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| Section | Weight | Objectives |
|---|---|---|
| Asset Operation, Maintenance and Performance | 25% | - Maintenance strategies: preventive, corrective, predictive - Asset utilization and performance monitoring - Asset reliability, availability and risk management - Inventory and spare parts management - Compliance, health, safety and environmental requirements |
| 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 |
| Principles of Whole Life Asset Management | 20% | - Definition, scope and importance of asset management - Role and contribution of procurement in asset management - Value creation and whole life value concepts - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal |
| Asset Disposal and End-of-Life Management | 15% | - Asset valuation and residual value calculation - Disposal options: sell, reuse, recycle, donate, scrap - Data management and asset record keeping - Environmental and legal obligations in disposal |
| Asset Planning and Acquisition | 25% | - Procurement processes for capital assets - Asset requirements definition and specification - Contract types and supplier selection for assets - Options appraisal: buy, lease, rent, outsource, in-house - Whole life costing and total cost of ownership |
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NEW QUESTION # 198
Which of the following statements holds true about inventory holding costs?
Answer: A
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.
NEW QUESTION # 199
Using consignment stocking with suppliers can assist with flexible warehousing when space is at a premium in the warehouse. Another advantage of using the consignment stocking approach is that ...
Answer: A
NEW QUESTION # 200
Company XYZ is a candy manufacturer. Company XYZ makes a batch of 1,000 Christmas candy canes that are no longer edible after December 31. Company XYZ is able to sell 750 canes of the batch, but the other
250 are sitting in the warehouse. December 31 comes, and these candy canes is no longer sell-able. The batch of 250 candy canes belongs to which type of inventory?
Answer: B
Explanation:
Obsolescent stock is stock, usually finished goods, which is in good condition and satisfactory working but for which demand is irreversibly falling towards zero. Once this demand reaches zero the stock can be considered 'obsolete'. It cannot be used or sold in its current state. Food ingredients (like candy canes) which are out of date are another example.
NEW QUESTION # 201
XYZ Ltd is a large retailer who offers a range of products with different margins. The warehouse manager suggests that different product groups should have different level of safety stock. The appropriate level of safety stock is typically determined by...?
Answer: B
Explanation:
Safety stock is the stock held as a contingency or insurance against disruption or unexpected de-mand.
Holding safety stock reduces the risks of stockouts, when an organisation is unable to meet an order or continue production due to lack of finished goods or input materials.
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) However, high levels of safety stocks also increase the inventory cost. There must be a balance between inventory costs and customer service. Thus, calculating the should-be safety stock based on a determined service level has long been recommended by many professionals.
Reference: CIPS study guide page 104-105
LO 2, AC 2.2
NEW QUESTION # 202
Jones Warehouse Services Limited has been using a manual handling system to move items throughout its warehouse. This setup is slow, uses more labor resources than automated systems, and recently, several errors and inaccuracies were uncovered in an audit. The company wants to introduce a system that minimizes human errors, lowers workplace risks, and reduces labor costs. Which of the following is a fast and efficient mechanical handling system for transporting a variety of different materials within a warehouse?
Answer: D
Explanation:
A conveyor system is an efficient and reliable method for transporting items within a warehouse. It reduces reliance on manual labor, lowering error rates and enhancing safety by minimizing the physical handling of goods. Conveyors can also be customized to transport various materials, improving productivity and ensuring consistent movement of goods. This aligns with whole-life asset management principles, which focus on efficiency, cost reduction, and risk mitigation across the asset's lifecycle.
NEW QUESTION # 203
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