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| Section | Weight | Objectives |
|---|---|---|
| Principles of Whole Life Asset Management | 20% | - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Definition, scope and importance of asset management - Role and contribution of procurement in asset management - Value creation and whole life value concepts |
| Asset Disposal and End-of-Life Management | 15% | - Asset valuation and residual value calculation - Data management and asset record keeping - Disposal options: sell, reuse, recycle, donate, scrap - Environmental and legal obligations in disposal |
| Asset Planning and Acquisition | 25% | - Options appraisal: buy, lease, rent, outsource, in-house - Contract types and supplier selection for assets - Whole life costing and total cost of ownership - Asset requirements definition and specification - Procurement processes for capital assets |
| Sustainability, Ethics and Governance in Asset Management | 15% | - Ethical and responsible sourcing of assets - Governance, standards and regulatory frameworks - Sustainable asset management and ESG principles - Circular economy and asset lifecycle sustainability |
| Asset Operation, Maintenance and Performance | 25% | - Asset reliability, availability and risk management - Asset utilization and performance monitoring - Inventory and spare parts management - Maintenance strategies: preventive, corrective, predictive - Compliance, health, safety and environmental requirements |
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NEW QUESTION # 292
A recent audit by a firm of management consultants has revealed that the company must make a significant reduction in its administration and overhead costs as they are threatening the company's future viability. The procurement manager has highlighted the costs incurred in placing an order irrespective of the order size and has referred in particular to preliminary costs and placement costs. Which of the following is also an acquisition cost?
Answer: C
NEW QUESTION # 293
Manufacturing resources planning (MRP II) was developed from material requirement planning (MRP). Which of the following is the additional input that is available in MRP II but does not ap-pear in MRP?
Answer: B
Explanation:
MRP I was some of the first business software to be widely adopted during the 1970s. Manufacturers sought these systems in order to improve efficiency and accuracy when it came to basic processes such as production scheduling and inventory management.
By the 1980s, manufacturers realized they needed software that could also tie into their accounting systems and forecast inventory requirements. Enter MRP II, which included these integrations in addition to all the capabilities offered by MRP I. Enterprise resource planning (ERP) software features-which we'll cover later on-are included in the following table for comparison.
Reference:
- MRP vs. MRP II: What's the Difference?
- CIPS study guide page 118-119
LO 2, AC 2.3
NEW QUESTION # 294
In order to control the costs of holding inventory, the manager has decided to install CCTV cameras in the warehouse. This will help to deter potential pilferage (theft) by the warehouse operatives. Is this the correct way of managing costs of holding inventory?
Answer: A
NEW QUESTION # 295
A brewery sells its beer in aluminum cans. It recycles the cans by using contractors to collect and mold the used cans. This is an example of...?
Answer: D
Explanation:
There are two main processes of recycling - open loop recycling and closed loop recycling.
Open Loop Recycling
Open loop recycling is a method that delays disposal by converting manufactured goods and spent materials into both new raw materials, which can be used for a manufacturing purpose, as a fuel source for a different manufacturing process and waste products.
Typically, materials recycled through open-loop recycling will be used for purposes different from their original purpose.
This means that the input into the recycling process is converted to a new raw material, which can be used as an input into another manufacturing process.
Materials in an open loop recycling process are treated using various forms of treatment including heat, chemical reactions, or physical crushing.
Closed Loop Recycling
Closed loop recycling is a process where waste is collected, recycled and then used again to make the same product it came from. This process is restorative and regenerative by design and aims to keep materials at their highest utility and value always.
Closed loop recycling is focused on resource sustainability, which means that recycling of a material can be done indefinitely without degradation of properties. In this case, conversion of the used product back to raw material allows repeated making of the same product, which helps hazardous waste generators reduce carbon footprint and achieve corporate sustainability initiatives.
Closed-loop recycling is common in specialized industries, such as the computer and battery industries, which use expensive or complex goods that cannot easily be broken down post-consumption into constituent materials.
A prime example of a closed-loop recycling process is the recycling of aluminum cans. Aluminum can be recycled to form new cans with little material degradation or waste creation.
NEW QUESTION # 296
In the periodic review system, the order quantity is the same for each order. Is this statement true?
Answer: D
Explanation:
Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies. The system also contains a target inventory level, R, which is restored when order received. The order quantity is calculated as:
Q = R - IP
where: Q = order quantity
R = target inventory level
IP = inventory position
Inventory position (IP) is equal to inventory on-hand plus quantity on order minus backorder (if any) The order quantity varies because the inventory position at each review point differs from each other.
Diagram Description automatically generated with medium confidence
LO 2, AC 2.3
NEW QUESTION # 297
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