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| Section | Objectives |
|---|---|
| Topic 1: Risk and Value Management | - Managing asset-related risk
|
| Topic 2: Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Topic 3: Disposal and End-of-Life Management | - Asset disposal strategies
|
| Topic 4: Operation and Maintenance | - Asset performance and reliability
|
| Topic 5: Understanding Asset Management | - Principles of whole life asset management
|
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NEW QUESTION # 199
Which costs in the following list are categorised as operation costs in the total cost of ownership model?
Select TWO that apply.
Answer: C,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:
Reference: CIPS study guide page 163-164
LO 3, AC 3.1
NEW QUESTION # 200
XYZ Ltd is a retailer in the US. Their customers' demand for Thanksgiving and Christmas decora-tions usually rises in the end of the year. This irregular demand results in more required storage space for finished goods during peak seasons. Which of the following are possible solutions for dealing with required additional space?
1. Maximising aisle width
2. Keeping high buffer stock throughout the year
3. Maximising flexibility in warehouse layout
4. Installing mezzanine floor
Answer: D
Explanation:
Possible solutions to the high irregular or seasonal demand problems are listed below:
* Take advantage of the height of the warehouse
- Mezzanine floor
- High racking system (increase storage capacity but require high-reach material handling equip-ment)
* Eliminate dead stock or inventory
* Improve material flow
* Improve storage location method
* Consider using aisle space during demand peak
* Narrow aisles between racks (require narrow handling equipment)
* Carousel-type storage system
* Auto-storage and retrievals system (ASRS)
Reference: CIPS study guide page 22
LO 1, AC 1.1
NEW QUESTION # 201
Which of the following are advantages for a purchasing organisation when adopting a leasing method of acquiring equipment?
* The initial purchase cost of the equipment is avoided
* The payments can be met from daily trading income
* The buyer can freely switch to newer technology whenever they wish
* The buyer is not responsible for any damage at the end of the contract
Answer: C
NEW QUESTION # 202
Staff at DIY Products Inc (DPI) have been experiencing issues with the identification of stock items. The current labelling system is outdated and unreliable. DPI has therefore invested in a machine-readable approach. Each item has a unique number that is attached visibly to the packaging. This number can be deciphered by a scanner to aid identification. This approach is known as which of the following?
Answer: A
NEW QUESTION # 203
A pharmaceutical firm offers a new drug called NC-01. After analysing the market, the firm realises that the demand is largely variable. But they still have to forecast the customer demand for the next production cycle.
The new drug NC-01 is best described as which type of item?
Answer: D
Explanation:
Dependent demand is the requirement for stock item which is directly related to and therefore de-pendent upon the rate of production (examples are: raw materials, components, energy) Independent demand is the requirement for stock item which is not directly related to, and is therefore independent of rate of production. Although independent demand is called thus, it can still be influenced by economic factors external to the demand-supply model such as general consumer sentiment and consumers' available disposal income. However, businesses that need to predict the number of products with independent demand needed to sate their customers have it easier than businesses that must calculate the demand for products with dependent demand because there are fewer factors to consider.
In this scenario, the new drug is finished good which is dependent on the demand of the market, and the firm needs to forecast before initiating the production process. The item is independent from rate of production, therefore, it must be independent demand item.
NEW QUESTION # 204
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