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| Section | Weight | Objectives |
|---|---|---|
| Principles of Whole Life Asset Management | 20% | - Value creation and whole life value concepts - Definition, scope and importance of asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Role and contribution of procurement in asset management |
| Asset Disposal and End-of-Life Management | 15% | - Disposal options: sell, reuse, recycle, donate, scrap - Environmental and legal obligations in disposal - Asset valuation and residual value calculation - Data management and asset record keeping |
| Sustainability, Ethics and Governance in Asset Management | 15% | - Circular economy and asset lifecycle sustainability - Governance, standards and regulatory frameworks - Ethical and responsible sourcing of assets - Sustainable asset management and ESG principles |
| Asset Planning and Acquisition | 25% | - Whole life costing and total cost of ownership - Asset requirements definition and specification - Contract types and supplier selection for assets - Options appraisal: buy, lease, rent, outsource, in-house - Procurement processes for capital assets |
| Asset Operation, Maintenance and Performance | 25% | - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements - Maintenance strategies: preventive, corrective, predictive - Inventory and spare parts management - Asset utilization and performance monitoring |
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NEW QUESTION # 163
Which of the following statements represent a definition for 'obsolescence' in inventory management? Select TWOthat apply.
Answer: D,E
NEW QUESTION # 164
A company has realised that in the current business environment factors other than profit are also important. The organisation is concerned about the social and environmental impact of a business in pursuit of profits. Is minimising costs the most appropriate course to follow?
Answer: D
NEW QUESTION # 165
A manager who is concerned about the environmental impact of packaging should do which of the following?
Answer: C
Explanation:
In principle, use of any materials involves an environmental cost. Some packaging materials use a lot of natural resources and energy to produce. The journey taken by packaging from raw material to manufacturing and then to the initial user also incurs a 'carbon footprint'. The weight of packag-ing contributes to the fuel usage of vehicles while the volume used can add up to additional jour-neys or the use of larger vehicles. Finally, the reuse, return, disposal or recycling will also involve additional to the environmental cost.
In this question:
- 'Purchase
the packaging materials in bulk' may incur additional fuel and carbon footprint in delivering these materials
- 'Try to reduce the costs of packaging' may prompt the organisation to use less eco-friendly and cheap materials like polystyrene chips
- 'Not use the packaging materials at all' can increase the environmental performance of packag-ing activities, but it also harms the products to be delivered and may cause other environmental problems (i.e. spillage of toxic chemicals into the environment) So the correct answer should be: 'Adopt international environmental packaging standards'. The International Standards Organisation (ISO) has published several standards regarding packaging and environment, namely ISO 18601, ISO 18602, ISO 18603, ISO 18604, ISO 18605, ISO 18606.
Reference:
LO 1, AC 1.3
NEW QUESTION # 166
The width of aisles within a warehouse is determined by...?
Answer: A
Explanation:
Below is a formula from Toyota you can use to make an informed decision.
1. Start with the basic right-angle stacking width
2. Add the load length
3. Add 12 inches for clearance
The basic right-angle stacking width is the smallest amount of space a forklift needs turn in order to insert its forks into a pallet. You can find basic right-angle stack measurements in the equipment manual or by contacting TMHNC if your business is located in Northern California. This measurement does not include the length of the load or room need for clearance.
Load lengths vary depending on your application, products, etc. As a starting point, a standard pallet has a 48- inch load length. Always check your forklift's data plate for the rated capacity (which is affected by attachments and other factors).
Adding 12 inches for clearance ensures you have enough room for your forklift's turn radius and helps protect against damage from operator error and/or product that may hang over the edge of the pallet.
NEW QUESTION # 167
The size of the order that minimizes the total cost of acquiring and holding stock is known as ...
Answer: D
Explanation:
The Economic Order Quantity (EOQ) is the ideal order size that minimizes total inventory costs, balancing the ordering cost (costs related to placing and receiving orders) and the holding cost (costs related to storing inventory). The EOQ model is a fundamental concept in inventory management and is derived from the following formula:
EOQ=2DSHEOQ = \sqrt{\frac{2DS}{H}}EOQ=H2DS
where:
* DDD = demand rate (units per period),
* SSS = cost per order,
* HHH = holding cost per unit per period.
The EOQ model assumes constant demand and lead time, and it does not consider discounts for bulk purchases. By minimizing both ordering and holding costs, EOQ contributes to overall cost efficiency in inventory management, which is essential for whole-life asset management in balancing long-term expenses.
NEW QUESTION # 168
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