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| Section | Objectives |
|---|---|
| Risk and Value Management | - Managing asset-related risk
|
| Operation and Maintenance | - Asset performance and reliability
|
| Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Understanding Asset Management | - Principles of whole life asset management
|
| Disposal and End-of-Life Management | - Asset disposal strategies
|
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NEW QUESTION # 94
Which of the following statements is true?
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.
'Number of independent demand items may be derived from the forecast': 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.
'Dependent demand items are not directly correlated with production rate': As mentioned above, dependent demand items are directly correlated with production rate.
'All indirect supplies are independent demand items': Though most indirect supplier are inde-pendent demand, some are determined by the production rate, i.e. energy consumption of a major machinery.
'Car engine is an example of independent demand items in a car assembly plant': Car engine is a component in car which is the finished good of a car assembly plant, it is a dependent demand item.
LO 2, AC 2.1
NEW QUESTION # 95
When considering purchasing a piece of equipment internationally, there are a number of risk factors that need to be considered. Which of the following are risks associated with international purchasing?
1. Costs associated with tariff and non-tariff barriers to trade
2. Whether the equipment will operate In the language of the purchasing country
3. Costs associated with fluctuation on currency exchange rates
4. Costs associated with getting the equipment operating manual translated
Answer: C
NEW QUESTION # 96
An organisation always obtains negative cash flow regarding removal and disposal of assets. Is this statement true?
Answer: C
Explanation:
Assets in their end of life need to be removed or disposed. Though an organisation can incur some costs in decommissioning or removal of the assets, it may recover costs by reselling the assets. Therefore, sometimes the organisation can gain positive cash flow from removal and disposal of assets. The answer should be "No, the organisation may recover the value of the assets by reselling it".
LO 3, AC 3.3
NEW QUESTION # 97
A manufacturer is making a plan for strategic safety stock. To do so, they must analyse the proba-bility of a stock out occurring and the cost impacts if it does. Which of the following are typical costs the manufacturer may incur in 'out of stock' event? Select TWO that apply.
Answer: B,C
Explanation:
Costs of approving the requisition
Explanation:
The costs of stockouts - the costs of being out of inventory - include:
- Loss of production output
- Costs of idle time and of fixed overheads spread over a reduced level of output
- Costs of any action taken to deal with the stockout, such as buying from another stockist at an enhanced price, switching production, obtaining substitute materials
- Loss of customer goodwill due to the inability to supply or late delivery.
(Procurement and Supply Chain management - 9th Edition, K.
Lysons and B. Farrington, 2016) LO 2, AC 2.2
NEW QUESTION # 98
Which of the following factors can be considered when selecting the location of a new warehouse facility?
Select THREE that apply.
* Cost of land
* Product pricing
* The nature of the items to be stored
* Access to transport infrastructure
* The reputation of the company
* Profit margin
Answer: B
Explanation:
Warehouse location selection depends on:
* Land cost: Directly affects budget planning and long-term operational expenses.
* Nature of items to be stored: Determines special requirements (e.g., climate control).
* Access to transport: Proximity to transport hubs reduces logistics costs and improves efficiency.
These considerations are critical for effective whole-life asset management, optimizing operational costs and logistics.
NEW QUESTION # 99
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