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| Section | Objectives |
|---|---|
| Understand the role of technology in asset management | - Asset tracking and monitoring systems - Emerging technologies in asset management - Data management and analytics |
| Understand the financial aspects of whole-life asset management | - Total cost of ownership calculations - Budgeting and forecasting for assets - Financial justification and business case development |
| Understand the concept of whole-life asset management | - Define asset management and its role in procurement - Identify key stakeholders in asset management - Explain the whole-life cost approach |
| Understand inventory control and management | - Inventory classification and control methods - Storage and warehousing principles - Demand forecasting and planning |
| Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Contractual and warranty obligations - Health and safety regulations |
| Understand the key elements of whole-life asset management | - Operation and maintenance planning - Acquisition and procurement strategies - Disposal and end-of-life considerations |
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NEW QUESTION # 47
Perm Limited has a small warehouse where staff find it difficult to estimate when a supplier's shipment will arrive. This issue has affected business planning. Which of the following could Penu Limited use to provide real-time data on the status of orders and deliveries in the supply chain?
Answer: A
NEW QUESTION # 48
Which of the following statements about radio frequency identification (RFID) is NOT true?
Answer: B
Explanation:
RFID tags have very limited range. The following table was extracted from Wikipedia:
RFID tags can be used to do the following:
- Track individual items
- Track boxes of products, cages of products and pallet
- Track containers with multiple loads
- Locate equipment within a building
- Trigger alarms should equipment or stock be removed without authorisation.
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate. RFID chips are very small integrated circuit incorporating a small memory capability
- many are smaller than 2mm square and 2mm thick. Despite its size, many can hold 2000 characters of data.
Many retailers simply use the tag as a thick label and print both sides with product information and perhaps a barcode.
It is important to note that there are multiple standards in use for RFID - some of these are standardised for industries but there are also national standards in operations. These standards need to be investigated before investment as not all readers work with all cards. GS1 is a non-for-profit organisation which make the standards for barcodes and RFID.
NEW QUESTION # 49
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 # 50
In a manufacturing facility, which types of inventory have the lowest value?
1. Finished goods
2. Secondary components
3. Work in progress
4. Raw materials
Answer: B
Explanation:
Raw materials are basic input materials - they are only processed limitedly or have not been pro-cessed at all.
Their values are equal to acquisition cost and are the lowest value of stock held.
Secondary components are the products that are combined with others to produce the finished goods. They are acquired in the processed state. Their value is higher than raw materials, but still at acquisition cost.
Work in progress is the stock part-way through manufacture that has not been finished. It is typically not completed yet, so it doesn't have full value. But the costs of processing already carried out makes it more valuable than materials and components.
Finished goods are completed and ready to be used or sold. Finished goods are the most expensive and need to be stored in good conditions.
NEW QUESTION # 51
A manufacturer has discovered that some of the stock in its storeroom is obsolete, and now wishes to take the appropriate action. Should the manufacturer write the stock off?
Answer: A
Explanation:
Writing off obsolete stock is standard practice as it no longer holds any value for the organization. This allows for accurate financial reporting by removing items that cannot be sold or used from the balance sheet.
Including it in closing stock would misrepresent asset values, while leaving it unsorted wastes valuable space.
Whole-life asset management emphasizes disposal or recycling options to avoid holding costs for unused assets, reducing storage costs and improving warehouse efficiency.
NEW QUESTION # 52
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