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| Section | Objectives |
|---|---|
| Operation and Maintenance | - Asset performance and reliability
|
| Risk and Value Management | - Managing asset-related risk
|
| Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Disposal and End-of-Life Management | - Asset disposal strategies
|
| Understanding Asset Management | - Principles of whole life asset management
|
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NEW QUESTION # 58
Which of the following are essential aspects that are required for the successful implementation of Just-In- Time (JIT)? SelectTWOthat apply.
Answer: C,E
NEW QUESTION # 59
What term describes the method used to account for inventory, where the most recently produced items are recorded as sold first?
Answer: B
Explanation:
Last In, First Out (LIFO) is an inventory valuation method where the latest items added to inventory are considered sold first. This method is often used in situations where prices are rising, as it reflects the current cost of goods sold. In whole-life asset management, LIFO can affect the reported value of inventory and, consequently, tax implications, as newer, costlier items are sold off first.
NEW QUESTION # 60
In order to cover for higher than normal demand and to ensure that stock does not run out. a company may hold buffer stock known as ...
Answer: A
NEW QUESTION # 61
Which of the following is NOT an improvement available in ERP II in compare with ERP?
Answer: B
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 # 62
Which of the following best describes what happens when order volumes from customers increase and multiply through the supply chain?
Answer: B
Explanation:
The bullwhip effect (or Forrester effect) is a distribution channel phenomenon in which forecasts yield supply chain inefficiencies. It refers to increasing swings in inventory in response to shifts in customer demand as one moves further up the supply chain.
Seasonal demand: consumer interest in purchasing particular products only during a specific peri-od within the calendar year.
OPITZ is a coding system used to form Groups in Group Technology philosophy of Manufactur-ing.
The Pareto Curve is the shape created when the bars of a Pareto Chart are progressively summed and the points joined together. The final curve ends at 100% of items in the chart, which means that you can then draw a line across at 80% and 'bounce' it down to find the bar which, when combined with all bars to its left, will give 80% of all items.
Reference:
LO 2, AC 2.3
NEW QUESTION # 63
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