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| Section | Weight | Objectives |
|---|---|---|
| Asset Operation, Maintenance and Performance | 25% | - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements - Maintenance strategies: preventive, corrective, predictive - Inventory and spare parts management - Asset utilization and performance monitoring |
| Sustainability, Ethics and Governance in Asset Management | 15% | - Sustainable asset management and ESG principles - Ethical and responsible sourcing of assets - Circular economy and asset lifecycle sustainability - Governance, standards and regulatory frameworks |
| Asset Planning and Acquisition | 25% | - Contract types and supplier selection for assets - Options appraisal: buy, lease, rent, outsource, in-house - Whole life costing and total cost of ownership - Procurement processes for capital assets - Asset requirements definition and specification |
| Asset Disposal and End-of-Life Management | 15% | - Data management and asset record keeping - Disposal options: sell, reuse, recycle, donate, scrap - Asset valuation and residual value calculation - Environmental and legal obligations in disposal |
| Principles of Whole Life Asset Management | 20% | - Definition, scope and importance of asset management - Value creation and whole life value concepts - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Role and contribution of procurement in asset management |
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NEW QUESTION # 150
Which of the following is an assumption of economic-order-quantity model?
Answer: C
Explanation:
Economic order quantity (EOQ) model is the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are mini-mized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W. Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
If the economic order quantity model is applied, the following assumptions should be met:
- The rate of demand is constant, and total demand is known in advance.
- The ordering cost is constant.
- The unit price of inventory is constant, i.e., no discount is applied depending on order quantity.
- Delivery time is constant.
- Replacement of defective units is instantaneous.
- There is no safety stock level, i.e., the minimum stock level is zero.
- Restocking is made by the whole batch.
Because the demand and lead time are constant, no stockout events can occur.
NEW QUESTION # 151
Bulk loose coal that requires massive handling system should be stored in which area?
Answer: D
Explanation:
Materials that will not easily deteriorate, are generally stored in open or fairly covered areas (stockyard). The materials are usually in bulk, like steel plates or coils casting, timber coal, steel barrels, cable drums, piping, lampposts, lorries, etc.
Stockyards are open or semi-covered areas that are used for the following:
- Bulk loose or packaged materials
- Bulky or oversized items that may be difficult to move inside
- Materials that may require specialised handling, loading or unloading Below image shows the example of a stockyard that stores loose coal and its handling system.
LO 1, AC 1.1
NEW QUESTION # 152
A central distribution warehouse receives deliveries from several suppliers of bread and cakes on pallets in large quantities. These deliveries need to be separated into smaller individual consignments for delivery to retail stores operated by the bakery company. The division of the large quantities into smaller consignments is called:
Answer: B
Explanation:
Breaking bulk is the process of dividing large shipments of goods into smaller lots for easier distribution.
This is a standard practice in warehousing and logistics to facilitate delivery to various locations or end users.
Unlike cross-docking, which involves minimal storage time, breaking bulk focuses on redistributing large shipments into smaller, manageable batches. In whole-life asset management, breaking bulk helps maintain streamlined operations and reduces holding costs by ensuring goods are moved efficiently and without prolonged storage.
NEW QUESTION # 153
Which of the following would be considered independent demand items of stock for a supplier that is manufacturing laboratory imaging equipment? Select TWO that apply.
* Office consumables for the organization
* Raw materials required for production
* Machinery spares for the production lines
* Completed finished goods
* Energy consumption for the organization
Answer: A
Explanation:
Independent demand items refer to goods that are not directly tied to the production process. Examples include:
* Office consumables: Supplies such as paper or printer ink used in general operations.
* Completed finished goods: End products ready for sale, whose demand depends on the market rather than production schedules.
In whole-life asset management, managing independent demand items is important for optimizing storage and procurement, as these items impact operational costs differently than production-related items.
NEW QUESTION # 154
"Open stock plus purchases minus closing stock" is the formula of which of the following?
Answer: C
Explanation:
The amount of closing stock (properly valued) is used to arrive at the cost of goods sold in a periodic inventory system with the following calculation:
Opening stock + Purchases - Closing stock = Cost of goods sold
Reference:
- CIPS study guide page 130-131
- Closing stock definition
LO 2, AC 2.3
NEW QUESTION # 155
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