L4M7 Exam Preparation: CIPS Whole Life Asset Management & L4M7 Practice Labs
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CIPS Whole Life Asset Management Sample Questions (Q46-Q51):
NEW QUESTION # 46
A warehouse manager is evaluating the use of Automated Guided Vehicles (AGVs) within a non-repetitive task environment. After reviewing their use, the manager decided to invest in a number of AGVs. Was this decision correct?
Answer: B
Explanation:
Automated Guided Vehicles (AGVs) are best suited for environments with repetitive tasks, such as fixed routes in production lines. In non-repetitive tasks, their efficiency and effectiveness decrease. Whole-life asset management prioritizes choosing automation that aligns with operational needs, ensuring cost-effectiveness and suitability for the given tasks.
NEW QUESTION # 47
Which of the following purchases are most likely to have low acquisition costs? Select TWO that apply.
Answer: C,D
Explanation:
According to L4M7 study guide, acquisition costs in procurement are the costs associated with the activities involved in a purchase. A buying organisation incurs acquisition costs in low-value purchases as well as high-value purchases. The following purchases tend to have lower acquisition costs:
- Straight re-buy from a current supplier
- Purchase of standard catalogued products
Otherwise, any purchases of high value, high-risk items generally require greater attention of buying organisation and thus, they are likely to have higher acquisition costs. Spot purchase of a technically complexed machinery, Purchase of ERP system and Procurement of construction projects are examples of high-value, high-risk purchases.
Reference:
LO 3, AC 3.1
NEW QUESTION # 48
The ABC approach involves classifying inventory items by unit cost, with expensive items classi-fied as 'A' items and low cost items classified as 'C' items. Is this statement true?
Answer: B
Explanation:
ABC analysis is an approach for classifying inventory items based on the items' consumption val-ues.
Consumption value is the total value of an item consumed over a specified time period, for example a year.
The approach is based on the Pareto principle to help manage what matters and is applied in this context:
- A items are goods where annual consumption value is the highest. Applying the Pareto principle (also referred to as the 80/20 rule where 80 percent of the output is determined by 20 percent of the input), they comprise a relatively small number of items but have a relatively high consumption value. So it'slogical that analysis and control of this class is relatively intense, since there is the greatest potential to reduce costs or losses.
- B items are interclass items. Their consumption values are lower than A items but higher than C items. A key point of having this interclass group is to watch items close to A item and C item classes that would alter their stock management policies if they drift closer to class A or class C. Stock management is itself a cost. So there needs to be a balance between controls to protect the asset class and the value at risk of loss, or the cost of analysis and the potential value returned by reducing class costs. So, the scope of this class and the inventory management policies are determined by the estimated cost-benefit of class cost reduction, and loss control systems and processes.
- C items have the lowest consumption value. This class has a relatively high proportion of the total number of lines but with relatively low consumption values. Logically, it's not usually cost-effective to deploy tight inventory controls, as the value at risk of significant loss is relatively low and the cost of analysis would typically yield relatively low returns.
LO 2, AC 2.1
NEW QUESTION # 49
A manufacturing organization has a large volume of raw material stock now viewed as redundant. Which of the following is the most appropriate process for the organization?
Answer: A
Explanation:
Returning redundant stock to the supplier (or selling it) is an effective approach, as it can recover some value and free up warehouse space. This option aligns with whole-life asset management's emphasis on reducing costs associated with unused assets and managing inventory efficiently.
NEW QUESTION # 50
Which of the following allow an organisation to have more flexible space for storage by leveraging the facilities of other parties? Select TWO that apply.
Answer: B,D
Explanation:
Temporary warehousing (or 'Very short-term warehousing') is offered in the market where organ-isation makes their requirements for space open online to offers or bids for available space. This appears to be an emerging market and service providers in the UK and USA typically quote a price per pallet per week with some also requiring a 'transaction fee' for movements of each pallet in and out.
Consignment stocking is a facility offered by a supplier to a buyer to allow a delivery of stock to the buyer with payment only after it is used or sold to a customer.
Double-deep pallet racking and carousel-style storage are two tools that leverage space within a warehouse:
Double-deep pallet rack
Carousel style storage
NEW QUESTION # 51
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