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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Planning and Acquisition | 25% | - Procurement processes for capital assets - Options appraisal: buy, lease, rent, outsource, in-house - Contract types and supplier selection for assets - Whole life costing and total cost of ownership - Asset requirements definition and specification |
| Topic 2: Principles of Whole Life Asset Management | 20% | - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Value creation and whole life value concepts - Definition, scope and importance of asset management - Role and contribution of procurement in asset management |
| Topic 3: Asset Disposal and End-of-Life Management | 15% | - Environmental and legal obligations in disposal - Data management and asset record keeping - Asset valuation and residual value calculation - Disposal options: sell, reuse, recycle, donate, scrap |
| Topic 4: Asset Operation, Maintenance and Performance | 25% | - Asset utilization and performance monitoring - Inventory and spare parts management - Maintenance strategies: preventive, corrective, predictive - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements |
| Topic 5: Sustainability, Ethics and Governance in Asset Management | 15% | - Ethical and responsible sourcing of assets - Governance, standards and regulatory frameworks - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles |
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NEW QUESTION # 73
What is meant by the term 'obsolete stock'?
Answer: B
Explanation:
Obsolescent stock is stock, usually finished goods, which is in good condition and satisfactory working but for which demand is irreversibly falling towards zero. Once this demand reaches zero the stock can be considered 'obsolete'. It cannot be used or sold in its current state. Food ingredients (like candy canes) which are out of date are another example.
Reference:
LO 2, AC 2.1
NEW QUESTION # 74
A meaning of 'decommissioning a piece of equipment' is to...
Answer: A
NEW QUESTION # 75
The ABC approach involves classifying inventory items by unit cost, with expensive items classi-fied as 'A' items and low cost items classified as 'C' items. Is this statement true?
Answer: C
Explanation:
ABC analysis is an approach for classifying inventory items based on the items' consumption val-ues.
Consumption value is the total value of an item consumed over a specified time period, for example a year.
The approach is based on the Pareto principle to help manage what matters and is applied in this context:
- A items are goods where annual consumption value is the highest. Applying the Pareto principle (also referred to as the 80/20 rule where 80 percent of the output is determined by 20 percent of the input), they comprise a relatively small number of items but have a relatively high consumption value. So it'slogical that analysis and control of this class is relatively intense, since there is the greatest potential to reduce costs or losses.
- B items are interclass items. Their consumption values are lower than A items but higher than C items. A key point of having this interclass group is to watch items close to A item and C item classes that would alter their stock management policies if they drift closer to class A or class C. Stock management is itself a cost. So there needs to be a balance between controls to protect the asset class and the value at risk of loss, or the cost of analysis and the potential value returned by reducing class costs. So, the scope of this class and the inventory management policies are determined by the estimated cost-benefit of class cost reduction, and loss control systems and processes.
- C items have the lowest consumption value. This class has a relatively high proportion of the total number of lines but with relatively low consumption values. Logically, it's not usually cost-effective to deploy tight inventory controls, as the value at risk of significant loss is relatively low and the cost of analysis would typically yield relatively low returns.
LO 2, AC 2.1
NEW QUESTION # 76
The minimal total cost is always achieved when there is only one warehouse. Is this statement true?
Answer: B
Explanation:
The total cost of storage consists of two different costs:
- The cost of warehouses: each one has a different cost, and each has the cost of stock-holding and stock management included
- The transport costs: the total transport cost reduces as further warehouses mean shorter final delivery to the customers.
Depending on each situation, the optimal number of warehouses varies. Generally, more facilities will increase the cost of warehouses while reduce the transport costs and vice versa.
Reference: CIPS study guide page 6-7
LO 1, AC 1.1
NEW QUESTION # 77
Which one of the following statements is true about radio frequency identification (RFID)?
Answer: B
Explanation:
Radio frequency identification (RFID) are items which use radio technology to identify itself and its location subject to having appropriate hardware and software.
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate.
A RFID Reader is a device that uses radio-frequency waves to wirelessly transfer data between itself and a RFID tag/label in order to identify, categorize and track assets. When combined with the right RFID software, a RFID reader can identify objects quicker, more accurately, at a reduced overall cost, and at various points of the object's lifecycle.
Passive RFID systems use tags with no internal power source and instead are powered by the electromagnetic energy transmitted from an RFID reader. Passive RFID tags are used for applica-tions such as access control, file tracking, race timing, supply chain management, smart labels, and more.
Active RFID systems have three essential parts - a reader or interrogator, antenna, and a tag. Ac-tive RFID tags possess their own power source - an internal battery that enables them to have ex-tremely long read ranges as well as large memory banks.
NEW QUESTION # 78
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