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| Section | Objectives |
|---|---|
| Topic 1: Understand the concept of whole-life asset management | - Define asset management and its role in procurement - Identify key stakeholders in asset management - Explain the whole-life cost approach |
| Topic 2: Understand the role of technology in asset management | - Data management and analytics - Asset tracking and monitoring systems - Emerging technologies in asset management |
| Topic 3: Understand the legal and regulatory requirements | - Health and safety regulations - Contractual and warranty obligations - Environmental and sustainability considerations |
| Topic 4: Understand the financial aspects of whole-life asset management | - Budgeting and forecasting for assets - Total cost of ownership calculations - Financial justification and business case development |
| Topic 5: Understand the key elements of whole-life asset management | - Acquisition and procurement strategies - Disposal and end-of-life considerations - Operation and maintenance planning |
| Topic 6: Understand inventory control and management | - Inventory classification and control methods - Storage and warehousing principles - Demand forecasting and planning |
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NEW QUESTION # 215
A procurement manager has been asked to justify the purchase of a large piece of capital equipment valued at
ยฃ500,000 to internal stakeholders. The procurement manager decided to prepare the justification using a comprehensive formal business case due to the value of the purchase. Were they correct in doing this?
Answer: D
NEW QUESTION # 216
Which is the best definition of reorder point?
Answer: B
Explanation:
Reorder point is the point either in time or in a process when the next order should be placed.
Reference:
LO 2, AC 2.3
NEW QUESTION # 217
Which of the following should be considered when an organisation plans for disposing obsolescent and redundant stock? Select TWO that apply.
Answer: B,D
Explanation:
If the planning and mitigation measures fail and redundant or obsolete stock is identified, it needs to be removed from the current inventory location as quickly as possible. There are some methods to deal with these types of stock. The worst case scenario is disposal to landfill, which is inadvisable if it can be avoided, both from environment point of view and the financial costs of such disposal.
For example, the problem of obsolete pesticides remains extremely serious and urgent. Many of the stocks identified continue to deteriorate thereby giving rise to an ever escalating source of severe pollution and posing a threat to human health, the environment and development in particular. To reduce the impact of obsolete pesticides on environment, FAO initiated a project in Yemen in which a total of 262 tonnes of obsolete pesticides were removed from 20 different sites and successfully disposed of between March and June 1996. The major field operation was completed in six weeks during which period almost all obsolete pesticides were brought to a central location and subsequently shipped to the United Kingdom for incineration.
Reference:
LO 2, AC 2.1
NEW QUESTION # 218
When purchasing a capital asset, an organisation should analyse the costs and benefits that the asset may bring. Which of the following factors are considered in cost-benefit analysis? Select TWO that apply.
Answer: B,D
Explanation:
A cost-benefit analysis is a process businesses use to analyze decisions (such as capital investment). The business or analyst sums the benefits of a situation or action and then subtracts the costs associated with taking that action.
A cost-benefit analysis (CBA) should begin with compiling a comprehensive list of all the costs and benefits associated with the project or decision.
The costs involved in a CBA might include the following:
- Direct costs would be direct labor involved in manufacturing, inventory, raw materials, manufacturing expenses.
- Indirect costs might include electricity, overhead costs from management, rent, utilities.
- Intangible costs of a decision, such as the impact on customers, employees, or delivery times.
- Opportunity costs such as alternative investments, or buying a plant versus building one.
- Cost of potential risks such as regulatory risks, competition, and environmental impacts.
Benefits might include the following:
- Revenue and sales increases from increased production or new product.
- Intangible benefits, such as improved employee safety and morale, as well as customer satisfaction due to enhanced product offerings or faster delivery.
- Competitive advantage or market share gained as a result of the decision.
An analyst or project manager should apply a monetary measurement to all of the items on the cost-benefit list, taking special care not to underestimate costs or overestimate benefits. A conservative approach with a conscious effort to avoid any subjective tendencies when calculating estimates is best suited when assigning a value to both costs and benefits for a cost-benefit analysis.
Finally, the results of the aggregate costs and benefits should be compared quantitatively to deter-mine if the benefits outweigh the costs. If so, then the rational decision is to go forward with the project. If not, the business should review the project to see if it can make adjustments to either increase benefits or decrease costs to make the project viable. Otherwise, the company should likely avoid the project.
Reference:
- Cost-Benefit Analysis (Investopedia)
- CIPS study guide page 175
LO 3, AC 3.2
NEW QUESTION # 219
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: C
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.
NEW QUESTION # 220
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