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The Getcertkey L4M7 exam practice test questions will provide you with everything that you need to learn, prepare and pass the CIPS Whole Life Asset Management L4M7 exam. The Getcertkey L4M7 exam questions are the real PSE questions that will help you to understand the real CIPS Whole Life Asset Management L4M7 Exam Pattern and answers and you can easily pass the final CIPS Whole Life Asset Management L4M7 exam.
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principles of Whole Life Asset Management | 20% | - Role and contribution of procurement in asset management - Definition, scope and importance of asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Value creation and whole life value concepts |
| Topic 2: Sustainability, Ethics and Governance in Asset Management | 15% | - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles - Ethical and responsible sourcing of assets - Governance, standards and regulatory frameworks |
| Topic 3: Asset Operation, Maintenance and Performance | 25% | - Asset utilization and performance monitoring - Maintenance strategies: preventive, corrective, predictive - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements - Inventory and spare parts management |
| Topic 4: Asset Planning and Acquisition | 25% | - Options appraisal: buy, lease, rent, outsource, in-house - Asset requirements definition and specification - Procurement processes for capital assets - Whole life costing and total cost of ownership - Contract types and supplier selection for assets |
| Topic 5: Asset Disposal and End-of-Life Management | 15% | - Asset valuation and residual value calculation - Data management and asset record keeping - Disposal options: sell, reuse, recycle, donate, scrap - Environmental and legal obligations in disposal |
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NEW QUESTION # 23
Which of the following best describes the relationship between a service level and safety stock?
Answer: D
Explanation:
Holding extra stocks will always improve customer service levels, or at least reduce the risk of them falling. This implies that if an organisation aims at higher service levels, they should have larger safety stock. However, increasing safety stock is not the only solution to improve service level. The widespread adoption of just-in-time (JIT) techniques particularly in the automotive industry has greatly reduced costs with increased service levels as well as the additional benefit of increased problem visibility.
The correct answer should be 'A safety stock is not always required to achieve a required service level'.
Reference:
LO 2, AC 2.2
NEW QUESTION # 24
A logistics company has a 2-story warehouse in the suburban area. The goods receiving area and dispatch area are located on the ground floor only. There is a lift connecting the two floors. The daily operations of the warehouse are quite busy. Which of the following would the best arrangement for this warehouse?
Answer: D
Explanation:
The purposes of a warehouse are to keep the inventories in good condition and to ensure that the operations is smooth. In the scenario, the warehouse has 2 stories, with goods-in and goods-out areas located on the ground floor and a lift connecting the stories. The lift could become a bottleneck if the goods inside the warehouse are not well-arranged.
Since the lift is often small with limited load capacity, putting heavy bulk items on the first floor will cause bottleneck and increase the chance of accidents. Therefore, palletised items (even they have low-usage) should be placed on the ground floor. Smaller and lighter items should be stored on the first floor.
This question does appear in the real exam. To answer the question, students should imagine the situation.
NEW QUESTION # 25
Which of the following are examples of acquisition costs for the buying organisation? Select TWO that apply.
Answer: A,D
NEW QUESTION # 26
Which of the following are features of product codes?
1. Product codes link to products' characteristics
2. A product code must comply with international standards
3. Many internal processes use the product codes as facilitators
4. There are no duplicate product codes
Answer: D
Explanation:
The product code is often the key to obtaining documentation relating to products.
Product codes are often use to link to internal processes. Some computerised inventory systems trigger alerts when specific items or volume are ordered - this could be an out-of-stock warning or potential volume errors.
In many cases, an organisation will use its own product code system. The organisation constructs a code that is effective and fits with its software and the variety of items covered. So these codes may or may not comply with any international standards (such as GS1 specifications, ISO standards, etc.). As organisations make up the code themselves, the codes may look identical to others. For example, SKU414675 reveals that it is used for many items, including the following:
- A UK wholesaler's six-pack of branded cola
- An Australian snack food
- UK flower seeds
- An Italian desk sold in Japan
- A Brazilian light fitting
NEW QUESTION # 27
XYZ Ltd is looking for new office space overseas. To keep the overhead expense minimal, it chooses leasing rather than purchasing new office. In leasing contract, which of the following costs are most likely to be attributable to the lessee?
1. Disposal costs
2. Rentals
3. Operating costs
4. Vendor selection costs
Answer: C
Explanation:
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.
Property, buildings and vehicles are common assets that are leased. Industrial or business equipment is also leased. Since the lessee does not own the asset, it is not responsible for disposing the assets, and therefore, disposal costs are not attributable to the lessee. The lessee usually incurs rentals and operating costs. Finally, a company should treat the lease the same as other contracts, which they must qualify the supplier.
Reference: CIPS study guide page 144-147
LO 3, AC 3.1
NEW QUESTION # 28
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