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| Section | Objectives |
|---|---|
| Understand the role of technology in asset management | - Asset tracking and monitoring systems - Data management and analytics - Emerging technologies in asset management |
| Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Health and safety regulations - Contractual and warranty obligations |
| 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 key elements of whole-life asset management | - Operation and maintenance planning - Disposal and end-of-life considerations - Acquisition and procurement strategies |
| 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 inventory control and management | - Demand forecasting and planning - Inventory classification and control methods - Storage and warehousing principles |
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NEW QUESTION # 100
International Standard Book Number (ISBN) is a unique international identification system for each product form or edition of a monographic publication published or produced by a specific publisher. ISBN is an example of...?
Answer: C
Explanation:
The International Standard Book Number (ISBN) is a numeric commercial book identifier which is intended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency. ISBN is standardised by ISO 2108:2017. ISBN is an example of industry standard code as it applies to commercial books around the world.
Check digits 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.
Own product code system: an organisation will use its own product code system. This has the ad-vantage that the organisation can construct a code that is effective and fits with its software and variety of items covered.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO) (formerly the Customs Co-operation Council), an independent intergovernmental organization based in Brussels, Belgium, with over 200 member countries.
Reference:
LO 1, AC 1.2
NEW QUESTION # 101
A local hospital has a highly complex piece of medical equipment delivering proton beam therapy that only one supplier in the world manufactures. Owing to the specialist nature of the equipment, the patient waiting list is extremely long. It is therefore essential that the equipment failure downtime is kept to an absolute minimum, as it would have a negative impact on patient treatment delays. Due to the complex nature and essential need of the equipment to be in continual use, which of the followingpackages will offer the most protection in ensuring reliability and reduced downtime arising from equipment failures throughout its lifetime?
Answer: D
NEW QUESTION # 102
What is the difference between fixed and variable costs?
Answer: A
NEW QUESTION # 103
The minimal total cost is always achieved when there is only one warehouse. Is this statement true?
Answer: D
Explanation:
The total cost of storage consists of two different costs:
- The cost of warehouses: each one has a different cost, and each has the cost of stock-holding and stock management included
- The transport costs: the total transport cost reduces as further warehouses mean shorter final delivery to the customers.
Depending on each situation, the optimal number of warehouses varies. Generally, more facilities will increase the cost of warehouses while reduce the transport costs and vice versa.
Reference: CIPS study guide page 6-7
LO 1, AC 1.1
NEW QUESTION # 104
Lean principle focuses on eliminating eight types of waste. Waste in Lean manufacturing is defined as...?
Answer: A
Explanation:
Lean thinking aims to remove wastes from work processes. Before diving into the 8 wastes, it is important to understand what waste is. Waste is any action or step in a process that does not add value to the customer. In other words, waste is any process that the customer does not want to pay for.
The original seven wastes (Muda) was developed by Taiichi Ohno, the Chief Engineer at Toyota, as part of the Toyota Production System (TPS). The seven wastes are Transportation, Inventory, Motion, Waiting, Overproduction, Overprocessing and Defects. They are often referred to by the acronym 'TIMWOOD'. The
8th waste of non-utilized talent or 'Skills' of workers was later introduced in the 1990s when the Toyota Production System was adopted in the Western world. As a result, the 8 wastes are commonly referred to as
'TIMWOODS'.
Source: The lean way
Reference: CIPS study guide page 127-129
LO 2, AC 2.3
NEW QUESTION # 105
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