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| Section | Objectives |
|---|---|
| Risk and Value Management | - Managing asset-related risk
|
| Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
| Operation and Maintenance | - Asset performance and reliability
|
| Disposal and End-of-Life Management | - Asset disposal strategies
|
| Understanding Asset Management | - Principles of whole life asset management
|
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NEW QUESTION # 176
Which of the following should be considered when an organisation plans for disposing obsolescent and redundant stock? Select TWO that apply.
Answer: A,C
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 # 177
When deciding on the storage facilities and locations, an organisation needs to assess the current situation comprehensively and forecast the future demands. Quantitative analysis is the best method for these activities. Is this statement true?
Answer: B
Explanation:
Decisions regarding stores and warehouse locations involve a complex range of issues that are unique to each business. Most storage facilities and location decisions are based on a combination of qualitative and quantitative analysis.
Qualitative analysis uses subjective judgment to analyze a situation based on non-quantifiable in-formation, such as potential markets for new products, forecast on possible risks that may happen, etc.
Quantitative analysis (QA) is a technique that uses mathematical and statistical modeling, meas-urement, and research to understand behavior. Quantitative analysts represent a given reality in terms of a numerical value. This may include the following:
- Cost analysis for the current premises and future predictions based on current premises
- Cost analysis for routine operations
- Current inventory performance measures: lead times, service levels, rate of stock turn, stock-outs in a given period and stock cover To get a big picture of current situation and future demands, organisation should combine both qualitative and quantitative methods so that useful information is achieved and well-informed decisions are made.
Reference:
LO 1, AC 1.1
NEW QUESTION # 178
Which of the following statements holds true about inventory holding costs?
Answer: B
Explanation:
Holding costs (carrying costs) are the costs associated with the storage and handling of physical stock. There are two different types of holding costs:
- Costs related to the value of the goods: financial costs (i.e. the interest on the working capital tied up in inventory, which may be the bank borrowing rate or the company's target for return on capital); cost of insurance; losses due to product deterioration; losses due to obsolescence and redundancy of inventory; losses due to theft, accidental damage etc.
- Costs related to the physical characteristics of the inventory include the following: storage space; power, heat and lighting of the store; movement equipment; labour costs; administration costs.
Reference: CIPS study guide page 100-101
LO 2, AC 2.2
NEW QUESTION # 179
The purchase-order lead time is the...?
Answer: A
Explanation:
Purchase order lead time (POLT) refers to the number of days from when a company places an order for production inputs it needs, to when those items arrive at the manufacturing plant.
LO 2, AC 2.3
NEW QUESTION # 180
Which of the following are objectives of Just-in-Time (JIT) in the control of inventory? Select TWO that apply.
* To reduce the possible effect of stockout situations by increasing the level of buffer stocks
* To have sufficient safety stock to cover shortages due to the extension of lead time
* To ensure that products are free from defects and meet the quality expectations of the customer
* To reduce work-in-progress, finished goods, and sub-assembly inventories to zero
* To ensure that the cost of holding inventory is directly proportional to the value of the inventory
Answer: C
Explanation:
Just-in-Time (JIT) aims to:
* Improve quality by ensuring defect-free products that meet customer expectations.
* Reduce inventory levels: The JIT approach minimizes holding costs by producing and delivering goods as needed.
Whole-life asset management values JIT for optimizing inventory control, reducing waste, and enhancing quality while keeping storage costs minimal.
NEW QUESTION # 181
......
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