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| Section | Weight | Objectives |
|---|---|---|
| Sustainability, Ethics and Governance in Asset Management | 15% | - Governance, standards and regulatory frameworks - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles - Ethical and responsible sourcing of assets |
| Asset Planning and Acquisition | 25% | - Whole life costing and total cost of ownership - Asset requirements definition and specification - Options appraisal: buy, lease, rent, outsource, in-house - Contract types and supplier selection for assets - Procurement processes for capital assets |
| 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 |
| Principles of Whole Life Asset Management | 20% | - Role and contribution of procurement in asset management - Definition, scope and importance of asset management - Value creation and whole life value concepts - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal |
| Asset Operation, Maintenance and Performance | 25% | - Compliance, health, safety and environmental requirements - Asset reliability, availability and risk management - Inventory and spare parts management - Asset utilization and performance monitoring - Maintenance strategies: preventive, corrective, predictive |
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NEW QUESTION # 199
A hospital is purchasing a new software product that will advise nurses when to give medications to hospitalised patients. This is a mobile application that will be used on tablets carried by the nurses. The software is being developed and tested by a company that specialises in mobile medical applications. This software will interface with existing hospital software that orders the medications from the pharmacy. Which acceptance test activity will be required to check whether the new software integrates well with current IT system?
Answer: A
Explanation:
In the scenario, one of the requirements for the new software is that the new one will interface with current system. Compatibility testing would be the most appropriate test here.
There are also other acceptance tests that are mentioned in L4M7 study guide:
- Health and safety test aims at establishing new health and safety routines, providing guidance notices and documentation and ensuring designed-in safety in operation.
- Stress testing (sometimes called torture testing) is a form of deliberately intense or thorough testing used to determine the stability of a given system, critical infrastructure or entity. It involves testing beyond normal operational capacity, often to a breaking point, in order to observe the results.
- A dry run (or a practice run) is a testing process where the effects of a possible failure are inten-tionally mitigated. For example, an aerospace company may conduct a "dry run" test of a jet's new pilot ejection seat while the jet is parked on the ground, rather than while it is in flight.
The usage of "dry run" in acceptance procedures (for example in the so-called FAT = factory ac-ceptance testing) is meant as following: the factory - which is a subcontractor - must perform a complete test of the system it has to deliver before the actual acceptance by customer.
Reference:
LO 3, AC 3.1
NEW QUESTION # 200
In ABC analysis, category C is also known as...?
Answer: A
Explanation:
Tail Spend is derived from ABC Analysis, Class A high value suppliers, Tail Spend is formed from class B & C suppliers, equates to 20% of the total spend, B is Mid Tail and C is Long tail. Effective Spend Analysis and tail spend management, ensures that procurement can focus on creating an optimum and efficient sourcing strategy.
Procurement Spend Analysis
Procurement organisations effectively identify and manage suppliers using a sourcing strategy. Tail suppliers normally have low strategic value and makes the category management, very difficult . Spend Analysis and Category Management are very closely aligned, Spend Analysis including ABC, provides the category manager, with spend visibility.
Spend Analysis and procurement metrics are used to create category plans, build supplier relation-ships, to maintain service levels and deliver the best possible price and quality for goods and ser-vices bought. The acquisition of Spend data and subsequent Spend Analysis, provides Category Managers access to a well- structured procurement process, Reference: CIPS study guide page 95 LO 2, AC 2.1
NEW QUESTION # 201
Which of the following is an acquisition cost under the concept of the total cost of ownership?
Answer: A
Explanation:
Acquisition costs include all expenses incurred to bring an asset to its operational state, such as installation and commissioning. These costs are essential to the total cost of ownership (TCO) in whole-life asset management, helping organizations understand the full initial investment required to make the asset usable.
NEW QUESTION # 202
Bulk loose coal that requires massive handling system should be stored in which area?
Answer: A
Explanation:
Materials that will not easily deteriorate, are generally stored in open or fairly covered areas (stockyard). The materials are usually in bulk, like steel plates or coils casting, timber coal, steel barrels, cable drums, piping, lampposts, lorries, etc.
Stockyards are open or semi-covered areas that are used for the following:
- Bulk loose or packaged materials
- Bulky or oversized items that may be difficult to move inside
- Materials that may require specialised handling, loading or unloading Below image shows the example of a stockyard that stores loose coal and its handling system.
LO 1, AC 1.1
NEW QUESTION # 203
Which of the following factors can be considered when selecting the location of a new warehouse facility?
Select THREE that apply.
* Cost of land
* Product pricing
* The nature of the items to be stored
* Access to transport infrastructure
* The reputation of the company
* Profit margin
Answer: A
Explanation:
Warehouse location selection depends on:
* Land cost: Directly affects budget planning and long-term operational expenses.
* Nature of items to be stored: Determines special requirements (e.g., climate control).
* Access to transport: Proximity to transport hubs reduces logistics costs and improves efficiency.
These considerations are critical for effective whole-life asset management, optimizing operational costs and logistics.
NEW QUESTION # 204
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