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| Section | Objectives |
|---|---|
| Understand the legal and regulatory requirements | - Contractual and warranty obligations - Environmental and sustainability considerations - Health and safety regulations |
| Understand the key elements of whole-life asset management | - Disposal and end-of-life considerations - Operation and maintenance planning - Acquisition and procurement strategies |
| Understand inventory control and management | - Demand forecasting and planning - Inventory classification and control methods - Storage and warehousing principles |
| Understand the financial aspects of whole-life asset management | - Budgeting and forecasting for assets - Total cost of ownership calculations - Financial justification and business case development |
| Understand the role of technology in asset management | - Data management and analytics - Emerging technologies in asset management - Asset tracking and monitoring systems |
| 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 |
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NEW QUESTION # 233
Which of the following are subjective forecasting techniques? Select TWO that apply.
Answer: C,D
Explanation:
The most common subjective forecasting techniques include the following:
- Market surveys
- Employee surveys
- Expert knowledge (Delphi method is a method using expert knowledge)
- Test marketing
Cycle counting is a periodic analysis of inventory in a storage location which is conducted through the counting of samples instead of physically counting the entire inventory available, so as to quickly have an accurate estimate of the inventory available without causing a stop to the day to day working as is the case with physically counting every unit.
The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of fac-tor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.
Weighted moving averages assign a heavier weighting to more current data points since they are more relevant than data points in the distant past. The sum of the weighting should add up to 1 (or 100 percent).
NEW QUESTION # 234
Which of the following is the cylindrical container that is suitable for liquids or loose material
Answer: D
Explanation:
Drum is the container for stock, which is usually cylindrical and can be made from a variety of materials.
Contents are usually loose material or liquids
A picture containing tableware, kitchen appliance Description automatically generated
Tote box is the reusable storage box. These can be open or have lids or flaps to close them and come in a large variety of sizes and weight loadings.
A tote is ideal for holding and hauling items such as: tools, fasteners, bark dust, dry cement, cords, wires, smaller boxes,...
For larger and bulkier items, industrial containers make it easy to keep things stored and in one spot for transportation. Due to the metal interior, an industrial container is more appropriate for items that - unlike tools and small pieces of machinery - lack any surface sensitivity.
Solid containers like bins and totes are far from the only storage devices for the various materials that are needed in abundance at factories and warehouses. Another option is the storage bag, which can be used to hold bulk supplies of items until they're needed for the department shelves or assembly lines.
LO 1, AC 1.1
NEW QUESTION # 235
One of the important outputs of an MRP system is the material requirement plan. This plan shows the net requirements for materials or components to make the final product. Which of the following best describes the net material requirements?
Answer: A
Explanation:
The net requirements are worked out using the following equation:
Net requirements = Total requirements - Available inventory
Where:
Total requirements = Gross requirements
Available inventory = Inventory on-hand + Units on-order
In the other words: Net requirements = Gross requirements - Inventory on-hand - Units on-order Inventory on-hand is also known as Inventory level, whereas Units on-order can be called Scheduled receipt.
NEW QUESTION # 236
Which of the following factors influence stock-holding policy for slow-moving items?
* Item cost
* Surplus cost
* Shortage cost
* Lead time
Answer: A
NEW QUESTION # 237
Which of the following is the character that allows the computer to verify whether a product code is entered correctly?
Answer: A
Explanation:
Many codes have integrated check digits. These are additional numbers or characters added to codes that a computer uses to verify the number is valid. The intention is to reduce the likelihood of miskeying an item and hitting an alternative live item. More often, a system is devised which a computer can calculate using combination of numbers.
Barcode is a graphic symbol used to convey data. Typically the characters in a barcode symbol consist of bars
/space pattern. Barcode is the method of representing data in a visual, machine-readable form. Initially barcodes represented data by varying the width and spacing of parallel lines.
Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects.
A prefix is an affix which is placed before the stem of a word or a string. A product code may have prefix which indicates its group, country, origins, etc.
NEW QUESTION # 238
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