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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | Whole Life Asset Management |
| Exam Number: | L4M7 |
| Exam Format: | Computer-based objective test, Multiple-choice questions |
| Certificate Validity Period: | No expiry (qualification does not expire once awarded) |
| Exam Duration: | 120 minutes |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Available Languages: | English |
| Recommended Training: | CIPS Official Learning Resources Approved CIPS Study Centres |
| Exam Registration: | CIPS Official Website - Qualifications CIPS Exam Registration Information |
| Sample Questions: | CIPS L4M7 Sample Questions |
| Exam Way: | Computer-based exam delivered at approved test centres or online proctored (depending on region and provider availability) |
| Pre Condition: | Part of the CIPS Level 4 Diploma in Procurement and Supply; candidates are typically required to be enrolled in the qualification pathway. |
| Official Syllabus URL: | https://www.cips.org |
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NEW QUESTION # 157
Manufacturing resources planning (MRP II) was developed from material requirement planning (MRP). Which of the following is the additional input that is available in MRP II but does not ap-pear in MRP?
Answer: B
Explanation:
MRP I was some of the first business software to be widely adopted during the 1970s. Manufacturers sought these systems in order to improve efficiency and accuracy when it came to basic processes such as production scheduling and inventory management.
By the 1980s, manufacturers realized they needed software that could also tie into their accounting systems and forecast inventory requirements. Enter MRP II, which included these integrations in addition to all the capabilities offered by MRP I. Enterprise resource planning (ERP) software features-which we'll cover later on-are included in the following table for comparison.
Reference:
- MRP vs. MRP II: What's the Difference?
- CIPS study guide page 118-119
LO 2, AC 2.3
NEW QUESTION # 158
Which of the following are likely to be included in a formal business case document for stakeholders to support the purchase of a new piece of specialist equipment?
* The conformance standard that relates to the future operation of the equipment
* The context of proposed purchase in relation to business strategy alignment
* Resource requirements including the managerial and operational team resources
* The planned preventative maintenance plan for the equipment to ensure effectiveness
Answer: D
NEW QUESTION # 159
Which of the following is a forecasting technique?
Answer: D
Explanation:
Last in, first out (LIFO) is a method used to account for inventory that records the most recently produced items as sold first. Under LIFO, the cost of the most recent products purchased (or pro-duced) are the first to be expensed as cost of goods sold (COGS)-which means the lower cost of older products will be reported as inventory.
Moving average: a calculation to analyse data by creating series of averages of different subset of full data set. It is commonly used with time series data to smooth out short-term fluctuation and highlight long-term trends or cycle ABC analysis is a method of analysis that divides the subject up into three categories: A, B and C.
There is no technique called time-weighted series.
LO 2, AC 2.3
NEW QUESTION # 160
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 # 161
RFID, or Radio Frequency Identification, is fast emerging as a major commercial technology. Like every new technology, it has advantages and disadvantages. An advantage of using RFID is that ...
Answer: B
Explanation:
RFID technology offers higher security compared to barcodes, as tags are harder to replicate. RFID also enables wireless scanning, without line-of-sight, and can store more information than barcodes. This enhances asset tracking and security, essential in whole-life asset management for tracking valuable assets and reducing losses due to theft or misplacement.
NEW QUESTION # 162
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