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| Certification Vendor: | CIPS |
|---|---|
| Exam Name: | CIPS Whole Life Asset Management |
| Exam Number: | L4M7 |
| Passing Score: | Not publicly disclosed (pass/fail only) |
| Exam Price: | Please check CIPS official website for current pricing |
| Certificate Validity Period: | No expiry (certification requires ongoing CPD) |
| Real Exam Qty: | 60 |
| Exam Duration: | 60 minutes |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Available Languages: | English |
| Exam Format: | Scenario-based, Multiple Choice, Calculation |
| Sample Questions: | CIPS L4M7 Sample Questions |
| Exam Way: | Computer-based examination available at CIPS approved centers worldwide. |
| Pre Condition: | Candidates are recommended to have completed CIPS Level 3 or have relevant procurement/supply chain experience. |
| Official Syllabus URL: | https://www.cips.org/qualifications/level-4-advanced-diploma/l4m7-whole-life-asset-management/ |
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CIPS L4M7, also known as the CIPS Whole Life Asset Management Exam, is a comprehensive certification program that focuses on managing and maintaining assets throughout their entire lifecycle. L4M7 exam is specifically designed for procurement professionals, who are responsible for the acquisition, management, and disposal of assets, including property, plant, and equipment.
CIPS L4M7 Exam is a comprehensive certification program that covers all aspects of asset management, from design and construction to operation and disposal. The program is designed to equip professionals with the knowledge and skills they need to manage assets effectively and efficiently throughout their lifecycle. The program is delivered through a combination of online learning, self-study, and classroom training, ensuring that participants have the flexibility to learn at their own pace. Upon completion of the program, participants will have gained a thorough understanding of asset management practices and will be able to apply these practices in their workplace. The CIPS L4M7 Exam is recognized globally and is highly respected by employers, making it an excellent choice for professionals who want to enhance their career prospects in the asset management field.
CIPS L4M7 certification exam is an essential qualification for professionals who are looking to enhance their knowledge and skills in the field of asset management. CIPS Whole Life Asset Management certification is designed to provide professionals with a comprehensive understanding of the principles and practices involved in managing assets throughout their entire life cycle. The CIPS L4M7 certification exam not only demonstrates a professional's knowledge of asset management but also their commitment to ongoing professional development in this field.
NEW QUESTION # 179
Which of the following are typical characteristics of 2D barcodes? Select TWO that apply.
Answer: A,B
Explanation:
Two-dimensional (2D) barcodes look like squares or rectangles that contain many small, individual dots. This has many different types (i.e. Data matrix, QR codes, Aztec code,...) and several different standards in use (i.
e. GS1 standards, ISO/IEC 18004:2015). It can be substituted for 1D barcode, but it has the capability to hold a larger amount of data. For examples, GS1 Data Matrix can contain 3116 Numeric characters or 2335 Alphanumeric characters while GS1-128 barcode has maximum capacity of 48 characters.
Like 1D barcodes, 2D barcodes are also machine-readable with dots/squares and spaces. They have symbology like this:
Since the code is two dimensional, conventional laser scanner can't read it. 2D barcodes require imaging scanner to read.
2D barcodes can be also used for different purposes throughout the supply chain: identifying prod-ucts/SKU (single unit, packaged or pallet), identifying content of a purchase order or delivery, identifying the batch number from which the item originates, identifying the manufacturer, country of origin etc, tracking status of an order, shipment or delivery
NEW QUESTION # 180
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: C
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 # 181
Which of the following is another name for scheduled (routine) maintenance?
Answer: D
Explanation:
There are different types of maintenance that organizations use to increase the uptime of their assets and utility of their facilities. Based on an organization's budget, amount of resources, level of combined experience, and maintenance goals, one or more maintenance types are used.
Proactive types of maintenance
Preventive maintenance
Preventive maintenance is the most popular type of proactive maintenance. To start conducting preventive maintenance tasks (PMs), an organization does not need to purchase new technology if it already has a CMMS. This is not the case with predictive maintenance which requires condition monitoring sensors and new software integrations. However, with preventive maintenance, the or-ganization runs the risk of over- scheduling maintenance tasks because tasks are scheduled based on time rather than actual conditions. That said, preventive maintenance achieves 12% to 18% cost savings over reactive maintenance.
Predictive maintenance
Predictive maintenance (PdM) is what savvy maintenance teams aspire to have or are already im-plementing.
The major barrier to PdM is the time it takes to implement rather than the cost of the technology itself. For instance, a vibration sensor that can identify imbalance, misalignment, and resonance issues only costs around
$200. But the time it takes to install, integrate with other maintenance software, and adopt a culture around is not time that all organizations are willing to allocate. For those that do allocate the time, PdM provides an 8% to 12% cost savings over preventive maintenance.
Condition-based maintenance
Condition-based maintenance (CBM) is at the core of predictive maintenance but, on its own, does not rely on technology to determine the condition of an asset like PdM does. For instance, a manager may instruct an operator to monitor the condition of an asset and submit a work request when a specific condition is met. This approach may, or may not be, as reliable as predictive maintenance. An organization that has highly-trained operators may spot hazardous conditions better than an organization using PdM technology that doesn't know what to look for.
