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| Section | Objectives |
|---|---|
| Topic 1: Understand inventory control and management | - Inventory classification and control methods - Storage and warehousing principles - Demand forecasting and planning |
| Topic 2: Understand the role of technology in asset management | - Asset tracking and monitoring systems - Data management and analytics - Emerging technologies in asset management |
| Topic 3: 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 |
| Topic 4: Understand the concept of whole-life asset management | - Explain the whole-life cost approach - Define asset management and its role in procurement - Identify key stakeholders in asset management |
| Topic 5: Understand the legal and regulatory requirements | - Environmental and sustainability considerations - Contractual and warranty obligations - Health and safety regulations |
| Topic 6: 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 # 115
In the periodic review system, the order quantity is the same for each order. Is this statement true?
Answer: D
Explanation:
Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies. The system also contains a target inventory level, R, which is restored when order received. The order quantity is calculated as:
Q = R - IP
where: Q = order quantity
R = target inventory level
IP = inventory position
Inventory position (IP) is equal to inventory on-hand plus quantity on order minus backorder (if any) The order quantity varies because the inventory position at each review point differs from each other.
LO 2, AC 2.3
NEW QUESTION # 116
Which of the following code systems is commonly used by governments as a basis for their Cus-toms tariffs and for the collection of international trade statistics?
Answer: B
Explanation:
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.
The Global Trade Item Number (GTIN) is an identifier for trade items, developed by GS1. Such identifiers are used to look up product information in a database (often by entering the number through a barcode scanner pointed at an actual product) which may belong to a retailer, manufacturer, collector, researcher, or other entity.
The Global Location Number can be used by companies to identify their locations, giving them complete flexibility to identify any type or level of location required.
The International Mobile Equipment Identity (IMEI) is a number, usually unique, to identify 3GPP and iDEN mobile phones, as well as some satellite phones.
Reference: CIPS study guide page 39
LO 1, AC 1.2
NEW QUESTION # 117
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: C
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.
Reference:
LO 2, AC 2.1
NEW QUESTION # 118
"A measure of the ability of an organisation to supply customers without delay" is the best defini-tion of which of the following:
Answer: C
Explanation:
In inventory management, service level is the expected probability of not hitting a stock-out during the next replenishment cycle or the probability of not losing sales.
Key performance indicators (KPIs) can be used to analyse data based on performance objectives and set actionable goals for improvement. KPIs can be developed in conjunction with suppliers as well as others, and can be used to measure the essential elements of the process.
Safety stock is the amount of inventory a business needs to have to achieve a certain level of risk mitigation when it comes to stockouts.
Reorder level (or reorder point) is the inventory level at which a company would place a new order or start a new manufacturing run.
NEW QUESTION # 119
Is it correct to state that the accuracy of demand forecasts depends on the accuracy of the available information?
Answer: A
Explanation:
Demand forecasting accuracy relies on the validity and reliability of available data. Forecasting is strengthened when information sources are credible, accurate, and consistently updated. In whole-life asset management, precise forecasting minimizes excess inventory and aligns inventory levels with demand, reducing holding costs and improving supply chain efficiency.
NEW QUESTION # 120
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