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CIPS L4M7 certification exam is a highly respected qualification for professionals working in the asset management field. It provides a comprehensive understanding of the entire asset management process, and is recognized globally. Professionals who hold this certification are highly sought after by employers in a variety of industries, and the exam is an excellent way to enhance career prospects in this field.
Asset management is crucial for organizations to optimize asset performance, improve asset efficiency and reduce costs. The CIPS L4M7 exam is designed to provide candidates with a comprehensive understanding of the principles of asset management, including asset planning, procurement, operation, maintenance, disposal, and replacement. L4M7 Exam is structured to cover all aspects of asset management, from planning to disposal, and helps individuals to develop a holistic approach to asset management.
CIPS L4M7 exam covers a wide range of topics related to asset management, including the importance of asset registers, asset condition assessments, and risk analysis. Candidates will learn about the different types of assets, such as buildings, vehicles, and equipment, and how to manage them throughout their entire lifespan. They will also explore the various techniques used to optimize asset performance and reduce costs.
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CIPS Whole Life Asset Management Sample Questions (Q59-Q64):
NEW QUESTION # 59
A meaning of 'decommissioning a piece of equipment' is to...
- A. Remove the equipment from use to prepare it for disposal
- B. Switch the power off from the equipment when not in use
- C. Take the equipment out of action ready to perform a changeover
- D. Take the equipment out of action while undertaking maintenance
Answer: A
NEW QUESTION # 60
Which of the following best describes what happens when order volumes from customers increase and multiply through the supply chain?
- A. Seasonal demand
- B. Forrester effect
- C. Pareto curve
- D. Opitz system
Answer: B
Explanation:
The bullwhip effect (or Forrester effect) is a distribution channel phenomenon in which forecasts yield supply chain inefficiencies. It refers to increasing swings in inventory in response to shifts in customer demand as one moves further up the supply chain.
Seasonal demand: consumer interest in purchasing particular products only during a specific peri-od within the calendar year.
OPITZ is a coding system used to form Groups in Group Technology philosophy of Manufactur-ing.
The Pareto Curve is the shape created when the bars of a Pareto Chart are progressively summed and the points joined together. The final curve ends at 100% of items in the chart, which means that you can then draw a line across at 80% and 'bounce' it down to find the bar which, when combined with all bars to its left, will give 80% of all items.
NEW QUESTION # 61
PPC Refinery (UK) must close down an out-of-date refinery which has very poor environmental performance. The refinery is very sophisticated with many technically complicated machineries, lubricants, coolants and other chemical substances. Decommissioning the refinery is highly risky and hazardous. To manage the decommissioning process well, PPC project team must know these machineries and substances in details. Which document can provide the technical details on the refinery?
- A. Corporate social responsibility policy
- B. Code of Conduct
- C. Original specifications
- D. Non-disclosure agreement
Answer: C
Explanation:
Decommissioning or disposal should start with the original specifications of the assets so that the organisation and supplier can make an appropriate plan. Some specifications also mention the is-sues regarding to end-of-life environmental factors.
Reference:
LO 3, AC 3.3
NEW QUESTION # 62
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...?
- A. Taking the square root of the economic order quantity
- B. Expected stockout cost multiplies with product margin
- C. Choosing the level of safety stock that assures a given service level
- D. Carrying sufficient safety stock so as to eliminate all stockouts
Answer: C
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 # 63
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
- A. 2 and 3 only
- B. 2 and 4 only
- C. 1 and 4 only
- D. 1 and 3 only
Answer: C
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
NEW QUESTION # 64
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