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CIPS L4M7 (CIPS Whole Life Asset Management) Certification Exam is a valuable certification for professionals looking to enhance their knowledge and expertise in the field of asset management. CIPS Whole Life Asset Management certification focuses on the entire lifecycle of assets, from acquisition to disposal, and provides a comprehensive understanding of how to optimize asset performance and value. The CIPS L4M7 Certification is recognized globally as a mark of excellence in asset management and is ideal for professionals working in industries such as manufacturing, transportation, energy, and facilities management.
To prepare for the CIPS L4M7 Certification Exam, candidates can choose from a range of training options, including online courses, classroom training, and self-study materials. L4M7 Exam consists of multiple-choice questions and is delivered online. Candidates must achieve a minimum score of 50% to pass the exam.
CIPS L4M7 exam is a highly specialized qualification that focuses on Whole Life Asset Management. It is designed for professionals who are looking to enhance their skills in the field of asset management and develop a deep understanding of the entire lifecycle of an asset. L4M7 exam is recognized globally and is highly respected in the industry. It covers a range of topics and requires a high level of dedication and commitment from candidates. L4M7 exam is an excellent opportunity for asset management professionals to demonstrate their expertise and advance their careers.
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CIPS Whole Life Asset Management Sample Questions (Q111-Q116):
NEW QUESTION # 111
The Four Counties hospital in Norway is experiencing financial pressures. The procurement team is looking for the best approach to procure patient equipment that is critical and is often required at very short notice.
Which of the following techniques would allow the hospital to access the stock at short notice, but without paying for it until it is used?
Answer: C
NEW QUESTION # 112
When using ABC analysis to classify inventory, which factors must be considered?
1. Demand uncertainty of each item
2. Cumulative percentage of items
3. Cumulative percentage usage value of items
4. Overall inventory turnover
Answer: D
Explanation:
ABC analysis is applied to stock and its management. It is based loosely on the Pareto principles, better known as 80/20 rule. Pareto principle is the theory that 80% of outcome results from 20% of inputs. For example, 80% of sales are to the top 20% of customers; 80% of spend on inventory is accounted for by the top
20% of stock items.
The ABC concept is based on Pareto's law. The following steps are carried out for the ABC analy-sis.
- Step 1: Compute the annual usage value for every item in the sample by multiplying the annual requirements by the cost per unit.
- Step 2: Arrange the items in descending order of the usage value calculated above.
- Step 3: Make a cumulative total of the number of items and the usage value.
- Step 4: Convert the cumulative total of the number of items and usage values into a percentage of their grand totals.
- Step 5: Draw a graph connecting cumulative % items and cumulative % usage value. The graph is divided approximately into three segments, where the curve sharply changes its shape. This indicates the three segments A, B and C.
LO 2, AC 2.1
NEW QUESTION # 113
XYZ Ltd is a retailer in the US. Their customers' demand for Thanksgiving and Christmas decora-tions usually rises in the end of the year. This irregular demand results in more required storage space for finished goods during peak seasons. Which of the following are possible solutions for dealing with required additional space?
1. Maximising aisle width
2. Keeping high buffer stock throughout the year
3. Maximising flexibility in warehouse layout
4. Installing mezzanine floor
Answer: C
Explanation:
Possible solutions to the high irregular or seasonal demand problems are listed below:
* Take advantage of the height of the warehouse
- Mezzanine floor
- High racking system (increase storage capacity but require high-reach material handling equip-ment)
* Eliminate dead stock or inventory
* Improve material flow
* Improve storage location method
* Consider using aisle space during demand peak
* Narrow aisles between racks (require narrow handling equipment)
* Carousel-type storage system
* Auto-storage and retrievals system (ASRS)
NEW QUESTION # 114
A pharmaceutical firm offers a new drug called NC-01. After analysing the market, the firm realises that the demand is largely variable. But they still have to forecast the customer demand for the next production cycle.
The new drug NC-01 is best described as which type of item?
Answer: A
Explanation:
Dependent demand is the requirement for stock item which is directly related to and therefore de-pendent upon the rate of production (examples are: raw materials, components, energy) Independent demand is the requirement for stock item which is not directly related to, and is therefore independent of rate of production. Although independent demand is called thus, it can still be influenced by economic factors external to the demand-supply model such as general consumer sentiment and consumers' available disposal income. However, businesses that need to predict the number of products with independent demand needed to sate their customers have it easier than businesses that must calculate the demand for products with dependent demand because there are fewer factors to consider.
In this scenario, the new drug is finished good which is dependent on the demand of the market, and the firm needs to forecast before initiating the production process. The item is independent from rate of production, therefore, it must be independent demand item.
NEW QUESTION # 115
Which of the following can replace pallets as bases for unit loads but they require push pull acces-sories to retrieve or discharge unit load?
Answer: C
Explanation:
The system of slip sheet load handling involves the use of a thin sheet of material, the slip sheet, as a base on which items are assembled as a unit load for handling, storage, and transport. The slip sheet is used in conjunction with a pallet, if desired, at certain stages in the distribution cycle. If all lift trucks in the cycle are equipped with the proper attachment, an appropriate slip sheet is the only material handling base required. Slip sheet requires special push pull accessories and usually use thin and wide forks.
Skids are generally described as single-deck pallets and do not have bottom flatted layer which makes them less bulky and cheaper than conventional pallets but also less universal in their use.
Shrink wrap, also referred to as shrink film or shrink wrap, is a versatile polymer material used for the packaging of finished goods. Heat is applied to the film - by either a conveyor heat tunnel or an electric or gas heat gun - which catalyzes the film to shrink tightly around the item placed within. This process results in a clear, durable barrier of protection around the product.
Post pallets have a simple metal structure with four uprights and substantial feat to take the load. These may be free standing, but many are designed for the feet to interlock with the posts of another post pallet so that the stack can be created.
Reference:
LO 1, AC 1.3
NEW QUESTION # 116
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