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| Section | Objectives |
|---|---|
| Understand the concept of whole-life asset management | - Identify key stakeholders in asset management - Define asset management and its role in procurement - Explain the whole-life cost approach |
| Understand the key elements of whole-life asset management | - Operation and maintenance planning - Acquisition and procurement strategies - Disposal and end-of-life considerations |
| Understand the legal and regulatory requirements | - Contractual and warranty obligations - Environmental and sustainability considerations - Health and safety regulations |
| Understand the role of technology in asset management | - Data management and analytics - Emerging technologies in asset management - Asset tracking and monitoring systems |
| Understand inventory control and management | - Inventory classification and control methods - Storage and warehousing principles - Demand forecasting and planning |
| Understand the financial aspects of whole-life asset management | - Total cost of ownership calculations - Financial justification and business case development - Budgeting and forecasting for assets |
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NEW QUESTION # 83
Which one of the following statements is true about radio frequency identification (RFID)?
Answer: C
Explanation:
Radio frequency identification (RFID) are items which use radio technology to identify itself and its location subject to having appropriate hardware and software.
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate.
A RFID Reader is a device that uses radio-frequency waves to wirelessly transfer data between itself and a RFID tag/label in order to identify, categorize and track assets. When combined with the right RFID software, a RFID reader can identify objects quicker, more accurately, at a reduced overall cost, and at various points of the object's lifecycle.
Passive RFID systems use tags with no internal power source and instead are powered by the electromagnetic energy transmitted from an RFID reader. Passive RFID tags are used for applica-tions such as access control, file tracking, race timing, supply chain management, smart labels, and more.
Active RFID systems have three essential parts - a reader or interrogator, antenna, and a tag. Ac-tive RFID tags possess their own power source - an internal battery that enables them to have ex-tremely long read ranges as well as large memory banks.
NEW QUESTION # 84
Which of the following best describe the function of MRP?
Answer: D
Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
MRP process is described in the graph below:
Reference:
LO 2, AC 2.3
NEW QUESTION # 85
Which of the following is a main objective of just-in-time?
Answer: A
Explanation:
JIT, often referred to as the Toyota production system (TPS), originated in Toyota's manufacturing plants in Japan in the early 1970s. It was first introduced by the organisation's owner, Taiichi Ohno. The prime goal of JIT is the achievement of zero inventories.
The just-in-time objectives of eliminating waste can be summarised in the 'five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
Reference: CIPS study guide page 122-127
LO 2, AC 2.3
NEW QUESTION # 86
"A measure of the ability of an organisation to supply customers without delay" is the best defini-tion of which of the following:
Answer: B
Explanation:
In inventory management, service level is the expected probability of not hitting a stock-out during the next replenishment cycle or the probability of not losing sales.
Key performance indicators (KPIs) can be used to analyse data based on performance objectives and set actionable goals for improvement. KPIs can be developed in conjunction with suppliers as well as others, and can be used to measure the essential elements of the process.
Safety stock is the amount of inventory a business needs to have to achieve a certain level of risk mitigation when it comes to stockouts.
Reorder level (or reorder point) is the inventory level at which a company would place a new order or start a new manufacturing run.
Reference:
LO 2, AC 2.3
NEW QUESTION # 87
A construction organization requires specialist equipment for digging deep foundations. Which of the following circumstances would result in the hire of equipment rather than leasing it?
Answer: B
Explanation:
Hiring is often preferred when:
* Frequency of use is low: If equipment is only needed occasionally, hiring is more economical.
* Storage is unavailable: Leased equipment needs storage, which incurs additional costs.
* Lease costs exceed hiring costs for limited use.
Whole-life asset management emphasizes cost-efficient solutions, and hiring equipment for limited use reduces unnecessary expenses compared to leasing or purchasing.
NEW QUESTION # 88
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