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| Section | Objectives |
|---|---|
| Risk and Value Management | - Managing asset-related risk
|
| Understanding Asset Management | - Principles of whole life asset management
|
| Disposal and End-of-Life Management | - Asset disposal strategies
|
| Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Operation and Maintenance | - Asset performance and reliability
|
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NEW QUESTION # 189
Which of the following is often created by each business and commonly used for the purpose of inventory management?
Answer: A
Explanation:
Organisations often create their own stock keeping unit (SKU) numbering system, which may or may not have a meaningful structure. Stock keeping unit is a number that is assigned to a product for the purpose of inventory management and is of tracking. In other words, a stock keeping unit is a unique identifier assigned to each product for easier and more efficient record keeping.
An FDA (US Food and Drug Administration) product code describes a specific product and contains a combination of five to seven numbers and letters. The product code submitted with each FDA line item should match the actual product name and/or invoice description of the product.
The International Standard Book Number is a numeric commercial book identifier which is in-tended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products.
Reference: CIPS study guide page 33
LO 1, AC 1.2
NEW QUESTION # 190
Which of the following is NOT an improvement available in ERP II in compare with ERP?
Answer: D
Explanation:
The main improvements from ERP to ERP II are the following:
- ERP II is web enabled as compared to Conventional ERP Which is not.
- ERP is restricted to provide selected exhaustive or rigorous or wide-spread coverage in its mod-ules. But as compared to ERP, ERP II provides the true and accurate blend of the macro and the micro and affords customers with curative actions/measures after identifying the slip-up/error or fault;
- ERP was embattled more headed for manufacturing or industrialization and the dilemma or difficulty is conquer in ERP II by endowing clarification for all kind of industries and sectors.
- ERP is not in the position or could not possibly integrate/incorporate diverse functions from di-verse departments/divisions but ERP II could possibly do so as well as from different industries as compared to conventional ERP.
- For WEB and WAP connectivity ERP II grip CRM and SCM Functionalities.
- ERP II be obliged the function and purpose to an external/outdoor one and smooth the progress of better networks than remaining as internal/interior application.
Reference:
- Next Generation Enterprise Resource Planning: ERP II
- CIPS study guide page 119-122
LO 2, AC 2.3
NEW QUESTION # 191
Lean principle focuses on eliminating eight types of waste. Waste in Lean manufacturing is defined as...?
Answer: C
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 1990swhen the Toyota Production System was adopted in the Western world. As a result, the 8 wastes are commonly referred to as
'TIMWOODS'.
A picture containing application Description automatically generated
Source: The lean way
NEW QUESTION # 192
Practice of unloading goods from inbound delivery vehicles and loading them directly onto out-bound vehicles is known as ...?
Answer: D
Explanation:
Cross-docking is the practice of unloading goods from inbound delivery vehicles and loading them directly onto outbound vehicles. By eliminating or minimizing warehouse storage costs, space requirements and inventory handling, cross-docking can streamline supply chains and help them move goods to market faster and more efficiently.
Cross-docking usually takes place in a dedicated docking terminal in a warehouse, where inbound goods are first received at a dock and sorted according to their final destinations. They are then moved to the other side of the dock via forklift, conveyor belt or other equipment and loaded on outbound vehicles.
Cross-docking works best with products that need to be transported quickly, such as food, that have already been sorted and labeled for customers, do not need quality inspections or have steady demand.
Reference:
- CIPS study guide page 16
- Cross-docking
LO 1, AC 1.1
NEW QUESTION # 193
The development and implementation of whole-life asset management may be reserved for significant purchases, most typically determined by which of the following features?
1. Long-lasting
2. High spend
3. Quality checks
4. Product scarcity
Answer: A
NEW QUESTION # 194
......
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