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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: 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 2: Asset Operation, Maintenance and Performance | 25% | - Compliance, health, safety and environmental requirements - Maintenance strategies: preventive, corrective, predictive - Inventory and spare parts management - Asset reliability, availability and risk management - Asset utilization and performance monitoring |
| Topic 3: Asset Planning and Acquisition | 25% | - Contract types and supplier selection for assets - Whole life costing and total cost of ownership - Procurement processes for capital assets - Asset requirements definition and specification - Options appraisal: buy, lease, rent, outsource, in-house |
| Topic 4: Principles of Whole Life Asset Management | 20% | - Role and contribution of procurement in asset management - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Definition, scope and importance of asset management - Value creation and whole life value concepts |
| Topic 5: Asset Disposal and End-of-Life Management | 15% | - Asset valuation and residual value calculation - Environmental and legal obligations in disposal - Data management and asset record keeping - Disposal options: sell, reuse, recycle, donate, scrap |
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NEW QUESTION # 168
Zemora Clothing Inc. receives high-priced garments with devices hidden inside the lining. This is done to avoid possible fraudulent removal of the garments from the shop. These tags are activated when the items arrive at the stores. When a garment Is moved by a customer from a display area, security employees receive an initial alert. An alarm rings if the customer passes through the doors of the shop without paying for the items. Which of the following order tracking technology is used by this company?
Answer: C
NEW QUESTION # 169
What is the stock turn for a store holding products to the value of ยฃ250,000 with annual sales of these products amounting to ยฃ1,000,000?
Answer: D
Explanation:
Calculating Inventory Turnover (Stock Turn)
As with a typical turnover ratio, inventory turnover details how much inventory is sold over a period. To calculate the inventory turnover ratio, cost of goods (COGS) is divided by the average inventory for the same period.1 Cost of Goods Sold รท Average Inventory or Sales รท Inventory In this exercise, the stock turn equal to sales divided by inventory, or 1,000,000:250,000 = 4.
Reference: CIPS study guide page 131
LO 2, AC 2.3
NEW QUESTION # 170
International Standard Book Number (ISBN) is a unique international identification system for each product form or edition of a monographic publication published or produced by a specific publisher. ISBN is an example of...?
Answer: C
Explanation:
The International Standard Book Number (ISBN) is a numeric commercial book identifier which is intended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency. ISBN is standardised by ISO 2108:2017. ISBN is an example of industry standard code as it applies to commercial books around the world.
Check digits are additional numbers or characters added to codes that a computer uses to verify the number is valid. The intention is to reduce the likelihood of miskeying an item and hitting an alternative live item. More often, a system is devised which a computer can calculate using combination of numbers.
Own product code system: an organisation will use its own product code system. This has the ad-vantage that the organisation can construct a code that is effective and fits with its software and variety of items covered.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO) (formerly the Customs Co-operation Council), an independent intergovernmental organization based in Brussels, Belgium, with over 200 member countries.
NEW QUESTION # 171
Which is the best definition of reorder point?
Answer: B
Explanation:
Reorder point is the point either in time or in a process when the next order should be placed.
Reference: CIPS study guide page 113
LO 2, AC 2.3
NEW QUESTION # 172
ATT is a small retailer that specializes in selling 'seasonal goods' which change throughout the year. Some products need regular reordering and some only require a start-of-season single order. Sales volumes are unpredictable and variable. Ordering is from multiple suppliers with variable lead times (between two weeks and two months). ATT has no computerized stock management system but can monitor product sales through the barcode-equipped point-of-sale (POS) system.
Which of the following would be appropriate to support ATT for its stock monitoring and reorder requirements?
Answer: B
Explanation:
Variable periodic reviews enable ATT to manage seasonal goods effectively by adjusting ordering based on:
* Lead times and sales volume: Classifying products by these factors helps in planning, aligning with varying supplier delivery times and unpredictable sales demand.
Implementing a JIT or MRP system would require more sophisticated management tools, making option C the most feasible. This method aligns with whole-life asset management by supporting efficient inventory planning while minimizing stockouts or overstock situations.
NEW QUESTION # 173
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