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| Section | Objectives |
|---|---|
| Topic 1: Disposal and End-of-Life Management | - Asset disposal strategies
|
| Topic 2: Operation and Maintenance | - Asset performance and reliability
|
| Topic 3: Risk and Value Management | - Managing asset-related risk
|
| Topic 4: Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Topic 5: Understanding Asset Management | - Principles of whole life asset management
|
CIPS L4M7 learning materials are new but increasingly popular choices these days which incorporate the newest information and the most professional knowledge of the practice exam. All points of questions required are compiled into our CIPS Whole Life Asset Management L4M7 Preparation quiz by experts. By the way, the L4M7certificate is of great importance for your future and education.
NEW QUESTION # 17
Objective forecasting techniques must be based on which of the following?
1. Opinions
2. Figures
3. Facts
4. Jugdement
Answer: B
Explanation:
Subjective forecasting uses qualitative methods (surveys, opinions) which relay on perception and opinion.
Objective forecasting uses quantitative methods (facts and figures). Both methods have to make assumption about how closely (or not) the future will resemble the present and the past. Forecasting is never exact.
Reference: CIPS study guide page 111-112
LO 2, AC 2.3
NEW QUESTION # 18
Which of the following is the Japanese word for 'billboard' or 'signboard'?
Answer: A
Explanation:
Kanban (##) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in- time manufacturing (JIT).
Poka-yoke (####, [poka yoke]) is a Japanese term that means "mistake-proofing" or "inadvertent error prevention". A poka-yoke is any mechanism in any process that helps an equipment operator avoid (yokeru) mistakes (poka). Its purpose is to eliminate product defects by preventing, correcting, or drawing attention to human errors as they occur.
Kaizen is a concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. Kaizen (##) is the Sino-Japanese word for
"improvement". Kaizen also applies to processes, such as purchasing and logis-tics, that cross organizational boundaries into the supply chain.
Muda (##, on'yomi reading) is a Japanese word meaning "futility; uselessness; wastefulness", and is a key concept in lean process thinking, like the Toyota Production System (TPS) as one of the three types of deviation from optimal allocation of resources (the others being mura and muri). Waste reduction is an effective way to increase profitability.
Reference: CIPS study guide page 124
LO 2, AC 2.3
NEW QUESTION # 19
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 # 20
Among different types of costs associated with inventory, the opportunity cost of the investment tied up in inventory belongs to which of the following?
Answer: D
Explanation:
Direct and indirect costs of holding inventory include the following:
- Acquisition costs
- Holding costs: There are 2 different types of holding costs: costs related to the value of the goods (including opportunity costs, costs of insurance, losses due to product deterioration, etc) and costs related to the physical characteristics of this inventory.
- Costs of stockouts
NEW QUESTION # 21
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 # 22
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