CIPS L4M7 TRAINING TOOLS WITH INTERARCTIVE TEST ENGINE & HIGH PASS-RATE Q&A

CIPS L4M7 Training Tools With Interarctive Test Engine & High Pass-rate Q&A

CIPS L4M7 Training Tools With Interarctive Test Engine & High Pass-rate Q&A

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L4M7 exam braindumps: CIPS Whole Life Asset Management & L4M7 study guide

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CIPS Whole Life Asset Management Sample Questions (Q206-Q211):

NEW QUESTION # 206
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

  • A. 2 and 3 only
  • B. 1 and 3 only
  • C. 1 and 4 only
  • D. 2 and 4 only

Answer: A

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 # 207
A construction organization requires specialist equipment for digging deep foundations. Which of the following circumstances would result in the hire of equipment rather than leasing it?

  • A. The expected frequency of use, the storage available, and the lease cost of the equipment compared to hiring it
  • B. The finance available and the potential profits available on the eventual sale of the leased equipment compared to hire costs
  • C. The subjective assessment of multiple factors for both hire and lease by the directors
  • D. The results of a discounted cost analysis using comparative weekly payments for both hire and lease options

Answer: A

Explanation:
Hiring is often preferred when:
* Frequency of use is low: If equipment is only needed occasionally, hiring is more economical.
* Storage is unavailable: Leased equipment needs storage, which incurs additional costs.
* Lease costs exceed hiring costs for limited use.
Whole-life asset management emphasizes cost-efficient solutions, and hiring equipment for limited use reduces unnecessary expenses compared to leasing or purchasing.


NEW QUESTION # 208
What is meant by the term 'obsolete stock'?

  • A. Stock which has become outdated
  • B. Stock which has been stolen
  • C. Low value/low risk stock
  • D. Damaged stock

Answer: A

Explanation:
Obsolescent stock is stock, usually finished goods, which is in good condition and satisfactory working but for which demand is irreversibly falling towards zero. Once this demand reaches zero the stock canbe considered 'obsolete'. It cannot be used or sold in its current state. Food ingredients (like candy canes) which are out of date are another example.


NEW QUESTION # 209
Staff at DIY Products Inc (DPI) have been experiencing issues with the identification of stock items. The current labelling system is outdated and unreliable. DPI has therefore invested in a machine-readable approach. Each item has a unique number that is attached visibly to the packaging. This number can be deciphered by a scanner to aid identification. This approach is known as which of the following?

  • A. Bar coding
  • B. Product tagging
  • C. Standard certification
  • D. Order tracking

Answer: A


NEW QUESTION # 210
Toll Group has thousands of end-of-life IT assets that need to be disposed of. The senior manage-ment of Toll Group is largely concerned about sustainability in waste management, especially electronic waste. Before selecting a supplier to manage the process, the procurement team is required to assess the environmental risks regarding disposal of the assets. Risk assessment is basically based on the measurement of which factors?
1. Impact
2. Reward
3. Surveillance
4. Likelihood

  • A. 1 and 4 only
  • B. 1 and 3 only
  • C. 2 and 3 only
  • D. 2 and 4 only

Answer: A

Explanation:
All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps. Together these 5 risk management process steps combine to deliver a simple and effective risk management process.
Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register.
Step 2: Analyze the risk. Once risks are identified you determine the likelihood and consequence of each risk. You develop an understanding of the nature of the risk and its potential to affect pro-ject goals and objectives. This information is also input to your Project Risk Register.
Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining the risk magni-tude, which is the combination of likelihood and consequence. You make decisions about whether the risk is acceptable or whether it is serious enough to warrant treatment. These risk rankings are also added to your Project Risk Register.
Step 4: Treat the Risk. This is also referred to as Risk Response Planning. During this step you assess your highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels. How can you minimize the probability of the negative risks as well as enhancing the opportunities? You create risk mitigation strategies, preventive plans and contingency plans in this step. And you add the risk treatment measures for the highest ranking or most serious risks to your Project Risk Register.
Step 5: Monitor and Review the risk. This is the step where you take your Project Risk Register and use it to monitor, track and review risks.
Reference:
- What are the 5 Risk Management Steps in a Sound Risk Management Process?
- CIPS study guide page 192-193
LO 3, AC 3.3


NEW QUESTION # 211
......

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