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| Certification Vendor: | CIPS |
|---|---|
| Exam Name: | CIPS Whole Life Asset Management |
| Exam Number: | L4M7 |
| Exam Duration: | 60 minutes |
| Available Languages: | English |
| Exam Format: | Multiple Choice, Scenario-based, Calculation |
| Passing Score: | Not publicly disclosed (pass/fail only) |
| Certificate Validity Period: | No expiry (certification requires ongoing CPD) |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Real Exam Qty: | 60 |
| Exam Price: | Please check CIPS official website for current pricing |
| Sample Questions: | CIPS L4M7 Sample Questions |
| Exam Way: | Computer-based examination available at CIPS approved centers worldwide. |
| Pre Condition: | Candidates are recommended to have completed CIPS Level 3 or have relevant procurement/supply chain experience. |
| Official Syllabus URL: | https://www.cips.org/qualifications/level-4-advanced-diploma/l4m7-whole-life-asset-management/ |
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Technologies are changing at a very rapid pace. Therefore, the CIPS Whole Life Asset Management in Procurement and Supply CIPS has become very significant to validate expertise and level up career. Success in the CIPS Whole Life Asset Management examination helps you meet the ever-changing dynamics of the tech industry. To advance your career, you must register for the CIPS Whole Life Asset Management L4M7 in Procurement and Supply CIPS test and put all your efforts to crack the CIPS L4M7 challenging examination.
The Chartered Institute of Procurement and Supply (CIPS) L4M7 exam is a critical certification program that focuses on Whole Life Asset Management. L4M7 exam is designed to equip procurement and supply chain professionals with the knowledge and skills needed to effectively manage assets throughout their lifecycle. L4M7 course is suitable for individuals who want to enhance their career in the procurement and supply chain industry or those who wish to develop their knowledge in asset management.
NEW QUESTION # 43
Which ONE of the following correctly differentiates between obsolescent and redundant stock?
Answer: D
NEW QUESTION # 44
Which of the following is the definition of work in progress inventory?
Answer: D
Explanation:
Work in progress is the stock part-way through a manufacturing process; in the service sectors the term is also used for anything between order and delivery.
Reference: CIPS study guide page 83
LO 2, AC 2.1
NEW QUESTION # 45
Lean principle focuses on eliminating eight types of waste. Waste in Lean manufacturing is defined as...?
Answer: D
Explanation:
Lean thinking aims to remove wastes from work processes. Before diving into the 8 wastes, it is important to understand what waste is. Waste is any action or step in a process that does not add value to the customer. In other words, waste is any process that the customer does not want to pay for.
The original seven wastes (Muda) was developed by Taiichi Ohno, the Chief Engineer at Toyota, as part of the Toyota Production System (TPS). The seven wastes are Transportation, Inventory, Motion, Waiting, Overproduction, Overprocessing and Defects. They are often referred to by the acronym 'TIMWOOD'. The
8th waste of non-utilized talent or 'Skills' of workers was later introduced in the 1990s when the Toyota Production System was adopted in the Western world. As a result, the 8 wastes are commonly referred to as
'TIMWOODS'.
Source: The lean way
Reference: CIPS study guide page 127-129
LO 2, AC 2.3
NEW QUESTION # 46
XYZ Ltd organises a meeting in order to decide on the safety stock level of a strategic material which is used in XYZ latest product - DMD. To do this, they must forecast the future demand for this new product. In the meeting, external consultants are invited to join with cross-functional team. Each person of the group anonymously replies to questionnaires and subsequently receives feedback in the form of a statistical representation of the "group response," after which the process repeats itself. The goal is to reduce the range of responses and arrive at something closer to expert consensus. XYZ Ltd is using which forecasting method?
Answer: B
Explanation:
Delphi method was developed in the 1950s, originally to forecast the impact of technology on warfare. The method entails a group of experts who anonymously reply to questionnaires and subsequently receive feedback in the form of a statistical representation of the "group response," after which the process repeats itself. The goal is to reduce the range of responses and arrive at something closer to expert consensus. The Delphi Method has been widely adopted and is still in use today. Delphi method is a subjective forecasting technique Holt-Winters forecasting is a way to model and predict the behavior of a sequence of values over time-a time series. Holt-Winters is one of the most popular forecasting techniques for time series. It'sdecades old, but it's still ubiquitous in many applications, including monitoring, where it's used for purposes such as anomaly detection and capacity planning.
Time series analysis is a statistical technique that deals with time series data, or trend analysis. Time series data means that data is in a series of particular time periods or intervals.
Objective forecasting approaches are quantitative in nature and lend themselves well to an abun-dance of data.
There are three categories of objective forecasting methods: time series, caus-al/econometric, and artificial intelligence.
LO 2, AC 2.3
NEW QUESTION # 47
XYZ Ltd is looking for new office space overseas. To keep the overhead expense minimal, it chooses leasing rather than purchasing new office. In leasing contract, which of the following costs are most likely to be attributable to the lessee?
1. Disposal costs
2. Rentals
3. Operating costs
4. Vendor selection costs
Answer: C
Explanation:
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.
Property, buildings and vehicles are common assets that are leased. Industrial or business equipment is also leased. Since the lessee does not own the asset, it is not responsible for disposing the assets, and therefore, disposal costs are not attributable to the lessee. The lessee usually incurs rentals and operating costs. Finally, a company should treat the lease the same as other contracts, which they must qualify the supplier.
Reference: CIPS study guide page 144-147
LO 3, AC 3.1
NEW QUESTION # 48
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