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| Section | Objectives |
|---|---|
| Understand the financial aspects of whole-life asset management | - Financial justification and business case development - Budgeting and forecasting for assets - Total cost of ownership calculations |
| Understand inventory control and management | - Demand forecasting and planning - Inventory classification and control methods - Storage and warehousing principles |
| Understand the legal and regulatory requirements | - Contractual and warranty obligations - Health and safety regulations - Environmental and sustainability considerations |
| Understand the concept of whole-life asset management | - Identify key stakeholders in asset management - Define asset management and its role in procurement - Explain the whole-life cost approach |
| Understand the role of technology in asset management | - Data management and analytics - Emerging technologies in asset management - Asset tracking and monitoring systems |
| Understand the key elements of whole-life asset management | - Disposal and end-of-life considerations - Operation and maintenance planning - Acquisition and procurement strategies |
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NEW QUESTION # 253
Wasteland Inc. is a company that is trying to become a more sustainableorganisation. It has adopted the triple bottom line principles to ensure that its actions do not harm future generations. Which of the following is one of the pillars of sustainabillty used in this framework?
Answer: B
NEW QUESTION # 254
MRP system is the most suitable IT system to manage which type of items?
Answer: C
Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
Bill of materials (BOM) is an important component of MRP. BOM is also known as product struc-turer. This lists all the items that comprise each assembly and sub-assembly that make up the final product or end item.
Therefore, MRP is commonly used to manage dependent demand stock.
NEW QUESTION # 255
A supplier delivers large quantities of inventory to its customer's store, but only charges for the goods as and when they are used. This can be described as...?
Answer: B
Explanation:
Consignment stock is stock legally owned by one party, but held by another, meaning that the risk and rewards regarding to the said stock remains with the first party while the second party is re-sponsible for distribution or retail operations. Ownership of consignment stock is passed only when the stock is used (issued or sold in the case of a shop). Unused stock in a warehouse may be returned to the supplier when it concerns standard manufactured products. With customer specific items, agreements concerning returning products, should be negotiated.
Reference:
LO 1, AC 1.1
NEW QUESTION # 256
In order to cover for higher than normal demand and to ensure that stock does not run out. a company may hold buffer stock known as ...
Answer: C
NEW QUESTION # 257
An electricity company charges its customers monthly fee for access and a usage fee for consump-tion of electricity. Which pricing structure is the company using?
Answer: D
Explanation:
Multi-part pricing. The transaction price is calculated from using two or more metrics rather than just one.
The most common economic example of a price structure beyond unit pricing is called a two-part tariff.
Basically it can be described such that the "entrance fee" provides the privilege of purchasing the metered component. A common multi-part tariff is the two-part tariff in electricity, under which the customer pays a monthly fee for access and a usage fee for consumption of electricity. With this two-part tariff, the operator is able to charge a price equal to marginal cost for electricity, which is profit maximizing, and deviate from marginal cost pricing in the fee for access.
Freemium is an internet-based pricing strategy where a service is offered for free in the beginning, but the price is charged on the premium package with some additional features. However, freemium pricing strategy is different from the premium pricing strategy because freemium offers free sample which you can use without paying anything, you'll only be charged when you want additional features.
Demand pricing is also synonymously used for dynamic pricing; it is a relative term used in the online platform. Dynamic pricing means different pricing is charged from the different customers depending upon the urgency, customer's ability and demand of the customers.
NEW QUESTION # 258
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