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CIPS L4M7 Exam Syllabus Topics:

Topic	Details
Topic 1	Contrast the impact of the use of different warehousing equipment Understand methods for the storage and movement of inventory
Topic 2	Systems for product coding Bar coding The use of RFID technologies
Topic 3	Ensure senior management support Use best estimates of values available Identify the contributing elements to end-of-life costs
Topic 4	Hidden costs – global sourcing, risks associated with extended supply chain Cross functional support – ensure access to data
Topic 5	Identify the principles, purpose and impact of stores and warehouse design Identify the direct and indirect costs of holding inventory
Topic 6	Environmental standards for packaging Materials handling equipment
Topic 7	Dependent demand and independent demand itemsof stock ABC classifications of stock that may apply
Topic 8	Opening stock, work in progress, safety stock and finished goods Obsolescent and redundant stock

CIPS Whole Life Asset Management Sample Questions (Q100-Q105):

NEW QUESTION # 100
"A measure of the ability of an organisation to supply customers without delay" is the best defini-tion of which of the following:

• A. Service level
• B. Safety stock
• C. Re-order level
• D. Key performance indicator

Answer: A Explanation:
In inventory management, service level is the expected probability of not hitting a stock-out during the next replenishment cycle or the probability of not losing sales.
Key performance indicators (KPIs) can be used to analyse data based on performance objectives and set actionable goals for improvement. KPIs can be developed in conjunction with suppliers as well as others, and can be used to measure the essential elements of the process.
Safety stock is the amount of inventory a business needs to have to achieve a certain level of risk mitigation when it comes to stockouts.
Reorder level (or reorder point) is the inventory level at which a company would place a new order or start a new manufacturing run.
Reference:
LO 2, AC 2.3
NEW QUESTION # 101
Which of the following is the correct statement about total ordering cost?

• A. Rise as the average stock level rises
• B. Rise as the order quantity rises
• C. Equal the number of orders placed times the cost of placing an order
• D. Fall with the per period usage rate

Answer: C Explanation:
Typically, ordering costs include expenses for a purchase order, labor costs for the inspection of goods received, labor costs for placing the goods received in stock, labor costs for issuing a supplier's invoice and labor costs for issuing a supplier payment. These costs are irrelevant from the size of the order and are incurred every time a firm places an order.
The total ordering cost will be equal to ordering cost per order multiply with number of orders.
Reference:
LO 2, AC 2.2
NEW QUESTION # 102
Which one of the following statements is true about radio frequency identification (RFID)?

• A. Normally passive RFID tags store ID numbers
• B. An active RFID tag does not require a power source
• C. RFID tags require laser scanning.
• D. A passive RFID tag does not use an antenna

Answer: A Explanation:
Radio frequency identification (RFID) are items which use radio technology to identify itself and its location subject to having appropriate hardware and software.
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate.
A RFID Reader is a device that uses radio-frequency waves to wirelessly transfer data between itself and a RFID tag/label in order to identify, categorize and track assets. When combined with the right RFID software, a RFID reader can identify objects quicker, more accurately, at a reduced overall cost, and at various points of the object's lifecycle.
Passive RFID systems use tags with no internal power source and instead are powered by the electromagnetic energy transmitted from an RFID reader. Passive RFID tags are used for applica-tions such as access control, file tracking, race timing, supply chain management, smart labels, and more.
Active RFID systems have three essential parts - a reader or interrogator, antenna, and a tag. Ac-tive RFID tags possess their own power source - an internal battery that enables them to have ex-tremely long read ranges as well as large memory banks.
Reference:
LO 1, AC 1.2
NEW QUESTION # 103
A restaurant needs to buy a new freezer. The owner applies total cost of ownership model to calcu-late the life-time cost of the freezer. This equipment has a price tag of $1,000, the supplier can offer free delivery if the restaurant pays off immediately. Estimated electricity consumption of the freezer is $200 in 5 years. The supplier ascertains that the freezer is very durable, buyer doesn't need to care about maintenance costs. However, if the restaurant needs better protection from breakdowns, the warranty is free for the first 12 months after the purchase. This warranty package can be extended once for another 24-month period with the cost of $75. After 5 years, the buyer will be able to resell this freezer for $250. What would be the estimated total cost of ownership of this freezer if the restaurant owner buys the extended warranty package?

• A. $1,275
• B. $1,025
• C. $1,525
• D. $1,200

Answer: B Explanation:
The total cost of ownership would be the sum of all estimated costs.
The costs are as the following:
- Purchase price: $1,000
- Electricity consumption: $200
- Extended warranty: $75
Total expense = $1,000 + $200 +$75 = $1,275. Then subtract the resale price from this sum, the total cost of ownership is $1,025.
Reference:
LO 3, AC 3.1
NEW QUESTION # 104
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?

• A. Post pallets
• B. Slip sheets
• C. Shrink wraps
• D. Skids

Answer: B 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 # 105
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