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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | Whole Life Asset Management |
| Exam Number: | L4M7 |
| Exam Format: | Multiple-choice questions, Computer-based objective test |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Certificate Validity Period: | No expiry (qualification does not expire once awarded) |
| Available Languages: | English |
| Exam Duration: | 120 minutes |
| Recommended Training: | Approved CIPS Study Centres CIPS Official Learning Resources |
| Exam Registration: | CIPS Official Website - Qualifications CIPS Exam Registration Information |
| Sample Questions: | CIPS L4M7 Sample Questions |
| Exam Way: | Computer-based exam delivered at approved test centres or online proctored (depending on region and provider availability) |
| Pre Condition: | Part of the CIPS Level 4 Diploma in Procurement and Supply; candidates are typically required to be enrolled in the qualification pathway. |
| Official Syllabus URL: | https://www.cips.org |
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CIPS L4M7 (CIPS Whole Life Asset Management) Certification Exam is an advanced certification exam for professionals in the field of asset management. CIPS Whole Life Asset Management certification is designed to help professionals specialize in managing assets throughout their entire life cycle, from acquisition to disposal. L4M7 Exam is designed to assess the candidate's knowledge and expertise in areas such as risk management, value creation, asset maintenance, and disposal strategies.
NEW QUESTION # 242
In a manufacturing facility, which types of inventory have the lowest value?
1. Finished goods
2. Secondary components
3. Work in progress
4. Raw materials
Answer: D
Explanation:
Raw materials are basic input materials - they are only processed limitedly or have not been pro-cessed at all. Their values are equal to acquisition cost and are the lowest value of stock held.
Secondary components are the products that are combined with others to produce the finished goods. They are acquired in the processed state. Their value is higher than raw materials, but still at acquisition cost.
Work in progress is the stock part-way through manufacture that has not been finished. It is typically not completed yet, so it doesn't have full value. But the costs of processing already carried out makes it more valuable than materials and components.
Finished goods are completed and ready to be used or sold. Finished goods are the most expensive and need to be stored in good conditions.
Reference:
LO 2, AC 2.1
NEW QUESTION # 243
Bulk loose coal that requires massive handling system should be stored in which area?
Answer: A
Explanation:
Materials that will not easily deteriorate, are generally stored in open or fairly covered areas (stockyard). The materials are usually in bulk, like steel plates or coils casting, timber coal, steel barrels, cable drums, piping, lampposts, lorries, etc.
Stockyards are open or semi-covered areas that are used for the following:
- Bulk loose or packaged materials
- Bulky or oversized items that may be difficult to move inside
- Materials that may require specialised handling, loading or unloading Below image shows the example of a stockyard that stores loose coal and its handling system.
LO 1, AC 1.1
NEW QUESTION # 244
What are the contents of master production schedule in MRP system?
Answer: D
Explanation:
A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc.[1] It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded.[2] This plan quantifies significant processes, parts, and other resources in order to optimize production, to identify bottlenecks, and to anticipate needs and completed goods. Since a MPS drives much factory activity, its accuracy and viability dramatically affect profitability. Typical MPSs are created by software with user tweaking.
Reference: CIPS study guide page 116-119
LO 2, AC 2.3
NEW QUESTION # 245
Which of the following are examples of subjective methods of forecasting? SelectTWOthat apply.
Answer: A,B
NEW QUESTION # 246
Which one of the following statements is true about radio frequency identification (RFID)?
Answer: D
Explanation:
Radio frequency identification (RFID) are items which use radio technology to identify itself and its location subject to having appropriate hardware and software.
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate.
A RFID Reader is a device that uses radio-frequency waves to wirelessly transfer data between itself and a RFID tag/label in order to identify, categorize and track assets. When combined with the right RFID software, a RFID reader can identify objects quicker, more accurately, at a reduced overall cost, and at various points of the object's lifecycle.
Passive RFID systems use tags with no internal power source and instead are powered by the electromagnetic energy transmitted from an RFID reader. Passive RFID tags are used for applica-tions such as access control, file tracking, race timing, supply chain management, smart labels, and more.
Active RFID systems have three essential parts - a reader or interrogator, antenna, and a tag. Ac-tive RFID tags possess their own power source - an internal battery that enables them to have ex-tremely long read ranges as well as large memory banks.
Reference: CIPS study guide page 49-50
LO 1, AC 1.2
NEW QUESTION # 247
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