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| Section | Objectives |
|---|---|
| Understand the key elements of whole-life asset management | - Acquisition and procurement strategies - Operation and maintenance planning - Disposal and end-of-life considerations |
| Understand the role of technology in asset management | - Asset tracking and monitoring systems - Data management and analytics - Emerging technologies in asset management |
| Understand the legal and regulatory requirements | - Health and safety regulations - Contractual and warranty obligations - Environmental and sustainability considerations |
| Understand the concept of whole-life asset management | - Explain the whole-life cost approach - Identify key stakeholders in asset management - Define asset management and its role in procurement |
| Understand inventory control and management | - Demand forecasting and planning - Inventory classification and control methods - Storage and warehousing principles |
| Understand the financial aspects of whole-life asset management | - Financial justification and business case development - Total cost of ownership calculations - Budgeting and forecasting for assets |
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NEW QUESTION # 63
A company does not have enough space to hold inventory to satisfy an external foreign market. Therefore, the board of directors have decided that the company would buy stock in bulk and pay a fee for storage to a third- party warehouse provider local to the foreign market. This would allow the company to focus on other aspects of the business. The stock will be called off as and when required. Which of the following strategies is being pursued by this company?
Answer: A
NEW QUESTION # 64
When decommissioning a piece of equipment, there may be an amount of contaminated hazardous waste that will need to be disposed of. Which of the following would need to be considered?
* Whether it would be possible to recycle the waste and reuse it in another production process
* Determining the most cost-effective method to dispose of the waste to minimize cost to the business
* What the type of waste is and if it needs to be disposed of by a specialized organization
* The applicable waste management legislation that applies in the country concerned
Answer: B
Explanation:
When disposing of hazardous waste, it is essential to:
* Identify the type of waste: Some waste requires special handling and disposal by certified organizations.
* Comply with legislation: Proper disposal is mandated by local, national, or international waste management laws, ensuring public safety and environmental protection.
Whole-life asset management emphasizes responsible decommissioning practices to minimize environmental impact and adhere to regulatory compliance.
NEW QUESTION # 65
Which component of an RFID device is responsible for sending and receiving radio waves?
Answer: C
Explanation:
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate. RFID Antennas are necessary elements in an RFID system be-cause they convert the RFID reader's signal into RF waves that can be picked up by RFID tags. Without some type of RFID antenna, whether integrated or stand-alone, the RFID reader cannot properly send and receive signals to RFID tags.
NEW QUESTION # 66
A manufacturer aims at increasing the service levels to 99% from 97% through expanding the safety stock.
Safety stock can be used to accommodate which of the following?
1. Variability of stock turn
2. Variability of holding costs
3. Variability of demand
4. Variability of lead time
Answer: A
Explanation:
Safety stock is also known as buffer stock. As this name suggests, this type of stock provides some kind of
'buffer', which means safety stock will help the business to reduce the shocks induced by volatile demand or disruption on the supply chain. In other words, safety stock will reduces the probability of stockouts. The following graph would explain the reason why an organisation should have safety stock:
Chart, histogram Description automatically generated
Figure 1: Safety stock graph
As it is only the buffer against uncertainty, safety stock level should be equal to the deviation of demand or replenishment time. Safety stock should be able to accommodate variance of demand and variance of lead time.
NEW QUESTION # 67
A retailer wants to improve its service level in inventory management from 95% to 97%. Which of the following is the best course of action?
Answer: A
Explanation:
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)
NEW QUESTION # 68
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