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| Section | Weight | Objectives |
|---|---|---|
| Sustainability, Ethics and Governance in Asset Management | 15% | - Circular economy and asset lifecycle sustainability - Governance, standards and regulatory frameworks - Ethical and responsible sourcing of assets - Sustainable asset management and ESG principles |
| Asset Disposal and End-of-Life Management | 15% | - Data management and asset record keeping - Disposal options: sell, reuse, recycle, donate, scrap - Asset valuation and residual value calculation - Environmental and legal obligations in disposal |
| Asset Operation, Maintenance and Performance | 25% | - Asset utilization and performance monitoring - Inventory and spare parts management - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements - Maintenance strategies: preventive, corrective, predictive |
| Principles of Whole Life Asset Management | 20% | - Value creation and whole life value concepts - Role and contribution of procurement in asset management - Definition, scope and importance of asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal |
| Asset Planning and Acquisition | 25% | - Whole life costing and total cost of ownership - Procurement processes for capital assets - Options appraisal: buy, lease, rent, outsource, in-house - Contract types and supplier selection for assets - Asset requirements definition and specification |
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NEW QUESTION # 264
Which among the following are the tools for reducing acquisition costs in purchasing?
1. Procurement card
2. Automated Storage & Retrieval System
3. Porter's value chain
4. P2P system
Answer: D
Explanation:
There are several methods to reduce the acquisition costs in procurement. L4M7 study guide lists the following methods:
- Buyer discretionary spend
- 'User buying'
- Vendor managed inventory (VMI)
- Two-bin Kanban
- Product catalogue
- e-Procurement techniques, including some systems such as ERP, procure-to-pay (P2P), e-requisition, e- tendering, etc.
- Procurement cards
Reference: CIPS study guide page 155-156
LO 3, AC 3.1
NEW QUESTION # 265
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.
NEW QUESTION # 266
The term triple bottom line refers to a method for organizations to measure performance in three ways. Which of the following describe the triple bottom line? Select THREE that apply.
* Economic sustainability
* Market sustainability
* Quality sustainability
* Environmental sustainability
* Technological sustainability
* Social sustainability
Answer: B
Explanation:
The triple bottom line (TBL) framework evaluates organizational performance based on:
* Economic sustainability: Focusing on financial stability and profitability.
* Environmental sustainability: Ensuring that business activities minimize negative ecological impacts.
* Social sustainability: Committing to ethical practices and community well-being.
TBL aligns with whole-life asset management principles by incorporating sustainability into asset use and disposal, ensuring long-term organizational value beyond just financial metrics.
NEW QUESTION # 267
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: A
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.
Reference: CIPS study guide page 200
LO 3, AC 3.3
NEW QUESTION # 268
Which of the following is an assumption of economic-order-quantity model?
Answer: B
Explanation:
Economic order quantity (EOQ) model is the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are mini-mized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W.
Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
If the economic order quantity model is applied, the following assumptions should be met:
- The rate of demand is constant, and total demand is known in advance.
- The ordering cost is constant.
- The unit price of inventory is constant, i.e., no discount is applied depending on order quantity.
- Delivery time is constant.
- Replacement of defective units is instantaneous.
- There is no safety stock level, i.e., the minimum stock level is zero.
- Restocking is made by the whole batch.
Because the demand and lead time are constant, no stockout events can occur.
Reference:
LO 2, AC 2.3
NEW QUESTION # 269
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