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| Section | Objectives |
|---|---|
| Topic 1: Understanding Asset Management | - Principles of whole life asset management
|
| Topic 2: Disposal and End-of-Life Management | - Asset disposal strategies
|
| Topic 3: Operation and Maintenance | - Asset performance and reliability
|
| Topic 4: Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Topic 5: Risk and Value Management | - Managing asset-related risk
|
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NEW QUESTION # 78
In relation to stock management techniques, which of the following are
characteristics of 'vendor-owned stock'?
1. Buffer levels of stock are purchased
2. The supplier retains the title of the stock
3. The buyer provides physical storage
4. The buyer takes all the financial risk
Answer: B
NEW QUESTION # 79
The ABC approach involves classifying inventory items by unit cost, with expensive items classi-fied as 'A' items and low cost items classified as 'C' items. Is this statement true?
Answer: B
Explanation:
ABC analysis is an approach for classifying inventory items based on the items' consumption val-ues.
Consumption value is the total value of an item consumed over a specified time period, for example a year.
The approach is based on the Pareto principle to help manage what matters and is applied in this context:
- A items are goods where annual consumption value is the highest. Applying the Pareto principle (also referred to as the 80/20 rule where 80 percent of the output is determined by 20 percent of the input), they comprise a relatively small number of items but have a relatively high consumption value. So it'slogical that analysis and control of this class is relatively intense, since there is the greatest potential to reduce costs or losses.
- B items are interclass items. Their consumption values are lower than A items but higher than C items. A key point of having this interclass group is to watch items close to A item and C item classes that would alter their stock management policies if they drift closer to class A or class C. Stock management is itself a cost. So there needs to be a balance between controls to protect the asset class and the value at risk of loss, or the cost of analysis and the potential value returned by reducing class costs. So, the scope of this class and the inventory management policies are determined by the estimated cost-benefit of class cost reduction, and loss control systems and processes.
- C items have the lowest consumption value. This class has a relatively high proportion of the total number of lines but with relatively low consumption values. Logically, it's not usually cost-effective to deploy tight inventory controls, as the value at risk of significant loss is relatively low and the cost of analysis would typically yield relatively low returns.
LO 2, AC 2.1
NEW QUESTION # 80
ATT is a small retailer that specializes in selling 'seasonal goods' which change throughout the year. Some products need regular reordering and some only require a start-of-season single order. Sales volumes are unpredictable and variable. Ordering is from multiple suppliers with variable lead times (between two weeks and two months). ATT has no computerized stock management system but can monitor product sales through the barcode-equipped point-of-sale (POS) system.
Which of the following would be appropriate to support ATT for its stock monitoring and reorder requirements?
Answer: B
Explanation:
Variable periodic reviews enable ATT to manage seasonal goods effectively by adjusting ordering based on:
* Lead times and sales volume: Classifying products by these factors helps in planning, aligning with varying supplier delivery times and unpredictable sales demand.
Implementing a JIT or MRP system would require more sophisticated management tools, making option C the most feasible. This method aligns with whole-life asset management by supporting efficient inventory planning while minimizing stockouts or overstock situations.
NEW QUESTION # 81
A group of items which are stacked together for more convenient movement is called...?
Answer: D
Explanation:
Unit load is a term used to describe grouping of different items into a convenient stack or stacks which make them easy to handle and store. Typically this involves pallets and/or the plastic wrap-ping of a load.
Stacker is designed to lift and stack pallets. This one is fully mobile so can move easily around the warehouse.
An operator would typically sit or stand while driving like a counterbalanced, reach or straddle lift truck.
A load cell is a type of transducer, specifically a force transducer. It converts a force such as ten-sion, compression, pressure, or torque into an electrical signal that can be measured and standard-ized.
Unit price is the price of a single product or service, used for example when buying several things together to refer to the price of each one.
NEW QUESTION # 82
Which of the following factors can be considered when selecting the location of a new warehouse facility?
Select THREE that apply.
* Cost of land
* Product pricing
* The nature of the items to be stored
* Access to transport infrastructure
* The reputation of the company
* Profit margin
Answer: A
Explanation:
Warehouse location selection depends on:
* Land cost: Directly affects budget planning and long-term operational expenses.
* Nature of items to be stored: Determines special requirements (e.g., climate control).
* Access to transport: Proximity to transport hubs reduces logistics costs and improves efficiency.
These considerations are critical for effective whole-life asset management, optimizing operational costs and logistics.
NEW QUESTION # 83
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