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These questions will familiarize you with the L4M7 exam format and the content that will be covered in the actual test. You will not get a passing score if you rely on outdated practice questions. ITCertMagic has assembled a brief yet concise study material that will aid you in acing the CIPS Whole Life Asset Management (L4M7) exam on the first attempt. This prep material has been compiled under the expert guidance of 90,000 experienced CIPS professionals from around the globe.
CIPS L4M7 (CIPS Whole Life Asset Management) Exam is a certification exam that assesses the knowledge and skills of professionals in the field of asset management. Asset management is a critical function in any organization as it involves the management of assets, including physical, financial, and intellectual assets, throughout their lifecycle. L4M7 exam is designed to test the candidates' ability to manage assets efficiently and effectively, from acquisition to disposal.
CIPS L4M7 Exam is ideal for professionals who have a background in asset management or related fields such as engineering or facilities management. It is also suitable for professionals who are looking to transition into asset management from other industries. L4M7 exam is designed to cater to a wide range of professionals, regardless of their industry background.
The CIPS Whole Life Asset Management L4M7 Questions lead to CIPS L4M7 certification. The L4M7 certification is for anyone new to the industry. Whether you have just graduated from college, making a career change, already working in the sector, or searching for new ways to progress, the CIPS L4M7 Certification is ideal for you. If you want to appear in the L4M7 test of CIPS L4M7 certification, you should have basic hands-on experience.
CIPS L4M7 Exam is ideal for professionals who are looking to enhance their knowledge and skills in the field of asset management. L4M7 exam is suitable for individuals who are involved in the management of physical assets, such as buildings, infrastructure, and equipment. It is also suitable for professionals who are involved in the management of other types of assets, such as financial assets or intellectual property.
NEW QUESTION # 270
Which among the following are the tools for reducing acquisition costs in purchasing?
1. Procurement card
2. Automated Storage & Retrieval System
3. Porter's value chain
4. P2P system
Answer: A
Explanation:
There are several methods to reduce the acquisition costs in procurement. L4M7 study guide lists the following methods:
- Buyer discretionary spend
- 'User buying'
- Vendor managed inventory (VMI)
- Two-bin Kanban
- Product catalogue
- e-Procurement techniques, including some systems such as ERP, procure-to-pay (P2P), e-requisition, e-tendering, etc.
- Procurement cards
Reference:
LO 3, AC 3.1
NEW QUESTION # 271
XYZ Inc opens a tender to purchase new forklift trucks for their new established warehouse. In the final round, there are two suppliers remain who offer two different bids. Supplier A's bid has high initial investment. After calculating the net present value, the NPV in year five is positive. On the other hand, supplier B's bid has low purchase price, with the NPV in year five is negative. If the NPV is the sole selection criterion, XYZ Inc should select the bid which has...?
Answer: A
Explanation:
Net present value (NPV) is the 'today' net value that deprives from 'future' cash flow of an invest-ment or a capital purchase. Net Present Value is a helpful tool for assessing the total lifetime value of an investment.
Procurement professionals or investors can base on this value to make decision to achieve value for money.
Generally, an organisation should select the offer which has the highest NPV among their options. Preferably, the NPV of an capital investment should be positive, which means the investment eventually adds value to the business.
Reference: CIPS study guide page 177
LO 3, AC 3.2
NEW QUESTION # 272
Which of the following statements about radio frequency identification (RFID) is NOT true?
Answer: A
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.
Reference: CIPS study guide page 49-50
LO 1, AC 1.2
NEW QUESTION # 273
XYZ Ltd is a major distributor of electrical equipment protection products in the United States. XYZ found that there was a lack of communication between the company and its key supplier, leading to the supplier trying to predict distributor needs and distributor attempting to estimate lead times. Essentially, both the supplier and the distributor have different sets of information, spending time and money trying to predict what the other will do. To deal with this problem, XYZ Ltd decides to implement new inventory management method in which the supplier manage the replenishment of items for sale.Both parties are obliged to share information on variations in demand and stock levels for goods used for or sale. Which inventory management method is XYZ Ltd implementing?
Answer: C
Explanation:
Vendor Managed Inventory (VMI) is a business model where the buyer of a product provides in-formation to a vendor of that product and the vendor takes full responsibility for maintaining an agreed inventory of the material, usually at the buyer's consumption location.
Floor-Ready Merchandise can be defined as the merchandise that is pre-tagged, pre ticketed and pre-occupied with all the necessary details and information such as marked to their specifications for style, size, type, color and price, this information is required in the retail store and is done before it reaches the retail store.
Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. This production-scheduling model was developed in 1913 by Ford W. Harris and has been refined over time. The formula assumes that demand, ordering, and holding costs all remain constant.
The full definition of reverse logistics, as according to The Council of Logistics Management, is the process of implementing, controlling, and planning the cost-effective flow of finished goods, raw materials, and in- process inventory. The flow is from the point of consumption (i.e. the customer) to the point of origin (i.e. the manufacturer), to properly dispose of these or to recapture value.
In the scenario, XYZ solves the current situation by letting the supplier to management the inventory and sharing stock level information with the supplier. Vendor managed inventory is the most suitable answer.
NEW QUESTION # 274
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: C
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 # 275
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