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CIPS L4M7 Certification Exam covers a range of topics related to life cycle management of assets, including asset identification, data collection, analysis, and decision-making processes. It also covers important topics such as risk management, maintenance strategies, and sustainability principles. L4M7 Exam is designed to provide candidates with a comprehensive understanding of the principles and practices of whole life asset management.
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CIPS L4M7 Exam is ideal for professionals who have already completed the CIPS Level 4 Diploma in Procurement and Supply, or who have equivalent qualifications or experience. It is also suitable for those who are currently working in asset management roles or who are looking to transition into this field.
NEW QUESTION # 88
Which of the following are advantages of a multi-story warehouse compared to a single-story warehouse?
* Heavier, frequently moved items will always be stored on the upper floor of a multi-story warehouse
* Order tracking technology is more effective and efficient in a multi-story warehouse
* There are more options for the storage of inventory by volume, weight, and frequency of movement in a multi-story warehouse
* The cost of land is likely to be less for a multi-story warehouse compared to a single-story warehouse for a similar product volume
Answer: B
NEW QUESTION # 89
"A measure of the ability of an organisation to supply customers without delay" is the best defini-tion of which of the following:
Answer: A
Explanation:
In inventory management, service level is the expected probability of not hitting a stock-out during the next replenishment cycle or the probability of not losing sales.
Key performance indicators (KPIs) can be used to analyse data based on performance objectives and set actionable goals for improvement. KPIs can be developed in conjunction with suppliers as well as others, and can be used to measure the essential elements of the process.
Safety stock is the amount of inventory a business needs to have to achieve a certain level of risk mitigation when it comes to stockouts.
Reorder level (or reorder point) is the inventory level at which a company would place a new order or start a new manufacturing run.
Reference:
LO 2, AC 2.3
NEW QUESTION # 90
RFID uses radio frequencies for the purpose of identification and tracking of assets. Which of the following are disadvantages of using RFID? Select THREE that apply.
* RFID can be too expensive for many applications compared to other tracking and identification methods
* RFID tags have a limited amount of memory and are less effective than other product tracking systems
* It is difficult for an RFID reader to read the information where tags are installed in liquid or metal products
* Interference has been observed to take place in RFID systems when devices such as hand-held, portable, two-way radios are in use
* RFID provides a much less robust type of security compared to other forms of scanning systems
* RFID is a restriction in managing the updates of stocks during the transportation of products
Answer: A
Explanation:
RFID technology, while advanced, has several limitations:
* Cost: RFID can be expensive, particularly for smaller operations.
* Reading limitations with certain materials: Liquids and metals can interfere with RFID signals, limiting their effectiveness.
* Interference: Devices such as radios can disrupt RFID systems, reducing reliability.
In whole-life asset management, these disadvantages may affect the decision to implement RFID, especially in cost-sensitive or materials-sensitive applications.
NEW QUESTION # 91
Which of the following are subjective forecasting techniques? Select TWO that apply.
Answer: A,C
Explanation:
The most common subjective forecasting techniques include the following:
- Market surveys
- Employee surveys
- Expert knowledge (Delphi method is a method using expert knowledge)
- Test marketing
Cycle counting is a periodic analysis of inventory in a storage location which is conducted through the counting of samples instead of physically counting the entire inventory available, so as to quickly have an accurate estimate of the inventory available without causing a stop to the day to day working as is the case with physically counting every unit.
The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of fac-tor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.
Weighted moving averages assign a heavier weighting to more current data points since they are more relevant than data points in the distant past. The sum of the weighting should add up to 1 (or 100 percent).
NEW QUESTION # 92
Which of the following costs can be classified as 'acquisition costs'?
* Invitation to tender and order processing costs
* Invoice processing and supplier selection costs
* Goods inspection and total ownership cost
* Total input costs and invoice processing cost
Answer: D
NEW QUESTION # 93
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