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CIPS L4M7 Exam is a comprehensive certification program that covers all aspects of asset management, from design and construction to operation and disposal. The program is designed to equip professionals with the knowledge and skills they need to manage assets effectively and efficiently throughout their lifecycle. The program is delivered through a combination of online learning, self-study, and classroom training, ensuring that participants have the flexibility to learn at their own pace. Upon completion of the program, participants will have gained a thorough understanding of asset management practices and will be able to apply these practices in their workplace. The CIPS L4M7 Exam is recognized globally and is highly respected by employers, making it an excellent choice for professionals who want to enhance their career prospects in the asset management field.
CIPS L4M7 exam is a highly respected certification for professionals in the field of asset management. It covers a range of topics related to whole life asset management and is recognized worldwide. CIPS Whole Life Asset Management certification is suitable for professionals with a background in asset management or related fields and can help them advance in their careers and take on more senior roles.
NEW QUESTION # 126
Which of the following best describes the term 'periodic review'?
Answer: D
Explanation:
Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies.
The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is re-served, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
So the correct answer should be "Items are reviewed as part of an imprest system" LO 2, AC 2.3
NEW QUESTION # 127
What is meant by the economic life of an asset?
Answer: D
NEW QUESTION # 128
Lean principle focuses on eliminating eight types of waste. Waste in Lean manufacturing is defined as...?
Answer: C
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'.
Source: The lean way
Reference:
LO 2, AC 2.3
NEW QUESTION # 129
Which of the following are the different types of inventory that a manufacturing company usually has?
1. Work in progress
2. Economic order quantity
3. Raw materials
4. Finished goods
Answer: B
Explanation:
The normal breakdown in a manufacturing organisation would be raw materials, components, work in progress and finished goods.
Following are the different types of inventory:
Raw materials are the basic materials that a manufacturing company buys from its suppliers, and that is used by the former to convert them into the final products by applying a set of manufacturing processes. For example, aluminum scrap is the raw material for a company that produces aluminum ingots. Flour is the raw material for a company that produces bread or pizza. Similarly, metal parts and ingots are the raw materials bought by a company that manufactures cars, and crude oil is the raw material for an oil refinery.
Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. These are the partly processed raw materials lying on the production floor. And they have also not reached the stage where they have been converted into the final product.
Finished goods are indeed the final products obtained after the application of the manufacturing processes on the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the core operations of the company.
Reference:
- Types of Inventory
- CIPS study guide page 82-83
LO 2, AC 2.1
NEW QUESTION # 130
The term triple bottom line refers to a method for organizations to measure performance in three ways. Which of the following describe the triple bottom line? Select THREE that apply.
* Economic sustainability
* Market sustainability
* Quality sustainability
* Environmental sustainability
* Technological sustainability
* Social sustainability
Answer: B
Explanation:
The triple bottom line (TBL) framework evaluates organizational performance based on:
* Economic sustainability: Focusing on financial stability and profitability.
* Environmental sustainability: Ensuring that business activities minimize negative ecological impacts.
* Social sustainability: Committing to ethical practices and community well-being.
TBL aligns with whole-life asset management principles by incorporating sustainability into asset use and disposal, ensuring long-term organizational value beyond just financial metrics.
NEW QUESTION # 131
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