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| Section | Objectives |
|---|---|
| Understand the role of technology in asset management | - Data management and analytics - Asset tracking and monitoring systems - Emerging technologies in asset management |
| Understand inventory control and management | - Inventory classification and control methods - Demand forecasting and planning - Storage and warehousing principles |
| Understand the financial aspects of whole-life asset management | - Financial justification and business case development - Budgeting and forecasting for assets - Total cost of ownership calculations |
| 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 |
| Understand the legal and regulatory requirements | - Contractual and warranty obligations - Health and safety regulations - Environmental and sustainability considerations |
| Understand the key elements of whole-life asset management | - Acquisition and procurement strategies - Disposal and end-of-life considerations - Operation and maintenance planning |
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NEW QUESTION # 262
Toll Group has thousands of end-of-life IT assets that need to be disposed of. The senior manage-ment of Toll Group is largely concerned about sustainability in waste management, especially electronicwaste. Before selecting a supplier to manage the process, the procurement team is required to assess the environmental risks regarding disposal of the assets. Risk assessment is basically based on the measurement of which factors?
1. Impact
2. Reward
3. Surveillance
4. Likelihood
Answer: D
Explanation:
All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps. Together these 5 risk management process steps combine to deliver a simple and effective risk management process.
Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register.
Step 2: Analyze the risk. Once risks are identified you determine the likelihood and consequence of each risk.
You develop an understanding of the nature of the risk and its potential to affect pro-ject goals and objectives.
This information is also input to your Project Risk Register.
Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining the risk magni-tude, which is the combination of likelihood and consequence. You make decisions about whether the risk is acceptable or whether it is serious enough to warrant treatment. These risk rankings are also added to your Project Risk Register.
Step 4: Treat the Risk. This is also referred to as Risk Response Planning. During this step you assess your highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels. How can you minimize the probability of the negative risks as well as enhancing the opportunities? You create risk mitigation strategies, preventive plans and contingency plans in this step. And you add the risk treatment measures for the highest ranking or most serious risks to your Project Risk Register.
Step 5: Monitor and Review the risk. This is the step where you take your Project Risk Register and use it to monitor, track and review risks.
NEW QUESTION # 263
Which of the following are considerations for the socially responsible aspect of the disposal of goods?
1. Ensuring that the public is safeguarded from the short-term and long-term effects of the disposal
2. Ensuring that the organisation arranging for disposal gets value for money from the disposal process
3. Ensuring that there is limited damage to the environment caused by the disposal
4. Ensuring that the disposal of goods minimises the risk and impact to the staff and community
Answer: C
NEW QUESTION # 264
Multiple approval levels for a small purchase request is an example of which type of waste?
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'.
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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 # 265
Which of the following allow an organisation to have more flexible space for storage by leveraging the facilities of other parties? Select TWO that apply.
Answer: C,E
Explanation:
Temporary warehousing (or 'Very short-term warehousing') is offered in the market where organ-isation makes their requirements for space open online to offers or bids for available space. This appears to be an emerging market and service providers in the UK and USA typically quote a price per pallet per week with some also requiring a 'transaction fee' for movements of each pallet in and out.
Consignment stocking is a facility offered by a supplier to a buyer to allow a delivery of stock to the buyer with payment only after it is used or sold to a customer.
Double-deep pallet racking and carousel-style storage are two tools that leverage space within a warehouse:
Double-deep pallet rack
Carousel style storage
NEW QUESTION # 266
Which of the following is the correct statement about total ordering cost?
Answer: B
Explanation:
Typically, ordering costs include expenses for a purchase order, labor costs for the inspection of goods received, labor costs for placing the goods received in stock, labor costs for issuing a supplier's invoice and labor costs for issuing a supplier payment. These costs are irrelevant from the size of the order and are incurred every time a firm places an order.
The total ordering cost will be equal to ordering cost per order multiply with number of orders.
NEW QUESTION # 267
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