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| Section | Objectives |
|---|---|
| Risk and Value Management | - Managing asset-related risk
|
| Disposal and End-of-Life Management | - Asset disposal strategies
|
| Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Operation and Maintenance | - Asset performance and reliability
|
| Understanding Asset Management | - Principles of whole life asset management
|
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NEW QUESTION # 249
The inventory manager has adopted significant coding of the stock owing to its many benefits, including standardisation and variety reduction. Is this the right approach to adapt?
Answer: D
NEW QUESTION # 250
Which of the following is the minimum aisle width for using standard counterbalanced forklifts?
Answer: A
Explanation:
Minimum open aisle width for standard counterbalance forklift is 10.5-13.1 ft. You can look at the minimum aisle width for different equipment here, or calculate yourself with an instruction here.
LO 1, AC 1.3
NEW QUESTION # 251
Which of the following are most likely to be the purposes of packing and packaging?
1. To bring the product cost down
2. To protect the product
3. To improve the product recognition
4. To test the product durability
Answer: D
Explanation:
It would be really convenient if we could just hand our products directly to the customers, but that's not possible. Packaging needs to be done for several reasons. Here are some of the most prominent ones:
1. Safety: Packaging is used to keep your product safe from external factors. It also prevents human tampering. If you want to sell fruit juice, you just can't hand it over to customers. It should be packaged in something, like a stand up pouch.
2. Brand visibility: You provide the best product in your category and you want your customers to remember that. How else will you do that without using the right kind of creative food packaging?
3. Bundling it together: If you want to sell an ounce of something, you need to create a packet so that the right amount is bundled together.
4. Theft prevention: If you sell your product loose, there are chances that the retailer doesn't give the right amount to the customer and saves some part for himself. There are other cases too where theft can be done in the absence of packaging.
Apart from these four, there are many other reasons why you should package your products.
Reference:
- What Is the Purpose of Packaging?
- CIPS study guide page 62
LO 1, AC 1.3
NEW QUESTION # 252
A procurement professional is working with a colleague from finance because the organization has been spending more money recently on inventory items. This is impacting the organization's working capital. In particular, they are concerned that average inventory levels have increased significantly year-on-year. Which of the following should they calculate to help in their investigation?
Answer: D
Explanation:
The rate of stock turn (inventory turnover ratio) measures how often inventory is sold and replaced over a period. A lower turnover ratio indicates that inventory is sitting longer, tying up working capital. Calculating this rate helps procurement and finance assess inventory management efficiency, a key focus in whole-life asset management for optimizing working capital and reducing holding costs.
NEW QUESTION # 253
Which is the best definition of reorder point?
Answer: D
Explanation:
Reorder point is the point either in time or in a process when the next order should be placed.
NEW QUESTION # 254
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