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| Section | Objectives |
|---|---|
| Understand the role of technology in asset management | - Data management and analytics - Asset tracking and monitoring systems - Emerging technologies in asset management |
| Understand the key elements of whole-life asset management | - Acquisition and procurement strategies - Operation and maintenance planning - Disposal and end-of-life considerations |
| Understand inventory control and management | - Storage and warehousing principles - Demand forecasting and planning - Inventory classification and control methods |
| 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 |
| Understand the financial aspects of whole-life asset management | - Budgeting and forecasting for assets - Financial justification and business case development - Total cost of ownership calculations |
| Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Health and safety regulations - Contractual and warranty obligations |
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NEW QUESTION # 44
Which of the following are critical factors that must be considered when evaluating warehouse or storage locations?
* The cost of the proposed location
* Who owns the storage location or warehouse
* Access to transport networks
* The number of windows in the building
Answer: D
Explanation:
When selecting a warehouse location, it's essential to consider:
* Cost: The expense of the location directly impacts the budget.
* Access to transport networks: Proximity to transportation infrastructure facilitates efficient shipping and receiving.
These factors align with whole-life asset management principles by ensuring cost-effective and accessible storage solutions, contributing to reduced transportation costs and improved logistics.
NEW QUESTION # 45
In order to control the costs of holding inventory, the manager has decided to install CCTV cameras in the warehouse. This will help to deter potential pilferage (theft) by the warehouse operatives. Is this the correct way of managing costs of holding inventory?
Answer: B
NEW QUESTION # 46
Which of the following is the core idea of Lean manufacturing?
Answer: A
Explanation:
The core idea of lean manufacturing is actually quite simple...relentlessly work on eliminating waste from the manufacturing process. Waste is defined as any activity that does not add value from the customer's perspective. According to research conducted by the Lean Enterprise Research Centre (LERC), fully 60% of production activities in a typical manufacturing operation are waste - they add no value at all for the customer.
On the other hand, agile manufacturing places an extremely strong focus on rapid response to the customer - turning speed and agility into a key competitive advantage.
NEW QUESTION # 47
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: B
Explanation:
With consignment stocking, the supplier retains ownership until the item is used by the customer. This approach minimizes the customer's holding costs and improves cash flow, as payment is deferred until the item is consumed. It's particularly beneficial in whole-life asset management for inventory flexibility and reduced capital commitment.
NEW QUESTION # 48
Which of the following are recognised as disadvantages of ERP systems? Select TWO that apply.
Answer: A,C
Explanation:
Implementing a full ERP system is not an easy option. They are complex systems and the disad-vantages include the following:
- The installation of the ERP system is costly. ERP consultants are very expensive take approxi-mately 60% of the budget.
- The success depends on the skills and experience of the workforce, including education and how to make the system work properly.
- Resistance in sharing internal information between departments can reduce the efficiency of the software.
- The systems can be difficult to use.
- Change of staff, companies can employ administrators who are not trained to manage the ERP system of the employing company, proposing changes in business practices that are not synchro-nized with the system.
- Having an ERP system has many advantages, but does not guarantee the total success of the company.
Organizational culture, know how to involve staff and anticipate changes that will suffer the organization using this system of administration, are important elements for the completion of the implementation.
- The effectiveness of the ERP system may decrease if there is resistance to share information be-tween business units or departments. Due to strong changes that implementation of the ERP system brings in the culture of work, there may be poorly trained or disinterested in making use of the same staff...
- The benefits of having an ERP system are not presented immediately with the implementation of the software, they will be evident long after the system is running.
- The culmination of the implementation depends on the ability and skill of the workforce, also involves education and training, to make the system is correctly applied.
Reference:
- What are the Advantages and Disadvantages of ERP System
- CIPS study guide page 119-122
LO 2, AC 2.3
NEW QUESTION # 49
......
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