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| Section | Weight | Objectives |
|---|---|---|
| Sustainability, Ethics and Governance in Asset Management | 15% | - Circular economy and asset lifecycle sustainability - Ethical and responsible sourcing of assets - Governance, standards and regulatory frameworks - Sustainable asset management and ESG principles |
| Asset Disposal and End-of-Life Management | 15% | - Data management and asset record keeping - Environmental and legal obligations in disposal - Asset valuation and residual value calculation - Disposal options: sell, reuse, recycle, donate, scrap |
| Asset Operation, Maintenance and Performance | 25% | - Asset utilization and performance monitoring - Compliance, health, safety and environmental requirements - Inventory and spare parts management - Asset reliability, availability and risk management - Maintenance strategies: preventive, corrective, predictive |
| Principles of Whole Life Asset Management | 20% | - Definition, scope and importance of asset management - Value creation and whole life value concepts - Role and contribution of procurement in asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal |
| Asset Planning and Acquisition | 25% | - Asset requirements definition and specification - Whole life costing and total cost of ownership - Procurement processes for capital assets - Contract types and supplier selection for assets - Options appraisal: buy, lease, rent, outsource, in-house |
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NEW QUESTION # 230
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: D
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:
LO 1, AC 1.1
NEW QUESTION # 231
Why would an organisation need to hold safety stock?
Answer: A
NEW QUESTION # 232
A buyer has been asked to support the chief procurement officer with a whole-life cost analysis. What is the key benefit of a cross-functional team for the development of a whole-life costing model?
Answer: D
NEW QUESTION # 233
A manufacturing company warehouse manager has recently decided to adopt a cross-docking system for some of the components held in storage. Which of the following is associated with goods in cross-docking?
Answer: A
NEW QUESTION # 234
Company XYZ is a candy manufacturer. Company XYZ makes a batch of 1,000 Christmas candy canes that are no longer edible after December 31. Company XYZ is able to sell 750 canes of the batch, but the other
250 are sitting in the warehouse. December 31 comes, and these candy canes is no longer sell-able. The batch of 250 candy canes belongs to which type of inventory?
Answer: B
Explanation:
Obsolescent stock is stock, usually finished goods, which is in good condition and satisfactory working but for which demand is irreversibly falling towards zero. Once this demand reaches zero the stock can be considered 'obsolete'. It cannot be used or sold in its current state. Food ingredients (like candy canes) which are out of date are another example.
Reference: CIPS study guide page 86-88
LO 2, AC 2.1
NEW QUESTION # 235
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