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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Disposal and End-of-Life Management | 15% | - Data management and asset record keeping - Asset valuation and residual value calculation - Environmental and legal obligations in disposal - Disposal options: sell, reuse, recycle, donate, scrap |
| Topic 2: Sustainability, Ethics and Governance in Asset Management | 15% | - Circular economy and asset lifecycle sustainability - Governance, standards and regulatory frameworks - Sustainable asset management and ESG principles - Ethical and responsible sourcing of assets |
| Topic 3: Principles of Whole Life Asset Management | 20% | - Value creation and whole life value concepts - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Definition, scope and importance of asset management - Role and contribution of procurement in asset management |
| Topic 4: Asset Planning and Acquisition | 25% | - Contract types and supplier selection for assets - Options appraisal: buy, lease, rent, outsource, in-house - Procurement processes for capital assets - Whole life costing and total cost of ownership - Asset requirements definition and specification |
| Topic 5: Asset Operation, Maintenance and Performance | 25% | - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements - Inventory and spare parts management - Maintenance strategies: preventive, corrective, predictive - Asset utilization and performance monitoring |
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NEW QUESTION # 202
Toll Group has thousands of end-of-life IT assets that need to be disposed of. The senior manage-ment of Toll Group is largely concerned about sustainability in waste management, especially electronicwaste. Before selecting a supplier to manage the process, the procurement team is required to assess the environmental risks regarding disposal of the assets. Risk assessment is basically based on the measurement of which factors?
1. Impact
2. Reward
3. Surveillance
4. Likelihood
Answer: D
Explanation:
All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps. Together these 5 risk management process steps combine to deliver a simple and effective risk management process.
Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register.
Step 2: Analyze the risk. Once risks are identified you determine the likelihood and consequence of each risk.
You develop an understanding of the nature of the risk and its potential to affect pro-ject goals and objectives.
This information is also input to your Project Risk Register.
Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining the risk magni-tude, which is the combination of likelihood and consequence. You make decisions about whether the risk is acceptable or whether it is serious enough to warrant treatment. These risk rankings are also added to your Project Risk Register.
Step 4: Treat the Risk. This is also referred to as Risk Response Planning. During this step you assess your highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels. How can you minimize the probability of the negative risks as well as enhancing the opportunities? You create risk mitigation strategies, preventive plans and contingency plans in this step. And you add the risk treatment measures for the highest ranking or most serious risks to your Project Risk Register.
Step 5: Monitor and Review the risk. This is the step where you take your Project Risk Register and use it to monitor, track and review risks.
NEW QUESTION # 203
Which of the following statements is true of just-in-time (JIT) purchasing?
Answer: D
Explanation:
Just-in-time (JIT) purchasing is a systems approach for developing and operating the purchasing function. JIT purchasing along with the total quality management in many industries has been suc-cessful in reducing inventory and increasing the overall effectiveness of purchasing function and hence the productivity of manufacturing.
The just-in-time objectives of eliminating waste can be summarised in the 'five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
The correct answer should be 'In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales' because it expresses that upstream activity (purchasing) only occurs as the downstream activity (production or sales) triggers.
Reference:
LO 2, AC 2.3
NEW QUESTION # 204
Which ONE of the following correctly differentiates between obsolescent and redundant stock?
Answer: A
NEW QUESTION # 205
Which component of an RFID device is responsible for sending and receiving radio waves?
Answer: D
Explanation:
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate. RFID Antennas are necessary elements in an RFID system be-cause they convert the RFID reader's signal into RF waves that can be picked up by RFID tags. Without some type of RFID antenna, whether integrated or stand-alone, the RFID reader cannot properly send and receive signals to RFID tags.
Reference: CIPS study guide page 49-50
LO 1, AC 1.2
NEW QUESTION # 206
Which of the following factors should be considered in the choice of a warehouse location?
* The type of bar coding that is used
* The impact of local authority by-laws and regulations
* The number of forklifts to be used
* The nature of the items to be stored
Answer: D
NEW QUESTION # 207
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