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| Section | Objectives |
|---|---|
| Topic 1: Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Contractual and warranty obligations - Health and safety regulations |
| Topic 2: Understand the key elements of whole-life asset management | - Disposal and end-of-life considerations - Acquisition and procurement strategies - Operation and maintenance planning |
| Topic 3: 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 4: Understand inventory control and management | - Inventory classification and control methods - Storage and warehousing principles - Demand forecasting and planning |
| Topic 5: Understand the concept of whole-life asset management | - Explain the whole-life cost approach - Define asset management and its role in procurement - Identify key stakeholders in asset management |
| Topic 6: Understand the role of technology in asset management | - Emerging technologies in asset management - Data management and analytics - Asset tracking and monitoring systems |
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NEW QUESTION # 121
XYZ Ltd is a large retailer who offers a range of products with different margins. The warehouse manager suggests that different product groups should have different level of safety stock. The appropriate level of safety stock is typically determined by...?
Answer: D
Explanation:
Safety stock is the stock held as a contingency or insurance against disruption or unexpected de-mand. Holding safety stock reduces the risks of stockouts, when an organisation is unable to meet an order or continue production due to lack of finished goods or input materials.
For single items, an extra investment in inventory (higher levels of safety stock) will always in-crease customer service levels. Conversely, higher service levels imply larger quantities of safety stocks and an increased investment in inventory. (Procurement and Supply Chain Management - 9th Edition) However, high levels of safety stocks also increase the inventory cost. There must be a balance between inventory costs and customer service. Thus, calculating the should-be safety stock based on a determined service level has long been recommended by many professionals.
Reference:
LO 2, AC 2.2
NEW QUESTION # 122
Which of the following best describes the relationship between a service level and safety stock?
Answer: D
Explanation:
Holding extra stocks will always improve customer service levels, or at least reduce the risk of them falling.
This implies that if an organisation aims at higher service levels, they should have larger safety stock.
However, increasing safety stock is not the only solution to improve service level. The widespread adoption of just-in-time (JIT) techniques particularly in the automotive industry has greatly reduced costs with increased service levels as well as the additional benefit of increased problem visibility.
The correct answer should be 'A safety stock is not always required to achieve a required service level'.
Reference: CIPS study guide page 104-105
LO 2, AC 2.2
NEW QUESTION # 123
Which of the following allow the operators to access higher levels in warehouse facility? Select TWO that apply:
Answer: A,C
Explanation:
It is important to ensure safe working in storage facilities, and access to higher shelves or racking presents a challenge. Lifting at full reach becomes a problem at relative low weight. There can also be danger for other workers who are around someone working at height, from the movement of equipment or dropping stock from a height.
Scissor platforms are used in high-roof warehouses to gain access to lighting, high-racking units and sections of wall and roof.
ORDER PICKER is manual or powered device - some with ride-on capability and some without. This allow for low-level, medium-level and high-level picking of various items. Many are equipped with forks to allow transfer capability of larger picked boxes. Higher-level and narrow or very narrow -aisle versions have the ability to elevate operators on the front platform to higher racking to pick items.
Grabs are designed to hold stock either width-wise or from above. These are either specific devices designed for grabbing materials or are available as an accessory to forklift trucks.
Carousels are space-efficient, rotating devices which allow access to a large range of product from a single location. Designs are variable, with carousels rotating horizontally or vertically until the required items can be retrieved.
Stacker-cranes are designed for the automated storage and retrieval of unit loads, in high-bay warehouses.
They travel in aisles equipped with guide rails, electrical supply, data transmission and control systems. To ensure the storage and retrieval functions, the stacker-crane carries out three types of movement : long-travel, lifting and picking.
Reference: CIPS study guide page 52-55
LO 1, AC 1.3
NEW QUESTION # 124
Lean principle focuses on eliminating eight types of waste. Waste in Lean manufacturing is defined as...?
Answer: D
Explanation:
Lean thinking aims to remove wastes from work processes. Before diving into the 8 wastes, it is important to understand what waste is. Waste is any action or step in a process that does not add value to the customer. In other words, waste is any process that the customer does not want to pay for.
The original seven wastes (Muda) was developed by Taiichi Ohno, the Chief Engineer at Toyota, as part of the Toyota Production System (TPS). The seven wastes are Transportation, Inventory, Motion, Waiting, Overproduction, Overprocessing and Defects. They are often referred to by the acronym 'TIMWOOD'. The
8th waste of non-utilized talent or 'Skills' of workers was later introduced in the 1990s when the Toyota Production System was adopted in the Western world. As a result, the 8 wastes are commonly referred to as
'TIMWOODS'.
Source: The lean way
NEW QUESTION # 125
A group of items which are stacked together for more convenient movement is called...?
Answer: B
Explanation:
Unit load is a term used to describe grouping of different items into a convenient stack or stacks which make them easy to handle and store. Typically this involves pallets and/or the plastic wrap-ping of a load.
Stacker is designed to lift and stack pallets. This one is fully mobile so can move easily around the warehouse.
An operator would typically sit or stand while driving like a counterbalanced, reach or straddle lift truck.
A load cell is a type of transducer, specifically a force transducer. It converts a force such as ten-sion, compression, pressure, or torque into an electrical signal that can be measured and standard-ized.
Unit price is the price of a single product or service, used for example when buying several things together to refer to the price of each one.
NEW QUESTION # 126
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