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Our CIPS Whole Life Asset Management (L4M7) practice exam simulator mirrors the L4M7 exam experience, so you know what to anticipate on L4M7 certification exam day. Our CIPS Whole Life Asset Management (L4M7) practice test software features various question styles and levels, so you can customize your CIPS L4M7 exam questions preparation to meet your needs.
| Section | Objectives |
|---|---|
| Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Understanding Asset Management | - Principles of whole life asset management
|
| Risk and Value Management | - Managing asset-related risk
|
| Disposal and End-of-Life Management | - Asset disposal strategies
|
| Operation and Maintenance | - Asset performance and reliability
|
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NEW QUESTION # 115
Objective forecasting techniques must be based on which of the following?
1. Opinions
2. Figures
3. Facts
4. Jugdement
Answer: A
Explanation:
Subjective forecasting uses qualitative methods (surveys, opinions) which relay on perception and opinion. Objective forecasting uses quantitative methods (facts and figures). Both methods have to make assumption about how closely (or not) the future will resemble the present and the past. Forecasting is never exact.
Reference:
LO 2, AC 2.3
NEW QUESTION # 116
Which of the following best describe the function of MRP?
Answer: B
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.
MRP process is described in the graph below:
Reference:
LO 2, AC 2.3
NEW QUESTION # 117
ASI Ltd is known for its commitment to sustainability. ASI builds railroad ties and pilings using recycled plastic bottles and industrial waste instead of standard materials such as wood, steel, and cement. This practice helps the company save 15% in compare with traditional material purchases. Which pillar of sustainability would include the practice of ASI Ltd?
Answer: B
Explanation:
The triple bottom line is a sustainability framework that examines a company's social, environment, and economic impact (or People, Planet, Profit). ASI Ltd practice would reduce the waste into the environment as well as keep the business more profitable. So the correct answer should be Planet and Profit.
NEW QUESTION # 118
What is the different between gross material requirements plan (gross MRP) and a net material requirements plan (net MRP)?
Answer: A
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.
MRP software combines the master production schedule, the bill of materials and the inventory information to work out the net requirements (net MRP) of what to purchase or produce and when.
These net requirements are worked out using the following equation:
Net requirements = Total requirements - Available inventory
Where:
Total requirement = Gross requirements (gross MRP)
Available inventory = Inventory on hand + Units on order
In the other words, Gross MRP = Net MRP + Available inventory, so the answer should be "The gross MRP includes consideration of available inventory, whereas the net MRP does not" LO 2, AC 2.3
NEW QUESTION # 119
PPC Refinery (UK) must close down an out-of-date refinery which has very poor environmental performance.
The refinery is very sophisticated with many technically complicated machineries, lubricants, coolants and other chemical substances. Decommissioning the refinery is highly risky and hazardous. To manage the decommissioning process well, PPC project team must know these machineries and substances in details.
Which document can provide the technical details on the refinery?
Answer: C
Explanation:
Decommissioning or disposal should start with the original specifications of the assets so that the organisation and supplier can make an appropriate plan. Some specifications also mention the is-sues regarding to end-of- life environmental factors.
NEW QUESTION # 120
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