Scheduled maintenance
Scheduled maintenance includes work that is scheduled on a calendar for completion. The most common type of scheduled maintenance is calendar-based preventive maintenance tasks. These are scheduled well in advance of completion. For instance, an asset with a monthly PM has twelve instances of scheduled maintenance in a given year. However, just because maintenance is scheduled does not mean it's planned.
Planned maintenance implies that a maintenance planner or other type of maintenance worker has fully planned for parts, materials, skills, and other resources to be available during the scheduled time window.
Planned maintenance
Planned maintenance is work that's prepared for in advance of it taking place. According to an UpKeep survey, it's also the most popular key performance indicator (KPI) to track. A high planned maintenance percentage indicates that a maintenance team will have resources available to complete work for the time/day the work is scheduled for. Having a high planned maintenance percentage also helps boost other maintenance KPIs like schedule compliance. More planned maintenance means more successful completion of scheduled maintenance.
Routine maintenance
Routine maintenance is a form of time-based maintenance and preventive maintenance, though some organizations differentiate between routine maintenance and preventive maintenance. They use the latter for smaller tasks (i.e. cleaning) performed at higher frequencies (hourly, daily) and the former for larger tasks (i.
e. inspections) performed at lower frequencies (weekly, monthly, annually). Additionally, routine maintenance is performed by operators, janitors, and other staff member while preventive maintenance is performed by technicians. Non-routine maintenance includes maintenance that is performed reactively or only when needed based on an asset's conditions.
Reactive types of maintenance
Emergency maintenance
Emergency maintenance occurs when an asset requires immediate attention in order to keep a facility operational or safe. This is the most reactive and intrusive type of maintenance as it pulls technicians away from other jobs and lowers schedule compliance. In extreme circumstances, emergency maintenance can set an organization back days depending on the scope of the repair, available parts, and the asset's level of importance. To reduce the amount of emergency maintenance that is both unplanned and unscheduled, organizations adopt various forms of proactive maintenance.
Corrective maintenance
Corrective maintenance is inherently part of emergency maintenance because, when there is an emergency, something needs corrected or fixed. In this way, corrective maintenance is mostly reactive. However, it can also be proactive. If an asset with a condition monitoring sensor detects an issue, a work order is created and a technician is sent to correct it. Similarly, preventive maintenance is considered corrective maintenance if there is an issue to fix. This is rare though as PMs are often conducted when an asset is in good working order.
Other types of maintenance
Deferred maintenance
Deferred maintenance includes repairs and inspections that are put into a backlog due to limited budget and resources. While deferring maintenance saves money up front, the costs of not performing important maintenance compounds at 7% annually. Rising costs come from fines resulting from missed inspections and unscheduled downtime that brings production to a standstill. By far, deferred maintenance and emergency maintenance are the least desired types of maintenance.
Total productive maintenance
Total productive maintenance (TPM) is the broadest type of maintenance that targets more than the assets that need maintained. It also aims to improve employee satisfaction and overall morale in the workplace, specifically in manufacturing plants. TPM does this by increasing overall equipment effectiveness (OEE) and the amount of planned maintenance. More planned work means more workers have the resources they need to do their job, which means higher levels of satisfaction. TPM also leverages machine operators to participate in maintenance and take ownership of their equipment.
Reference:
Types of Maintenance - Upkeep
CIPS study guide page 158-159
LO 3, AC 3.1
NEW QUESTION # 182
A retailer wants to improve its service level in inventory management from 95% to 97%. Which of the following is the best course of action?
Answer: C
Explanation:
For single items, an extra investment in inventory (higher levels of safety stock) will always in-crease customer service levels. Conversely, higher service levels imply larger quantities of safety stocks and an increased investment in inventory. (Procurement and Supply Chain Management - 9th Edition) Reference:
LO 2, AC 2.2
NEW QUESTION # 183
A logistics company has a 2-story warehouse in the suburban area. The goods receiving area and dispatch area are located on the ground floor only. There is a lift connecting the two floors. The daily operations of the warehouse are quite busy. Which of the following would the best arrangement for this warehouse?
Answer: C
Explanation:
The purposes of a warehouse are to keep the inventories in good condition and to ensure that the operations is smooth. In the scenario, the warehouse has 2 stories, with goods-in and goods-out areas located on the ground floor and a lift connecting the stories. The lift could become a bottleneck if the goods inside the warehouse are not well-arranged.
Since the lift is often small with limited load capacity, putting heavy bulk items on the first floor will cause bottleneck and increase the chance of accidents. Therefore, palletised items (even they have low-usage) should be placed on the ground floor. Smaller and lighter items should be stored on the first floor.
This questions does appear in the real exam. To answer the question, students should imagine the situation.
Reference: CIPS study guide page 11-13
LO 1, AC 1.1
NEW QUESTION # 184
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