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| Section | Objectives |
|---|---|
| Operation and Maintenance | - Asset performance and reliability
|
| Disposal and End-of-Life Management | - Asset disposal strategies
|
| Risk and Value Management | - Managing asset-related risk
|
| Understanding Asset Management | - Principles of whole life asset management
|
| Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
The next step to do is to take CIPS L4M7. These L4M7 practice questions can help you measure your skill to see if it has already met the standard set by CIPS L4M7. To optimize the effectiveness, We have made the L4M7 Practice Test using the same format as the CIPS Whole Life Asset Management exam. All CIPS Exam Dumps questions appearing on the mock test are the ones we carefully predicted to appear on your upcoming exam.
NEW QUESTION # 267
Which costs in the following list are categorised as operation costs in the total cost of ownership model?
Select TWO that apply.
Answer: B,D
Explanation:
Costs of operating an asset can widely vary. The following table is an example from Guide to Total Cost of Ownership, New Zealand Government:
NEW QUESTION # 268
Which of the following should be considered when an organisation plans for disposing obsolescent and redundant stock? Select TWO that apply.
Answer: C,E
Explanation:
If the planning and mitigation measures fail and redundant or obsolete stock is identified, it needs to be removed from the current inventory location as quickly as possible. There are some methods to deal with these types of stock. The worst case scenario is disposal to landfill, which is inadvisable if it can be avoided, both from environment point of view and the financial costs of such disposal.
For example, the problem of obsolete pesticides remains extremely serious and urgent. Many of the stocks identified continue to deteriorate thereby giving rise to an ever escalating source of severe pollution and posing a threat to human health, the environment and development in particular. To reduce the impact of obsolete pesticides on environment, FAO initiated a project in Yemen in which a total of 262 tonnes of obsolete pesticides were removed from 20 different sites and successfully disposed of between March and June 1996. The major field operation was completed in six weeks during which period almost all obsolete pesticides were brought to a central location and subsequently shipped to the United Kingdom for incineration.
Reference:
LO 2, AC 2.1
NEW QUESTION # 269
Which of the following is an assumption of economic-order-quantity model?
Answer: A
Explanation:
Economic order quantity (EOQ) model is the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are mini-mized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W. Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
If the economic order quantity model is applied, the following assumptions should be met:
- The rate of demand is constant, and total demand is known in advance.
- The ordering cost is constant.
- The unit price of inventory is constant, i.e., no discount is applied depending on order quantity.
- Delivery time is constant.
- Replacement of defective units is instantaneous.
- There is no safety stock level, i.e., the minimum stock level is zero.
- Restocking is made by the whole batch.
Because the demand and lead time are constant, no stockout events can occur.
Reference: CIPS study guide page 113-114
LO 2, AC 2.3
NEW QUESTION # 270
"Open stock plus purchases minus closing stock" is the formula of which of the following?
Answer: B
Explanation:
The amount of closing stock (properly valued) is used to arrive at the cost of goods sold in a periodic inventory system with the following calculation:
Opening stock + Purchases - Closing stock = Cost of goods sold
Reference:
- CIPS study guide page 130-131
- Closing stock definition
LO 2, AC 2.3
NEW QUESTION # 271
Which of the following is the core idea of Lean manufacturing?
Answer: A
Explanation:
The core idea of lean manufacturing is actually quite simple...relentlessly work on eliminating waste from the manufacturing process. Waste is defined as any activity that does not add value from the customer's perspective. According to research conducted by the Lean Enterprise Research Centre (LERC), fully 60% of production activities in a typical manufacturing operation are waste - they add no value at all for the customer.
On the other hand, agile manufacturing places an extremely strong focus on rapid response to the customer - turning speed and agility into a key competitive advantage.
Reference: CIPS study guide page 127-129
LO 2, AC 2.3
NEW QUESTION # 272
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