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| Section | Objectives |
|---|---|
| Topic 1: Understand inventory control and management | - Inventory classification and control methods - Demand forecasting and planning - Storage and warehousing principles |
| Topic 2: Understand the concept of whole-life asset management | - Identify key stakeholders in asset management - Explain the whole-life cost approach - Define asset management and its role in procurement |
| Topic 3: Understand the financial aspects of whole-life asset management | - Total cost of ownership calculations - Financial justification and business case development - Budgeting and forecasting for assets |
| Topic 4: Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Contractual and warranty obligations - Health and safety regulations |
| Topic 5: Understand the key elements of whole-life asset management | - Disposal and end-of-life considerations - Operation and maintenance planning - Acquisition and procurement strategies |
| Topic 6: Understand the role of technology in asset management | - Emerging technologies in asset management - Data management and analytics - Asset tracking and monitoring systems |
>> New L4M7 Dumps Questions <<
Prep4sures CIPS L4M7 Practice Test give you the opportunity to practice for the CIPS L4M7 new exam questions. By using CIPS Practice Test, you can get the ideal possibility to know the actual CIPS Whole Life Asset Management exam, as they follow the same interface as the real exam. This way, you can become more confident and comfortable while taking the actual exam.
NEW QUESTION # 194
What is meant by the economic life of an asset?
Answer: B
NEW QUESTION # 195
A manufacturer has discovered that some of the stock in its storeroom is obsolete, and now wishes to take the appropriate action. Should the manufacturer write the stock off?
Answer: B
Explanation:
Writing off obsolete stock is standard practice as it no longer holds any value for the organization. This allows for accurate financial reporting by removing items that cannot be sold or used from the balance sheet.
Including it in closing stock would misrepresent asset values, while leaving it unsorted wastes valuable space.
Whole-life asset management emphasizes disposal or recycling options to avoid holding costs for unused assets, reducing storage costs and improving warehouse efficiency.
NEW QUESTION # 196
A procurement manager has been asked to justify the purchase of a large piece of capital equipment valued at
£500,000 to internal stakeholders. The procurement manager decided to prepare the justification using a comprehensive formal business case due to the value of the purchase. Were they correct in doing this?
Answer: D
NEW QUESTION # 197
Which among the following are the tools for reducing acquisition costs in purchasing?
1. Procurement card
2. Automated Storage & Retrieval System
3. Porter's value chain
4. P2P system
Answer: A
Explanation:
There are several methods to reduce the acquisition costs in procurement. L4M7 study guide lists the following methods:
- Buyer discretionary spend
- 'User buying'
- Vendor managed inventory (VMI)
- Two-bin Kanban
- Product catalogue
- e-Procurement techniques, including some systems such as ERP, procure-to-pay (P2P), e-requisition, e- tendering, etc.
- Procurement cards
NEW QUESTION # 198
Which of the following should be considered when an organisation plans for disposing obsolescent and redundant stock? Select TWO that apply.
Answer: D,E
Explanation:
If the planning and mitigation measures fail and redundant or obsolete stock is identified, it needs to be removed from the current inventory location as quickly as possible. There are some methods to dealwith these types of stock. The worst case scenario is disposal to landfill, which is inadvisable if it can be avoided, both from environment point of view and the financial costs of such disposal.
For example, the problem of obsolete pesticides remains extremely serious and urgent. Many of the stocks identified continue to deteriorate thereby giving rise to an ever escalating source of severe pollution and posing a threat to human health, the environment and development in particular. To reduce the impact of obsolete pesticides on environment, FAO initiated a project in Yemen in which a total of 262 tonnes of obsolete pesticides were removed from 20 different sites and successfully disposed of between March and June 1996. The major field operation was completed in six weeks during which period almost all obsolete pesticides were brought to a central location and subsequently shipped to the United Kingdom for incineration.
NEW QUESTION # 199
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