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| Section | Objectives |
|---|---|
| Topic 1: Understand inventory control and management | - Demand forecasting and planning - Storage and warehousing principles - Inventory classification and control methods |
| Topic 2: Understand the role of technology in asset management | - Emerging technologies in asset management - Data management and analytics - Asset tracking and monitoring systems |
| Topic 3: Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Health and safety regulations - Contractual and warranty obligations |
| Topic 4: Understand the financial aspects of whole-life asset management | - Financial justification and business case development - Total cost of ownership calculations - Budgeting and forecasting for assets |
| Topic 5: Understand the concept of whole-life asset management | - Define asset management and its role in procurement - Identify key stakeholders in asset management - Explain the whole-life cost approach |
| Topic 6: Understand the key elements of whole-life asset management | - Disposal and end-of-life considerations - Acquisition and procurement strategies - Operation and maintenance planning |
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NEW QUESTION # 68
XYZ Ltd is a highly profitable leading industrial distributor with over 60,000 products and an enviable record for customer service. After undertaking preliminary discussions it was decided to analyse the value-adding activities that contribute to XYZ's flagship products. The company is conducting which of the following activities?
Answer: C
Explanation:
According to Hines and Rich, value stream refers to specific parts of the firms that actually add value to the specific product or service under consideration. XYZ Ltd is mapping the value stream by analysing the value- adding activities that contribute to their most important product.
Postponement is a business strategy which maximizes possible benefit and minimizes risk by delaying further investment into a product or service until the last possible moment. An example of this strategy is Dell Computers' build-to-order online store. One of the earliest references to the concept was in a paper by Zinn and Bowersox in the Journal of Business Logistics. They highlighted five types: Labelling, Packaging, Assembly, Manufacturing and Time postponements.
Kanban (##) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in- time manufacturing (JIT). Taiichi Ohno, an industrial engineer at Toyota, developed kanban to improve manufacturing efficiency. Kanban is one method to achieve JIT. The system takes its name from the cards that track production within a factory. For many in the automotive sector, kanban is known as the "Toyota nameplate system".
Put simply, silo working occurs when several departments or groups within that organisation do not want to share information or knowledge with other individuals they work with.
Reference: CIPS study guide page 128-129
LO 2, AC 2.3
NEW QUESTION # 69
A retailer wants to improve its service level in inventory management from 95% to 97%. Which of the following is the best course of action?
Answer: C
Explanation:
For single items, an extra investment in inventory (higher levels of safety stock) will always in-crease customer service levels. Conversely, higher service levels imply larger quantities of safety stocks and an increased investment in inventory. (Procurement and Supply Chain Management - 9th Edition)
NEW QUESTION # 70
TCD Manufacturing has taken over the operations of a fabric processor in another country. TCD has planned to eliminate some traditional fabric processing that has high risks because of the chemicals used in the dying process. TCD is now preparing for new dying processes to be Installed and needs to remove the current tanks and its associated equipment. Which of the following is appropriate to TCD's situation?
Answer: A
NEW QUESTION # 71
Resevoir Inc runs several oil refineries across the country. These refineries require heavy invest-ment, particularly in maintenance, repair and operating (MRO) inventory. But the inventory turno-ver rate of these MRO items are low, while some items have expired date, which increases the risks of obsolescence. Which of the following methods can address the issues of these MRO items?
Answer: C
Explanation:
Where stock turn (inventory turnover) is low and there are potential risks of redundancy or obsolescence, the buying organisation may adopt vendor owned stock. In this system, a supplier (vendor) maintains a stock of items ready to be used at the point of customer consumption. The supplier owns the stock until it is used by the purchaser; only then is the purchaser invoiced for it.
Just in case and larger safety stock would significantly increase the stock level, which may cause redundancy or obsolescence.
Forrester effect (or Bullwhip 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.
NEW QUESTION # 72
Which of the following statements is true of just-in-time (JIT) purchasing?
Answer: D
Explanation:
Just-in-time (JIT) purchasing is a systems approach for developing and operating the purchasing function. JIT purchasing along with the total quality management in many industries has been suc-cessful in reducing inventory and increasing the overall effectiveness of purchasing function and hence the productivity of manufacturing.
The just-in-time objectives of eliminating waste can be summarised in the 'five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
The correct answer should be 'In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales' because it expresses that upstream activity (purchasing) only occurs as the downstream activity (production or sales) triggers.
Reference: CIPS study guide page 122-127
LO 2, AC 2.3
NEW QUESTION # 73
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