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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Planning and Acquisition | 25% | - Options appraisal: buy, lease, rent, outsource, in-house - Procurement processes for capital assets - Asset requirements definition and specification - Whole life costing and total cost of ownership - Contract types and supplier selection for assets |
| Topic 2: Sustainability, Ethics and Governance in Asset Management | 15% | - Ethical and responsible sourcing of assets - Governance, standards and regulatory frameworks - Sustainable asset management and ESG principles - Circular economy and asset lifecycle sustainability |
| Topic 3: Principles of Whole Life Asset Management | 20% | - Value creation and whole life value concepts - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Definition, scope and importance of asset management - Role and contribution of procurement in asset management |
| Topic 4: Asset Disposal and End-of-Life Management | 15% | - Asset valuation and residual value calculation - Environmental and legal obligations in disposal - Data management and asset record keeping - Disposal options: sell, reuse, recycle, donate, scrap |
| Topic 5: Asset Operation, Maintenance and Performance | 25% | - Inventory and spare parts management - Maintenance strategies: preventive, corrective, predictive - Asset reliability, availability and risk management - Asset utilization and performance monitoring - Compliance, health, safety and environmental requirements |
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NEW QUESTION # 49
In a manufacturing organisation, which of the following explains an 'indirect' stock classification of items?
Answer: D
NEW QUESTION # 50
Which type of codes can a barcode laser scanner (linear scanner) read?
Answer: C
Explanation:
One-dimensional (or 1D) barcodes systematically represent data by varying the widths and spac-ings of parallel lines. These include some of the most traditional and well-recognized barcode types, such as the UPC and EAN codes. 1D barcodes are also commonly referred to as linear barcodes.
Two-dimensional (2D) barcodes look like squares or rectangles that contain many small, individual dots. QR codes, Data matrix and Aztec codes are examples of 2D barcodes Numerical code contains all numbers, no letters There are two different scan engine types (laser scanner versus imager) for interpreting the infor-mation provided in the barcode. Many companies producing the technology capable of reading the barcode data uses the term "scanning" regardless of the type of scan engine used. For the purposes of these FAQs, we are trying to draw a clearer distinction for you.
Linear (1D) codes can be scanned with a traditional laser scanner. A laser scan engine uses a laser and mirror to create the bar that scans the information. 1D barcode scanners will only interpret the linear barcode scanning technology. 1D barcode scanners are typically less expensive since the type of encryptions they can decode is limited.
Diagram Description automatically generated
LO 1, AC 1.2
NEW QUESTION # 51
Among different types of costs associated with inventory, the opportunity cost of the investment tied up in inventory belongs to which of the following?
Answer: B
Explanation:
Direct and indirect costs of holding inventory include the following:
- Acquisition costs
- Holding costs: There are 2 different types of holding costs: costs related to the value of the goods (including opportunity costs, costs of insurance, losses due to product deterioration, etc) and costs related to the physical characteristics of this inventory.
- Costs of stockouts
Reference: CIPS study guide page 100-101
LO 2, AC 2.2
NEW QUESTION # 52
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 # 53
XYZ Ltd has been adopting MRP system for years. The system helps the company improve effi-ciency greatly and generates huge cost-savings. However, MRP system is only limited to produc-tion process management and XYZ management team would like to have better insights into re-sources required across the organisation as a whole. Which software system would help XYZ management team achieve the above objective?
Answer: C
Explanation:
Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP provides an integrated and con-tinuously updated view of core business processes using common databases maintained by a data-base management system. ERP systems track business resources-cash, raw materials, production capacity-and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data. ERP facilitates information flow between all business functions and manages connections to outside stakeholders.
Manufacturing resource planning (MRP II) is defined as a method for the effective planning of all resources of a manufacturing company. Ideally, it addresses operational planning in units, financial planning, and has a simulation capability to answer "what-if" questions and extension of closed-loop MRP. This is not exclusively a software function, but the management of people skills, requiring a dedication to database accuracy, and sufficient computer resources. It is a total company management concept for using human and company resources more productively.
A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded. This plan quantifies significant processes, parts, and other resources in order to optimize production, to identify bottlenecks, and to anticipate needs and completed goods. Since a MPS drives much factory activity, its accuracy and viability dramatically affect profitability.
Procure-to-pay (P2P) is a term used in the software industry to designate a specific subdivision of the procurement process. The procure-to-pay systems enable the integration of the purchasing department with the accounts payable (AP) department. Some of the largest players of the software industry agree on a common definition of procure-to-pay, linking the procurement process and financial department.
LO 2, AC 2.3
NEW QUESTION # 54
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