L4M7 Valid Guide Files | L4M7 Exam Cram Review
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Upon successful completion of the CIPS L4M7 certification exam, candidates will be awarded a globally recognized professional certification that demonstrates their expertise in asset management. CIPS Whole Life Asset Management certification can open up new career opportunities and enhance professional credibility. It also provides a framework for continuous professional development, enabling individuals to stay up-to-date with the latest trends and best practices in asset management.
CIPS L4M7 Certification Exam is ideal for professionals who are seeking to enhance their career prospects in asset management. It not only validates their knowledge and skills in asset management but also demonstrates their commitment to professional development and continuous learning.
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CIPS L4M7 Exam Cram Review - Valid L4M7 Study Guide
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CIPS Whole Life Asset Management Sample Questions (Q40-Q45):
NEW QUESTION # 40
A manufacturer is making a plan for strategic safety stock. To do so, they must analyse the proba-bility of a stock out occurring and the cost impacts if it does. Which of the following are typical costs the manufacturer may incur in 'out of stock' event? Select TWO that apply.
- A. Costs of handling inventory
- B. Costs for qualifying suppliers
- C. Cost of equipment downtime
- D. Extra costs for urgent transportation
- E. Costs of approving the requisition
Answer: C,D
Explanation:
The costs of stockouts - the costs of being out of inventory - include:
- Loss of production output
- Costs of idle time and of fixed overheads spread over a reduced level of output
- Costs of any action taken to deal with the stockout, such as buying from another stockist at an enhanced price, switching production, obtaining substitute materials
- Loss of customer goodwill due to the inability to supply or late delivery.
(Procurement and Supply Chain management - 9th Edition, K. Lysons and B. Farrington, 2016) LO 2, AC 2.2
NEW QUESTION # 41
The optimum balance in the standard ISO 18602:2013 (Packaging and the environment - Optimi-zation of the packaging system) considers which of the following factors?
1. Environmental impact of losses due to lack of packaging
2. The process for packaging design, including material selection
3. Procedures and requirements for packaging that are suitable for organic recycling
4. Environmental impact of excess packaging
- A. 1 and 3 only
- B. 2 and 3 only
- C. 1 and 4 only
- D. 2 and 4 only
Answer: C
Explanation:
ISO 18602:2013 is about Packaging and the environment - Optimization of the packaging system. ISO 18602:2013 specifies requirements and a procedure for assessment of packaging to ensure that the weight or volume of its material content is optimized consistent with the functions of packaging. This is one of several options for reducing the impact of packaging on the environment.
It also provides methodologies and procedures for
- determining the amount and minimization of substances or mixtures hazardous to the environ-ment, and
- determining the amount of four heavy metals (lead, cadmium, mercury, hexavalent chromium) in packaging.
The optimum balance in this standard weighs the environmental impact of losses that may happen with no packaging or inadequate packaging against the environmental impact from excess packag-ing.
The process for packaging design, including material selection, is not part of ISO 18602:2013.
The procedure for applying ISO 18602:2013 is contained in ISO 18601.
Reference:
LO 1, AC 1.3
NEW QUESTION # 42
Inventory may be classified into direct and indirect supplies. Which of the following is a characteristic of indirect supplies?
- A. Indirect supplies have a significant impact on the quality of the final product
- B. Indirect supplies refer to stock that is partway through manufacture
- C. Indirect supplies are costs that have an impact on the operating cost of the business
- D. Indirect supplies are the sub-assemblies required in the final product
Answer: C
Explanation:
Indirect supplies support operations without becoming part of the final product. They impact operating costs (e.g., maintenance supplies), supporting the production environment but not the end product. Managing indirect supplies is crucial in whole-life asset management to control overhead costs and ensure uninterrupted operations.
NEW QUESTION # 43
Amanda is the purchasing manager for AB Construction based in France. She is considering purchasing an asset from overseas but knows she must account for fluctuations in exchange rates in the contract. Is Amanda correct?
- A. Yes, as Amanda will be able to decide the currency exchange rates to be used
- B. No, as the price can be re-negotiated post-contract sign-off by AB Construction and the supplier
- C. Yes, as AB Construction could pay more for the asset than intended and Amanda should include a currency fluctuation clause
- D. No, as it will be better to purchase the asset in AB Construction's local currency as it would be efficient and more stable
Answer: C
Explanation:
Including a currency fluctuation clause protects against exchange rate volatility, which can increase the final cost if the currency depreciates. Whole-life asset management often incorporates such risk management measures to ensure cost predictability and avoid unanticipated financial impact on long-term projects.
NEW QUESTION # 44
Which of the following factors can be considered when selecting the location of a new warehouse facility?
Select THREE that apply.
* Cost of land
* Product pricing
* The nature of the items to be stored
* Access to transport infrastructure
* The reputation of the company
* Profit margin
- A. 1, 4, and 5
- B. 2, 3, and 6
- C. 1, 3, and 4
- D. 2, 5, and 6
Answer: C
Explanation:
Warehouse location selection depends on:
* Land cost: Directly affects budget planning and long-term operational expenses.
* Nature of items to be stored: Determines special requirements (e.g., climate control).
* Access to transport: Proximity to transport hubs reduces logistics costs and improves efficiency.
These considerations are critical for effective whole-life asset management, optimizing operational costs and logistics.
NEW QUESTION # 45
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