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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: 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 - Contract types and supplier selection for assets - Asset requirements definition and specification |
| Topic 2: Asset Operation, Maintenance and Performance | 25% | - Asset utilization and performance monitoring - Compliance, health, safety and environmental requirements - Inventory and spare parts management - Asset reliability, availability and risk management - Maintenance strategies: preventive, corrective, predictive |
| Topic 3: Asset Disposal and End-of-Life Management | 15% | - Disposal options: sell, reuse, recycle, donate, scrap - Data management and asset record keeping - Asset valuation and residual value calculation - Environmental and legal obligations in disposal |
| Topic 4: Principles of Whole Life Asset Management | 20% | - Definition, scope and importance of asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Value creation and whole life value concepts - Role and contribution of procurement in asset management |
| Topic 5: Sustainability, Ethics and Governance in Asset Management | 15% | - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles - Ethical and responsible sourcing of assets - Governance, standards and regulatory frameworks |
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NEW QUESTION # 150
Which of the following best describes available inventory (also known as inventory position)?
Answer: A
Explanation:
Available inventory (or Inventory position - IP) is equal to inventory on-hand plus quantity on order minus backorder (if any) Reference:
LO 2, AC 2.3
NEW QUESTION # 151
Which of the following is the Japanese word for 'billboard' or 'signboard'?
Answer: D
Explanation:
Kanban (看板) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in-time manufacturing (JIT).
Poka-yoke (ポカヨケ, [poka yoke]) is a Japanese term that means "mistake-proofing" or "inadvertent error prevention". A poka-yoke is any mechanism in any process that helps an equipment operator avoid (yokeru) mistakes (poka). Its purpose is to eliminate product defects by preventing, correcting, or drawing attention to human errors as they occur.
Kaizen is a concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. Kaizen (改善) is the Sino-Japanese word for "improvement". Kaizen also applies to processes, such as purchasing and logis-tics, that cross organizational boundaries into the supply chain.
Muda (無駄, on'yomi reading) is a Japanese word meaning "futility; uselessness; wastefulness", and is a key concept in lean process thinking, like the Toyota Production System (TPS) as one of the three types of deviation from optimal allocation of resources (the others being mura and muri). Waste reduction is an effective way to increase profitability.
Reference:
LO 2, AC 2.3
NEW QUESTION # 152
Which of the following are likely to be included in a formal business case document for stakeholders to support the purchase of a new piece of specialist equipment?
* The conformance standard that relates to the future operation of the equipment
* The context of proposed purchase in relation to business strategy alignment
* Resource requirements including the managerial and operational team resources
* The planned preventative maintenance plan for the equipment to ensure effectiveness
Answer: C
NEW QUESTION # 153
Which of the following should be considered when an organisation plans for disposing obsolescent and redundant stock? Select TWO that apply.
Answer: A,D
Explanation:
If the planning and mitigation measures fail and redundant or obsolete stock is identified, it needs to be removed from the current inventory location as quickly as possible. There are some methods to deal with these types of stock. The worst case scenario is disposal to landfill, which is inadvisable if it can be avoided, both from environment point of view and the financial costs of such disposal.
For example, the problem of obsolete pesticides remains extremely serious and urgent. Many of the stocks identified continue to deteriorate thereby giving rise to an ever escalating source of severe pollution and posing a threat to human health, the environment and development in particular. To reduce the impact of obsolete pesticides on environment, FAO initiated a project in Yemen in which a total of 262 tonnes of obsolete pesticides were removed from 20 different sites and successfully disposed of between March and June 1996. The major field operation was completed in six weeks during which period almost all obsolete pesticides were brought to a central location and subsequently shipped to the United Kingdom for incineration.
Reference: CIPS study guide page 89
LO 2, AC 2.1
NEW QUESTION # 154
Which of the following is the most suitable container of fasteners (screws, nails, nuts and bolts,...)?
Answer: A
Explanation:
Tote box is the reusable storage box. These can be open or have lids or flaps to close them and come in a large variety of sizes and weight loadings.
A tote is ideal for holding and hauling items such as: tools, fasteners, bark dust, dry cement, cords, wires, smaller boxes,...
Pallets are the platform structures designed to support a load and be lifted using the forks (typically seen on forklift trucks and other equipment). These are in a variety of standard sizes and can be made of many materials including plastics, resin, board or timber. Pallets are not containers, but support platforms.
Bar racks are designed to store bars and pipes
Stock cages are available in many sizes and can hold single items or groups of items Reference: CIPS study guide page 18 LO 1, AC 1.1
NEW QUESTION # 155
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