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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 | - Acquisition and procurement strategies - Disposal and end-of-life considerations - Operation and maintenance planning |
| Understand the role of technology in asset management | - Asset tracking and monitoring systems - Data management and analytics - Emerging technologies in asset management |
| Understand the legal and regulatory requirements | - Health and safety regulations - Contractual and warranty obligations - Environmental and sustainability considerations |
| Understand the financial aspects of whole-life asset management | - Budgeting and forecasting for assets - Financial justification and business case development - Total cost of ownership calculations |
| Understand inventory control and management | - Demand forecasting and planning - Inventory classification and control methods - Storage and warehousing principles |
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NEW QUESTION # 248
Which of the following is a benefit of bar code scanning systems?
Answer: A
NEW QUESTION # 249
Extra units that are held in inventory to reduce the risks of stock-out are called...?
Answer: A
Explanation:
The safety stock (or buffer stock) is the stock level that limits stock shortages due to unforeseen events (forecasts not in line with demand, longer than expected supply time, etc...) Demand variance is the degree to which the demand in a fixed period deviates from the average demand of the same period.
A reorder point is the unit quantity on hand that triggers the purchase of a predetermined amount of replenishment inventory.
The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules.
Reference: CIPS study guide page 84-85
LO 2, AC 2.1
NEW QUESTION # 250
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: C
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 # 251
Which of the following lists all components, ingredients, and materials required to produce the final product?
Answer: D
Explanation:
Master production schedule (MPS) plans items that have "direct" demand, or "independent de-mand." With independent demand, the demand comes from sales orders, service orders, or fore-casts, and the demand comes directly from customer-or forecasted-requirements. It is the list that provides the timing of the production schedule and shows how much each machine can produce, how many shifts are used, etc.
A bill of materials (BOM) is a comprehensive inventory of the raw materials, assemblies, subas-semblies, parts and components, as well as the quantities of each, needed to manufacture a product.
Reference: CIPS study guide page 116-119
LO 2, AC 2.3
NEW QUESTION # 252
A company has obsolete inventories and it must write off these inventories. How does writing off inventories impact on the company's financial statements?
1. Stock increases
2. Stock decreases
3. Profit increases
4. Profit decreases
Answer: C
Explanation:
An inventory write-off is a process of removing from the general ledger any inventory that has no value.
Using the direct write-off method, a business will record a credit to the inventory asset account and a debit to the expense account. For example, say a company with $100,000 worth of inventory decides to write off
$10,000 in inventory at the end of the year. First, the firm will credit the inventory account with the value of the write-off to reduce the balance. The value of the gross inventory will be reduced as such: $100,000 -
$10,000 = $90,000. Next, the inventory write-off expense account will be increased with a debit to reflect the loss.
The expense account is reflected in the income statement, reducing the firm's net income and thus its retained earnings. A decrease in retained earnings translates into a corresponding decrease in the shareholders' equity section of the balance sheet.
If the inventory write-off is immaterial, a business will often charge the inventory write-off to the cost of goods sold (COGS) account. The problem with charging the amount to the COGS account is that it distorts the gross margin of the business, as there is no corresponding revenue entered for the sale of the product.
Most inventory write-offs are small, annual expenses. A large inventory write-off (such as one caused by a warehouse fire) may be categorized as a non-recurring loss.
Reference:
- CIPS study guide page 86-90
- Inventory Write-Off
LO 2, AC 2.1
NEW QUESTION # 253
......
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