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The Chartered Institute of Procurement and Supply (CIPS) is a globally recognized professional body that focuses on promoting excellence in procurement and supply chain management. The CIPS L4M7 (CIPS Whole Life Asset Management) certification exam is designed to test the knowledge and understanding of professionals who are involved in the management of physical assets throughout their entire life cycle. CIPS Whole Life Asset Management certification is ideal for individuals who are seeking to enhance their skills and knowledge in the field of asset management.
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CIPS L4M7 exam, also known as the CIPS Whole Life Asset Management exam, is a comprehensive certification exam designed for professionals who want to advance their knowledge and skills in the field of asset management. L4M7 exam is intended for individuals who are working in the public or private sector and are responsible for managing assets throughout their entire life cycle. L4M7 exam covers a wide range of topics, including asset planning, acquisition, operation, maintenance, and disposal.
Upon successful completion of the CIPS L4M7 Certification Exam, candidates will be awarded a globally recognized professional certification that demonstrates their expertise in asset management. CIPS Whole Life Asset Management certification can open up new career opportunities and enhance professional credibility. It also provides a framework for continuous professional development, enabling individuals to stay up-to-date with the latest trends and best practices in asset management.
NEW QUESTION # 71
A manufacturer is making a plan for strategic safety stock. To do so, they must analyse the proba-bility of a stock out occurring and the cost impacts if it does. Which of the following are typical costs the manufacturer may incur in 'out of stock' event? Select TWO that apply.
Answer: A,D
Explanation:
The costs of stockouts - the costs of being out of inventory - include:
- Loss of production output
- Costs of idle time and of fixed overheads spread over a reduced level of output
- Costs of any action taken to deal with the stockout, such as buying from another stockist at an enhanced price, switching production, obtaining substitute materials
- Loss of customer goodwill due to the inability to supply or late delivery.
(Procurement and Supply Chain management - 9th Edition, K. Lysons and B. Farrington, 2016) LO 2, AC 2.2
NEW QUESTION # 72
Which of the following are warehouse layouts that allow the cross aisle to meet picking aisle at angles different from 90 degrees?
1. 'Fan' shaped layout
2. Herringbone-shaped layout
3. U-shape layout
4. L-shape layout
Answer: A
Explanation:
In a traditional warehouse, storage racks are arranged to create parallel picking aisles, perhaps with one or more cross aisles to allow workers to move quickly between picking aisles. This structure forces workers to travel rectilinear distances (north-south and east-west) to picking locations.
Kevin R. Gue and Russell D. Meller proposed alternative aisle designs:
- The 'Fan' shaped layout (or "Flying V"). This layout maintains parallel picking aisles, but al-lows the cross aisle to take on a different shape. If travel begins and ends at the bottom of the V, Gue and Meller expected distance to retrieve a single pallet is 10% less in this warehouse than in an equivalent traditional design.
- The Herringbone-shaped layout (or commonly referred as Fishbone layout) combines the verti-cal picking rows of a traditional warehouse with a second set of horizontal picking rows, divided by a V-shaped diagonal alley crossing the entire warehouse. This simple modification to the typical warehouse design allows employees (e.g. a forklift driver) to increase travel speed between picking locations. Efficiency gains achieved through a layout reconfiguration would reduce picking cost up to 23% compared to an equivalent warehouse using a traditional configuration.
Reference
Aisle Design - Kevin Gue
LO 1, AC 1.1
NEW QUESTION # 73
PPC Refinery (UK) must close down an out-of-date refinery which has very poor environmental performance.
The refinery is very sophisticated with many technically complicated machineries, lubricants, coolants and other chemical substances. Decommissioning the refinery is highly risky and hazardous. To manage the decommissioning process well, PPC project team must know these machineries and substances in details.
Which document can provide the technical details on the refinery?
Answer: D
Explanation:
Decommissioning or disposal should start with the original specifications of the assets so that the organisation and supplier can make an appropriate plan. Some specifications also mention the is-sues regarding to end-of- life environmental factors.
Reference: CIPS study guide page 200
LO 3, AC 3.3
NEW QUESTION # 74
The managing director requires action to be taken to improve the organization's profitability and has asked for suggestions to enable this to be achieved. The procurement manager has said that a just-in-time (JIT) system should be introduced. Would such a system improve profitability?
Answer: C
Explanation:
Just-in-Time (JIT) inventory management minimizes stock levels by synchronizing orders with production schedules, which:
* Reduces holding costs: Less inventory means lower costs for storage and management.
* Increases cash flow: Reduced stock levels free up working capital.
Whole-life asset management supports JIT as a cost-saving measure, focusing on maintaining lean inventories while meeting production needs.
NEW QUESTION # 75
A major investment bank is planning to purchase a complex banking system that will interface with multiple applications at varying times of the day. Before deploying the system, there are various levels of testing that must be performed through joint testing between the in-house team and off-shore testing consultants. The testing will be performed in a resource-constrained shared environment and managed by the on-shore development team. The costs for testing are generally classified as...?
Answer: B
Explanation:
In the scenario, the buying organisation (investment bank) must conduct various types of testing before the deployment of the software system. These tests can be functional testing, factory ac-ceptance testing and/or user acceptance testing. The costs for all these types of testing are classified as acquisition costs with regards of total cost of ownership.
NEW QUESTION # 76
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