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| Section | Objectives |
|---|---|
| Topic 1: Understand the concept of whole-life asset management | - Define asset management and its role in procurement - Explain the whole-life cost approach - Identify key stakeholders in asset management |
| Topic 2: Understand the role of technology in asset management | - Asset tracking and monitoring systems - Data management and analytics - Emerging technologies in asset management |
| Topic 3: Understand the financial aspects of whole-life asset management | - Total cost of ownership calculations - Budgeting and forecasting for assets - Financial justification and business case development |
| Topic 4: Understand inventory control and management | - Storage and warehousing principles - Inventory classification and control methods - Demand forecasting and planning |
| Topic 5: Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Contractual and warranty obligations - Health and safety regulations |
| Topic 6: Understand the key elements of whole-life asset management | - Acquisition and procurement strategies - Disposal and end-of-life considerations - Operation and maintenance planning |
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NEW QUESTION # 47
A procurement manager is sourcing some high-value equipment for their organisation. What are the elements comprising whole-life costing that they need to consider?
Answer: D
Explanation:
Whole-life costing includes all costs from acquisition to disposal, ensuring comprehensive financial planning.
Essential components include:
* Acquisition and purchase costs: Initial costs incurred to procure the equipment.
* Usage costs: Operational expenses, including energy and consumables.
* End-of-life costs: Disposal, recycling, or decommissioning expenses.
Whole-life asset management aims to minimize these costs over an asset's lifecycle, ensuring value and performance.
NEW QUESTION # 48
When deciding on the storage facilities and locations, an organisation needs to assess the current situation comprehensively and forecast the future demands. Quantitative analysis is the best method for these activities.
Is this statement true?
Answer: B
Explanation:
Decisions regarding stores and warehouse locations involve a complex range of issues that are unique to each business. Most storage facilities and location decisions are based on a combination of qualitative and quantitative analysis.
Qualitative analysis uses subjective judgment to analyze a situation based on non-quantifiable in-formation, such as potential markets for new products, forecast on possible risks that may happen, etc.
Quantitative analysis (QA) is a technique that uses mathematical and statistical modeling, meas-urement, and research to understand behavior. Quantitative analysts represent a given reality in terms of a numerical value.
This may include the following:
- Cost analysis for the current premises and future predictions based on current premises
- Cost analysis for routine operations
- Current inventory performance measures: lead times, service levels, rate of stock turn, stock-outs in a given period and stock cover To get a big picture of current situation and future demands, organisation should combine both qualitative and quantitative methods so that useful information is achieved and well-informed decisions are made.
Reference: CIPS study guide page 6
LO 1, AC 1.1
NEW QUESTION # 49
Multiple approval levels for a small purchase request is an example of which type of waste?
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
Multiple approval levels for a small purchase request is an example of over-processing since this adds more unnecessary work to users and procurement professionals.
Reference: CIPS study guide page 127-129
LO 2, AC 2.3
NEW QUESTION # 50
Toll Group has thousands of end-of-life IT assets that need to be disposed of. The senior manage-ment of Toll Group is largely concerned about sustainability in waste management, especially electronicwaste. Before selecting a supplier to manage the process, the procurement team is required to assess the environmental risks regarding disposal of the assets. Risk assessment is basically based on the measurement of which factors?
1. Impact
2. Reward
3. Surveillance
4. Likelihood
Answer: D
Explanation:
All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps. Together these 5 risk management process steps combine to deliver a simple and effective risk management process.
Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register.
Step 2: Analyze the risk. Once risks are identified you determine the likelihood and consequence of each risk.
You develop an understanding of the nature of the risk and its potential to affect pro-ject goals and objectives.
This information is also input to your Project Risk Register.
Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining the risk magni-tude, which is the combination of likelihood and consequence. You make decisions about whether the risk is acceptable or whether it is serious enough to warrant treatment. These risk rankings are also added to your Project Risk Register.
Step 4: Treat the Risk. This is also referred to as Risk Response Planning. During this step you assess your highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels. How can you minimize the probability of the negative risks as well as enhancing the opportunities? You create risk mitigation strategies, preventive plans and contingency plans in this step. And you add the risk treatment measures for the highest ranking or most serious risks to your Project Risk Register.
Step 5: Monitor and Review the risk. This is the step where you take your Project Risk Register and use it to monitor, track and review risks.
NEW QUESTION # 51
Which of the following is an assumption of economic-order-quantity model?
Answer: B
Explanation:
Economic order quantity (EOQ) model is the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are mini-mized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W.
Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
If the economic order quantity model is applied, the following assumptions should be met:
- The rate of demand is constant, and total demand is known in advance.
- The ordering cost is constant.
- The unit price of inventory is constant, i.e., no discount is applied depending on order quantity.
- Delivery time is constant.
- Replacement of defective units is instantaneous.
- There is no safety stock level, i.e., the minimum stock level is zero.
- Restocking is made by the whole batch.
Because the demand and lead time are constant, no stockout events can occur.
Reference:
LO 2, AC 2.3
NEW QUESTION # 52
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