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| Section | Objectives |
|---|---|
| Topic 1: Understand inventory control and management | - Inventory classification and control methods - Storage and warehousing principles - Demand forecasting and planning |
| Topic 2: Understand the legal and regulatory requirements | - Health and safety regulations - Environmental and sustainability considerations - Contractual and warranty obligations |
| Topic 3: Understand the role of technology in asset management | - Emerging technologies in asset management - Data management and analytics - Asset tracking and monitoring systems |
| Topic 4: Understand the key elements of whole-life asset management | - Operation and maintenance planning - Disposal and end-of-life considerations - Acquisition and procurement strategies |
| Topic 5: 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 |
| Topic 6: Understand the concept of whole-life asset management | - Identify key stakeholders in asset management - Explain the whole-life cost approach - Define asset management and its role in procurement |
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NEW QUESTION # 77
In inventory management, the cost of insurance and taxes are included in which group?
Answer: B
Explanation:
Direct and indirect costs of holding inventory include the following:
1. Acquisition costs
2. Holding costs (carrying costs) are the costs associated with the storage and handling of physical stock. There are two different types of holding costs:
a. Costs related to the value of the goods: financial costs (i.e. the interest on the working capital tied up in inventory, which may be the bank borrowing rate or the company's target for return on capital); cost of insurance; losses due to product deterioration; losses due to obsolescence and redundancy of inventory; losses due to theft, accidental damage etc.
b. Costs related to the physical characteristics of the inventory include the following: storage space; power, heat and lighting of the store; movement equipment; labour costs; administration costs.
3. Costs of stockouts
Reference:
LO 2, AC 2.2
NEW QUESTION # 78
The ABC approach involves classifying inventory items by unit cost, with expensive items classi-fied as 'A' items and low cost items classified as 'C' items. Is this statement true?
Answer: B
Explanation:
ABC analysis is an approach for classifying inventory items based on the items' consumption val-ues. Consumption value is the total value of an item consumed over a specified time period, for example a year. The approach is based on the Pareto principle to help manage what matters and is applied in this context:
- A items are goods where annual consumption value is the highest. Applying the Pareto principle (also referred to as the 80/20 rule where 80 percent of the output is determined by 20 percent of the input), they comprise a relatively small number of items but have a relatively high consumption value. So it's logical that analysis and control of this class is relatively intense, since there is the greatest potential to reduce costs or losses.
- B items are interclass items. Their consumption values are lower than A items but higher than C items. A key point of having this interclass group is to watch items close to A item and C item classes that would alter their stock management policies if they drift closer to class A or class C. Stock management is itself a cost. So there needs to be a balance between controls to protect the asset class and the value at risk of loss, or the cost of analysis and the potential value returned by reducing class costs. So, the scope of this class and the inventory management policies are determined by the estimated cost-benefit of class cost reduction, and loss control systems and processes.
- C items have the lowest consumption value. This class has a relatively high proportion of the total number of lines but with relatively low consumption values. Logically, it's not usually cost-effective to deploy tight inventory controls, as the value at risk of significant loss is relatively low and the cost of analysis would typically yield relatively low returns.
LO 2, AC 2.1
NEW QUESTION # 79
Which of the following statements represent a definition for 'obsolescence' in inventory management? Select TWOthat apply.
Answer: A,B
NEW QUESTION # 80
What is meant by the economic life of an asset?
Answer: B
NEW QUESTION # 81
Which of the following are considerations for the socially responsible aspect of the disposal of goods?
* Ensuring that the public is safeguarded from the short-term and long-term effects of the disposal
* Ensuring that the organisation arranging for disposal gets value for money from the disposal process
* Ensuring that there is limited damage to the environment caused by the disposal
* Ensuring that the disposal of goods minimizes the risk and impact to the staff and community
Answer: B
Explanation:
Socially responsible disposal practices prioritize:
* Public safety: Protecting individuals and communities from any adverse effects related to waste disposal.
* Environmental responsibility: Minimizing ecological damage through responsible disposal methods.
These practices are fundamental to whole-life asset management, which emphasizes sustainability and ethical considerations throughout the lifecycle of assets.
NEW QUESTION # 82
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