CIPS L4M7 DETAIL EXPLANATION, CERTIFICATION L4M7 SAMPLE QUESTIONS

CIPS L4M7 Detail Explanation, Certification L4M7 Sample Questions

CIPS L4M7 Detail Explanation, Certification L4M7 Sample Questions

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Tags: L4M7 Detail Explanation, Certification L4M7 Sample Questions, L4M7 Cost Effective Dumps, L4M7 Test Valid, L4M7 Test Dumps.zip

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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.

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Certification L4M7 Sample Questions - L4M7 Cost Effective Dumps

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CIPS L4M7 Exam focuses on the whole life approach to asset management, which involves managing assets throughout their entire life cycle, from acquisition to disposal. This approach ensures that assets are used efficiently and effectively to achieve the organization's strategic objectives. L4M7 Exam covers a range of topics, including asset management principles, asset management strategies, asset acquisition and disposal, maintenance and repair, and risk management.

CIPS Whole Life Asset Management Sample Questions (Q173-Q178):

NEW QUESTION # 173
In a manufacturing organization, which of the following explains an 'indirect' stock classification of items?

  • A. Where the stock does not have to be paid for until it has been used by the manufacturer
  • B. Where the stock is currently held in a warehouse owned by another organization
  • C. Where the stock has been acquired from a distributor rather than another manufacturer
  • D. Where the stock is not used as part of manufacturing of the finished product

Answer: D

Explanation:
Indirect stock refers to items that are necessary for the operation of the manufacturing process but are not incorporated into the finished product. Examples include maintenance supplies, office consumables, and tools.
In whole-life asset management, indirect stock management ensures that essential operational items are available without tying up excessive capital in inventory that doesn't contribute directly to production output.


NEW QUESTION # 174
Which of the following is the Japanese word for 'billboard' or 'signboard'?

  • A. Poka-Yoke
  • B. Muda
  • C. Kaizen
  • D. Kanban

Answer: D

Explanation:
Kanban (##) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in- time manufacturing (JIT).
Poka-yoke (####, [poka yoke]) is a Japanese term that means "mistake-proofing" or "inadvertent error prevention". A poka-yoke is any mechanism in any process that helps an equipment operator avoid (yokeru) mistakes (poka). Its purpose is to eliminate product defects by preventing, correcting, or drawing attention to human errors as they occur.
Kaizen is a concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. Kaizen (##) is the Sino-Japanese word for
"improvement". Kaizen also applies to processes, such as purchasing and logis-tics, that cross organizational boundaries into the supply chain.
Muda (##, on'yomi reading) is a Japanese word meaning "futility; uselessness; wastefulness", and is a key concept in lean process thinking, like the Toyota Production System (TPS) as one of the three types of deviation from optimal allocation of resources (the others being mura and muri). Waste reduction is an effective way to increase profitability.


NEW QUESTION # 175
What cost factors should be considered for the maintenance and repair of manufacturing equipment?
* Direct labor cost
* Cost of utilities during the use of the equipment
* Cost of the goods being sold
* Guarantee and warranty cost

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

Answer: B

Explanation:
Maintenance and repair costs include:
* Direct labor: Expenses for personnel performing maintenance tasks.
* Warranty costs: Expenses associated with warranty obligations or repairs within the warranty period.
These costs are part of whole-life asset management, which aims to accurately budget for and manage ongoing equipment expenses.


NEW QUESTION # 176
One of the classifications of inventory is referred to as 'indirect supplies.' Which of the following items are examples of indirect supplies in a water bottling plant?
* Lubricants for maintenance of production machines
* Computer cartridges for the procurement office
* Reams of printed labels to stick on water bottles
* Blue-colored plastic caps to seal the water bottles

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

Answer: A

Explanation:
Indirect supplies support operations but are not part of the finished product. For a bottling plant, items like lubricants for machine maintenance and office supplies are indirect supplies, as they aid in operation but do not enter the final product. Managing these supplies in whole-life asset management is critical for cost efficiency and operational support.


NEW QUESTION # 177
Which of the following costs does the EOQ minimise?

  • A. Total cost of safety stock
  • B. Total cost of ordering inventory
  • C. Total cost of carrying stock
  • D. Total cost of annual inventory cost

Answer: D

Explanation:
Economic order quantity (EOQ) was developed in 1913 by Ford W. Harris and has been refined over time.
The formula assumes that demand, ordering, and holding costs all remain constant. The EOQ minimizes the total annual inventory cost.
EOQ formula is as follow:

LO 2, AC 2.3


NEW QUESTION # 178
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