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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Disposal and End-of-Life Management | 15% | - Data management and asset record keeping - Environmental and legal obligations in disposal - Asset valuation and residual value calculation - Disposal options: sell, reuse, recycle, donate, scrap |
| Topic 2: Principles of Whole Life Asset Management | 20% | - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Role and contribution of procurement in asset management - Definition, scope and importance of asset management - Value creation and whole life value concepts |
| Topic 3: Asset Operation, Maintenance and Performance | 25% | - Asset reliability, availability and risk management - Maintenance strategies: preventive, corrective, predictive - Inventory and spare parts management - Asset utilization and performance monitoring - Compliance, health, safety and environmental requirements |
| Topic 4: Sustainability, Ethics and Governance in Asset Management | 15% | - Ethical and responsible sourcing of assets - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles - Governance, standards and regulatory frameworks |
| Topic 5: Asset Planning and Acquisition | 25% | - Procurement processes for capital assets - Options appraisal: buy, lease, rent, outsource, in-house - Whole life costing and total cost of ownership - Asset requirements definition and specification - Contract types and supplier selection for assets |
>> Valid CIPS L4M7 Exam Answers <<
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NEW QUESTION # 246
The term triple bottom line refers to a method for organizations to measure performance in three ways. Which of the following describe the triple bottom line? Select THREE that apply.
* Economic sustainability
* Market sustainability
* Quality sustainability
* Environmental sustainability
* Technological sustainability
* Social sustainability
Answer: B
Explanation:
The triple bottom line (TBL) framework evaluates organizational performance based on:
* Economic sustainability: Focusing on financial stability and profitability.
* Environmental sustainability: Ensuring that business activities minimize negative ecological impacts.
* Social sustainability: Committing to ethical practices and community well-being.
TBL aligns with whole-life asset management principles by incorporating sustainability into asset use and disposal, ensuring long-term organizational value beyond just financial metrics.
NEW QUESTION # 247
A group of items which are stacked together for more convenient movement is called...?
Answer: C
Explanation:
Unit load is a term used to describe grouping of different items into a convenient stack or stacks which make them easy to handle and store. Typically this involves pallets and/or the plastic wrap-ping of a load.
Stacker is designed to lift and stack pallets. This one is fully mobile so can move easily around the warehouse.
An operator would typically sit or stand while driving like a counterbalanced, reach or straddle lift truck.
A load cell is a type of transducer, specifically a force transducer. It converts a force such as ten-sion, compression, pressure, or torque into an electrical signal that can be measured and standard-ized.
Unit price is the price of a single product or service, used for example when buying several things together to refer to the price of each one.
Reference: CIPS study guide page 60-61
LO 1, AC 1.3
NEW QUESTION # 248
A barcode is a series of vertical bars of varying widths in which each of the digits 0 to 9 are represented by a different pattern of bars that can be read by a laser scanner. Which of the following are disadvantages of using barcodes? Select THREE that apply.
* It requires optical line of sight (LOS) scanning to be effective
* It does not allow real-time data to be collected accurately
* Barcodes do not have read/write capabilities
* Data entry is a slow operation and prone to errors
* It is a new and unproven technology
* It is labour-intensive as it requires individual scanning
Answer: B
Explanation:
Barcode technology has several limitations:
* Requires line-of-sight scanning (LOS): Barcodes must be directly visible to scanners, reducing flexibility in scanning items in bulk.
* No read/write capabilities: Barcodes can only store static data, limiting functionality in dynamic inventory environments.
* Labour-intensive: Each barcode must be scanned individually, making it time-consuming in high- volume environments.
Despite these limitations, barcodes are widely used due to their low cost. Whole-life asset management often considers RFID as a more efficient alternative to barcodes, especially in high-value asset tracking.
NEW QUESTION # 249
Multiple approval levels for a small purchase request is an example of which type of waste?
Answer: B
Explanation:
Lean thinking aims to remove wastes from work processes. Before diving into the 8 wastes, it is important to understand what waste is. Waste is any action or step in a process that does not add value to the customer. In other words, waste is any process that the customer does not want to pay for.
The original seven wastes (Muda) was developed by Taiichi Ohno, the Chief Engineer at Toyota, as part of the Toyota Production System (TPS). The seven wastes are Transportation, Inventory, Motion, Waiting, Overproduction, Overprocessing and Defects. They are often referred to by the acronym 'TIMWOOD'. The
8th waste of non-utilized talent or 'Skills' of workers was later introduced in the 1990s when the Toyota Production System was adopted in the Western world. As a result, the 8 wastes are commonly referred to as
'TIMWOODS'.
Source: The lean way
Multiple approval levels for a small purchase request is an example of over-processing since this adds more unnecessary work to users and procurement professionals.
Reference: CIPS study guide page 127-129
LO 2, AC 2.3
NEW QUESTION # 250
Which of the following is the definition of work in progress inventory?
Answer: C
Explanation:
Work in progress is the stock part-way through a manufacturing process; in the service sectors the term is also used for anything between order and delivery.
NEW QUESTION # 251
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