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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principles of Whole Life Asset Management | 20% | - Value creation and whole life value concepts - Definition, scope and importance of asset management - Role and contribution of procurement in asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal |
| Topic 2: Asset Operation, Maintenance and Performance | 25% | - Asset utilization and performance monitoring - Inventory and spare parts management - Asset reliability, availability and risk management - Compliance, health, safety and environmental requirements - Maintenance strategies: preventive, corrective, predictive |
| Topic 3: Asset Disposal and End-of-Life Management | 15% | - Asset valuation and residual value calculation - Disposal options: sell, reuse, recycle, donate, scrap - Environmental and legal obligations in disposal - Data management and asset record keeping |
| Topic 4: Sustainability, Ethics and Governance in Asset Management | 15% | - Governance, standards and regulatory frameworks - Ethical and responsible sourcing of assets - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles |
| Topic 5: Asset Planning and Acquisition | 25% | - Options appraisal: buy, lease, rent, outsource, in-house - Whole life costing and total cost of ownership - Asset requirements definition and specification - Procurement processes for capital assets - Contract types and supplier selection for assets |
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NEW QUESTION # 226
Which of the following are common faults of coding?
* Making code words too long
* Not leaving room for expansion
* Data is slow to obtain from barcodes
* High training costs to use barcodes
Answer: B
Explanation:
Common coding faults include:
* Long code words: Codes that are too lengthy are challenging to use and may lead to errors.
* Lack of room for expansion: If codes cannot accommodate new items, future adjustments become difficult.
Efficient coding is essential for inventory tracking and asset management, enabling clear, scalable, and user- friendly identification systems.
NEW QUESTION # 227
A brewery sells its beer in aluminum cans. It recycles the cans by using contractors to collect and mold the used cans. This is an example of...?
Answer: C
Explanation:
There are two main processes of recycling - open loop recycling and closed loop recycling.
Open Loop Recycling
Open loop recycling is a method that delays disposal by converting manufactured goods and spent materials into both new raw materials, which can be used for a manufacturing purpose, as a fuel source for a different manufacturing process and waste products.
Typically, materials recycled through open-loop recycling will be used for purposes different from their original purpose.
This means that the input into the recycling process is converted to a new raw material, which can be used as an input into another manufacturing process.
Materials in an open loop recycling process are treated using various forms of treatment including heat, chemical reactions, or physical crushing.
Closed Loop Recycling
Closed loop recycling is a process where waste is collected, recycled and then used again to make the same product it came from. This process is restorative and regenerative by design and aims to keep materials at their highest utility and value always.
Closed loop recycling is focused on resource sustainability, which means that recycling of a material can be done indefinitely without degradation of properties. In this case, conversion of the used product back to raw material allows repeated making of the same product, which helps hazardous waste generators reduce carbon footprint and achieve corporate sustainability initiatives.
Closed-loop recycling is common in specialized industries, such as the computer and battery industries, which use expensive or complex goods that cannot easily be broken down post-consumption into constituent materials.
A prime example of a closed-loop recycling process is the recycling of aluminum cans. Aluminum can be recycled to form new cans with little material degradation or waste creation.
NEW QUESTION # 228
Extra units that are held in inventory to reduce the risks of stock-out are called...?
Answer: D
Explanation:
The safety stock (or buffer stock) is the stock level that limits stock shortages due to unforeseen events (forecasts not in line with demand, longer than expected supply time, etc...) Demand variance is the degree to which the demand in a fixed period deviates from the average demand of the same period.
A reorder point is the unit quantity on hand that triggers the purchase of a predetermined amount of replenishment inventory.
The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules.
Reference:
LO 2, AC 2.1
NEW QUESTION # 229
U-shape flow layout can utilise handling equipment if the high demands items locate adjacent to shipping docks. Is this statement true?
Answer: A
Explanation:
A 'U' flow occurs when the goods receipt and dispatch functions are located at the same end of a warehouse building.
Products flow in at receiving, move in to storage in the back of the warehouse, and then to shipping, which is located at the adjacent to receiving on the same side of the building.
Items with higher throughput level are located closer to the loading bays. An example of a 'U' flow design can be seen in the diagram below.
Advantages of 'U' Flow
- Excellent utilization of dock resources because the receiving and shipping processes can share dock doors
- Facilitating cross-docking because the receiving and shipping docks are adjacent to one another and may be co-mingled
- Excellent lift truck utilization because put away and retrieval trips are easily combined and be-cause the storage locations closest to the receiving and shipping docks are natural locations to house fast moving items
- Yields excellent security because there is a single side of the building used for entry and exit
NEW QUESTION # 230
Which of the following statements is true of just-in-time (JIT) purchasing?
Answer: B
Explanation:
Just-in-time (JIT) purchasing is a systems approach for developing and operating the purchasing function. JIT purchasing along with the total quality management in many industries has been suc-cessful in reducing inventory and increasing the overall effectiveness of purchasing function and hence the productivity of manufacturing.
The just-in-time objectives of eliminating waste can be summarised in the 'five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
The correct answer should be 'In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales' because it expresses that upstream activity (purchasing) only occurs as the downstream activity (production or sales) triggers.
NEW QUESTION # 231
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