100% Pass CIPS L4M7 Test Quiz - Unparalleled CIPS Whole Life Asset Management

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CIPS L4M7 Exam Syllabus Topics:

SectionObjectives
Disposal and End-of-Life Management- Asset disposal strategies
  • 1. Environmental and sustainability considerations
    • 2. Resale, recycling, and decommissioning
      Operation and Maintenance- Asset performance and reliability
      • 1. Maintenance strategies
        • 2. Performance monitoring and KPIs
          Asset Acquisition and Procurement- Sourcing and procurement of assets
          • 1. Make or buy decisions
            • 2. Supplier selection and evaluation
              Risk and Value Management- Managing asset-related risk
              • 1. Cost-benefit and value analysis
                • 2. Risk assessment across lifecycle stages
                  Understanding Asset Management- Principles of whole life asset management
                  • 1. Value creation and total cost of ownership
                    • 2. Asset lifecycle concepts

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                      CIPS Whole Life Asset Management Sample Questions (Q43-Q48):

                      NEW QUESTION # 43
                      The purchase-order lead time is the...?

                      Answer: D

                      Explanation:
                      Purchase order lead time (POLT) refers to the number of days from when a company places an order for production inputs it needs, to when those items arrive at the manufacturing plant.
                      LO 2, AC 2.3


                      NEW QUESTION # 44
                      Bar codes are used in many organisations. What are the key benefits of their use in inventory management? Select TWO that apply.
                      1. They enable the identification of the content of a purchase order or delivery
                      2. They can identify the production date, delivery date, use-by date
                      3. They include safety procedures related to the warehouse

                      Answer: E


                      NEW QUESTION # 45
                      "Open stock plus purchases minus closing stock" is the formula of which of the following?

                      Answer: B

                      Explanation:
                      The amount of closing stock (properly valued) is used to arrive at the cost of goods sold in a periodic inventory system with the following calculation:
                      Opening stock + Purchases - Closing stock = Cost of goods sold


                      NEW QUESTION # 46
                      Which of the following is a main objective of just-in-time?

                      Answer: C

                      Explanation:
                      JIT, often referred to as the Toyota production system (TPS), originated in Toyota's manufacturing plants in Japan in the early 1970s. It was first introduced by the organisation's owner, Taiichi Ohno. The prime goal of JIT is the achievement of zero inventories.
                      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.
                      Reference: CIPS study guide page 122-127
                      LO 2, AC 2.3


                      NEW QUESTION # 47
                      Which of the following is NOT an improvement available in ERP II in compare with ERP?

                      Answer: B

                      Explanation:
                      The main improvements from ERP to ERP II are the following:
                      - ERP II is web enabled as compared to Conventional ERP Which is not.
                      - ERP is restricted to provide selected exhaustive or rigorous or wide-spread coverage in its mod-ules. But as compared to ERP, ERP II provides the true and accurate blend of the macro and the micro and affords customers with curative actions/measures after identifying the slip-up/error or fault;
                      - ERP was embattled more headed for manufacturing or industrialization and the dilemma or difficulty is conquer in ERP II by endowing clarification for all kind of industries and sectors.
                      - ERP is not in the position or could not possibly integrate/incorporate diverse functions from di-verse departments/divisions but ERP II could possibly do so as well as from different industries as compared to conventional ERP.
                      - For WEB and WAP connectivity ERP II grip CRM and SCM Functionalities.
                      - ERP II be obliged the function and purpose to an external/outdoor one and smooth the progress of better networks than remaining as internal/interior application.


                      NEW QUESTION # 48
                      ......

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