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| Section | Objectives |
|---|---|
| Topic 1: Operation and Maintenance | - Asset performance and reliability
|
| Topic 2: Disposal and End-of-Life Management | - Asset disposal strategies
|
| Topic 3: Understanding Asset Management | - Principles of whole life asset management
|
| Topic 4: Risk and Value Management | - Managing asset-related risk
|
| Topic 5: Asset Acquisition and Procurement | - Sourcing and procurement of assets
|
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NEW QUESTION # 271
Which of the following are advantages for a purchasing organisation when adopting a leasing method of acquiring equipment?
* The initial purchase cost of the equipment is avoided
* The payments can be met from daily trading income
* The buyer can freely switch to newer technology whenever they wish
* The buyer is not responsible for any damage at the end of the contract
Answer: C
NEW QUESTION # 272
One of the important outputs of an MRP system is the material requirement plan. This plan shows the net requirements for materials or components to make the final product. Which of the following best describes the net material requirements?
Answer: D
Explanation:
The net requirements are worked out using the following equation:
Net requirements = Total requirements - Available inventory
Where:
Total requirements = Gross requirements
Available inventory = Inventory on-hand + Units on-order
In the other words: Net requirements = Gross requirements - Inventory on-hand - Units on-order Inventory on-hand is also known as Inventory level, whereas Units on-order can be called Scheduled receipt.
Reference: CIPS study guide page 117
LO 2, AC 2.3
NEW QUESTION # 273
When considering the purchase of a capital asset, there are a number of factors to consider. These include cost of operation, spares, disposal and reuse. Which other factors could be considered?
1. Who owns the equipment
2. Compatibility with existing equipment
3. Contribution to turnover
4. Cost of maintenance
Answer: B
NEW QUESTION # 274
XYZ Ltd is a large retailer who offers a range of products with different margins. The warehouse manager suggests that different product groups should have different level of safety stock. The appropriate level of safety stock is typically determined by...?
Answer: B
Explanation:
Safety stock is the stock held as a contingency or insurance against disruption or unexpected de-mand.
Holding safety stock reduces the risks of stockouts, when an organisation is unable to meet an order or continue production due to lack of finished goods or input materials.
For single items, an extra investment in inventory (higher levels of safety stock) will always in-crease customer service levels. Conversely, higher service levels imply larger quantities of safety stocks and an increased investment in inventory. (Procurement and Supply Chain Management - 9th Edition) However, high levels of safety stocks also increase the inventory cost. There must be a balance between inventory costs and customer service. Thus, calculating the should-be safety stock based on a determined service level has long been recommended by many professionals.
NEW QUESTION # 275
Which of the following are the different types of inventory that a manufacturing company usually has?
1. Work in progress
2. Economic order quantity
3. Raw materials
4. Finished goods
Answer: C
Explanation:
The normal breakdown in a manufacturing organisation would be raw materials, components, work in progress and finished goods.
Following are the different types of inventory:
Raw materials are the basic materials that a manufacturing company buys from its suppliers, and that is used by the former to convert them into the final products by applying a set of manufacturing processes. For example, aluminum scrap is the raw material for a company that produces aluminum ingots. Flour is the raw material for a company that produces bread or pizza. Similarly, metal parts and ingots are the raw materials bought by a company that manufactures cars, and crude oil is the raw material for an oil refinery.
Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. These are the partly processed raw materials lying on the production floor. And they have also not reached the stage where they have been converted into the final product.
Finished goods are indeed the final products obtained after the application of the manufacturing processes on the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the core operations of the company.
NEW QUESTION # 276
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