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CIPS L4M7 Certification Exam covers a wide range of topics related to asset management, including asset planning, procurement, maintenance, disposal, and risk management. L4M7 exam is designed to test the candidate's ability to apply these concepts in real-world scenarios, making it an ideal certification for professionals who want to demonstrate their practical knowledge of asset management. L4M7 Exam is also designed to be accessible to professionals from different backgrounds, with no specific prerequisites required to take the exam.
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The CIPS Whole Life Asset Management certification program is ideal for asset management professionals, including engineers, project managers, procurement professionals, and facilities managers. It is also suitable for individuals who are responsible for managing assets in industries such as transportation, utilities, manufacturing, and construction.
CIPS L4M7 Certification is particularly relevant for professionals who work in the construction and engineering industries, where assets play a critical role in project success. CIPS Whole Life Asset Management certification covers all aspects of asset management, including planning, procurement, design, operation, maintenance, renewal, and disposal. By achieving this certification, professionals can demonstrate their ability to manage assets effectively and efficiently, minimizing costs and maximizing value.
NEW QUESTION # 251
Which of the following lists all components, ingredients, and materials required to produce the final product?
Answer: A
Explanation:
Master production schedule (MPS) plans items that have "direct" demand, or "independent de-mand." With independent demand, the demand comes from sales orders, service orders, or fore-casts, and the demand comes directly from customer-or forecasted-requirements. It is the list that provides the timing of the production schedule and shows how much each machine can produce, how many shifts are used, etc.
A bill of materials (BOM) is a comprehensive inventory of the raw materials, assemblies, subas-semblies, parts and components, as well as the quantities of each, needed to manufacture a product.
Reference:
LO 2, AC 2.3
NEW QUESTION # 252
MRP system is the most suitable IT system to manage which type of items?
Answer: D
Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
Bill of materials (BOM) is an important component of MRP. BOM is also known as product struc-turer. This lists all the items that comprise each assembly and sub-assembly that make up the final product or end item.
Therefore, MRP is commonly used to manage dependent demand stock.
NEW QUESTION # 253
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: C
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 # 254
Which of the following correctly describes the triple bottom line?
Answer: D
Explanation:
The triple bottom line is a sustainability framework that examines a company's social, environment, and economic impact (or People, Planet, Profit).
Reference:
- 25 Years Ago I Coined the Phrase "Triple Bottom Line." Here's Why It's Time to Rethink It.
- CIPS study guide page 202
LO 3, AC 3.3
NEW QUESTION # 255
Zemora Clothing Inc. receives high-priced garments with devices hidden inside the lining to avoid possible fraudulent removal from the shop. These tags are activated upon arrival at stores, and security alerts are triggered if a garment is removed or taken out of the store without payment. Which of the following order tracking technology is used by this company?
Answer: C
Explanation:
Radio Frequency Identification (RFID) enables real-time tracking of items and is commonly used for security in retail to prevent theft. The tags are activated within a specified range, and alarms trigger when items exit without deactivation. RFID in asset management helps in tracking high-value items, ensuring security and reducing loss.
NEW QUESTION # 256
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