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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Operation, Maintenance and Performance | 25% | - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements - Inventory and spare parts management - Maintenance strategies: preventive, corrective, predictive - Asset utilization and performance monitoring |
| Topic 2: Asset Planning and Acquisition | 25% | - Contract types and supplier selection for assets - Asset requirements definition and specification - Options appraisal: buy, lease, rent, outsource, in-house - Whole life costing and total cost of ownership - Procurement processes for capital assets |
| Topic 3: Asset Disposal and End-of-Life Management | 15% | - Data management and asset record keeping - Asset valuation and residual value calculation - Disposal options: sell, reuse, recycle, donate, scrap - Environmental and legal obligations in disposal |
| Topic 4: Sustainability, Ethics and Governance in Asset Management | 15% | - Governance, standards and regulatory frameworks - Circular economy and asset lifecycle sustainability - Ethical and responsible sourcing of assets - Sustainable asset management and ESG principles |
| Topic 5: Principles of Whole Life Asset Management | 20% | - Definition, scope and importance of asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Role and contribution of procurement in asset management - Value creation and whole life value concepts |
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NEW QUESTION # 40
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 # 41
Multiple approval levels for a small purchase request is an example of which type of waste?
Answer: A
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'.
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Source: The lean way
Multiple approval levels for a small purchase request is an example of over-processing since this adds more unnecessary work to users and procurement professionals.
NEW QUESTION # 42
What term describes a method used to account for inventory, where the oldest produced items are recorded as sold first?
Answer: A
NEW QUESTION # 43
Which is the best definition of reorder point?
Answer: A
Explanation:
Reorder point is the point either in time or in a process when the next order should be placed.
Reference:
LO 2, AC 2.3
NEW QUESTION # 44
A manufacturing company warehouse manager has recently decided to adopt a cross-docking system for some of the components held in storage. Which of the following is associated with goods in cross-docking?
Answer: A
NEW QUESTION # 45
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