcodes represented data by varying the width and spacing of parallel lines.
Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects.
A prefix is an affix which is placed before the stem of a word or a string. A product code may have prefix which indicates its group, country, origins, etc.
NEW QUESTION # 106
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