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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Sustainability, Ethics and Governance in Asset Management | 15% | - Ethical and responsible sourcing of assets - Governance, standards and regulatory frameworks - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles |
| Topic 2: Asset Operation, Maintenance and Performance | 25% | - Maintenance strategies: preventive, corrective, predictive - Compliance, health, safety and environmental requirements - Asset reliability, availability and risk management - Inventory and spare parts management - Asset utilization and performance monitoring |
| Topic 3: 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 |
| Topic 4: Asset Planning and Acquisition | 25% | - Procurement processes for capital assets - Options appraisal: buy, lease, rent, outsource, in-house - Asset requirements definition and specification - Contract types and supplier selection for assets - Whole life costing and total cost of ownership |
| Topic 5: Asset Disposal and End-of-Life Management | 15% | - Data management and asset record keeping - Disposal options: sell, reuse, recycle, donate, scrap - Environmental and legal obligations in disposal - Asset valuation and residual value calculation |
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NEW QUESTION # 13
Which of the following is the correct statement about total ordering cost?
Answer: B
Explanation:
Typically, ordering costs include expenses for a purchase order, labor costs for the inspection of goods received, labor costs for placing the goods received in stock, labor costs for issuing a supplier's invoice and labor costs for issuing a supplier payment. These costs are irrelevant from the size of the order and are incurred every time a firm places an order.
The total ordering cost will be equal to ordering cost per order multiply with number of orders.
NEW QUESTION # 14
Ranger Mobile Ltd is a emerging smartphone manufacturer. The manufacturer adopts the just-in-time method: First, the customers make orders, then it will decide which components to be pur-chased according to the bill of materials. These components are known as which of the following?
Answer: A
Explanation:
Dependent demand is the requirement for stock item which is directly related to and therefore de-pendent upon the rate of production (examples are: raw materials, components, energy). The com-ponents in the scenario are dependent demand items.
Independent demand is the requirement for stock item which is not directly related to, and is therefore independent of rate of production.
Reference:
LO 2, AC 2.1
NEW QUESTION # 15
The optimum balance in the standard ISO 18602:2013 (Packaging and the environment - Optimi-zation of the packaging system) considers which of the following factors?
1. Environmental impact of losses due to lack of packaging
2. The process for packaging design, including material selection
3. Procedures and requirements for packaging that are suitable for organic recycling
4. Environmental impact of excess packaging
Answer: A
Explanation:
ISO 18602:2013 is about Packaging and the environment - Optimization of the packaging system. ISO 18602:2013 specifies requirements and a procedure for assessment of packaging to ensure that the weight or volume of its material content is optimized consistent with the functions of packaging. This is one of several options for reducing the impact of packaging on the environment.
It also provides methodologies and procedures for
- determining the amount and minimization of substances or mixtures hazardous to the environ-ment, and
- determining the amount of four heavy metals (lead, cadmium, mercury, hexavalent chromium) in packaging.
The optimum balance in this standard weighs the environmental impact of losses that may happen with no packaging or inadequate packaging against the environmental impact from excess packag-ing.
The process for packaging design, including material selection, is not part of ISO 18602:2013.
The procedure for applying ISO 18602:2013 is contained in ISO 18601.
Reference:
LO 1, AC 1.3
NEW QUESTION # 16
Which of the following would be an impact of low stock in the supply chain?
* Warehouse space would all be full with excess stock
* There may be delays and higher costs to fulfill supply
* Stock may not be available at times of high demand
* Lead times would reduce and purchase costs would fall
Answer: B
Explanation:
Low stock levels can lead to:
* Delays and higher fulfillment costs: When stock is insufficient, emergency orders and expedited shipping may be necessary, increasing costs.
* Stockouts during high demand: Insufficient inventory can lead to missed sales opportunities, negatively impacting customer satisfaction.
Whole-life asset management seeks to balance inventory levels to avoid stockouts while minimizing holding costs.
NEW QUESTION # 17
Which of the following statements holds true about inventory holding costs?
Answer: B
Explanation:
Holding costs (carrying costs) are the costs associated with the storage and handling of physical stock. There are two different types of holding costs:
- Costs related to the value of the goods: financial costs (i.e. the interest on the working capital tied up in inventory, which may be the bank borrowing rate or the company's target for return on capital); cost of insurance; losses due to product deterioration; losses due to obsolescence and redundancy of inventory; losses due to theft, accidental damage etc.
- Costs related to the physical characteristics of the inventory include the following: storage space; power, heat and lighting of the store; movement equipment; labour costs; administration costs.
Reference:
LO 2, AC 2.2
NEW QUESTION # 18
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