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CIPS L4M7 Exam Syllabus Topics:

Topic	Details
Topic 1	Explain the use of product coding in inventory operations Order tracking technologies
Topic 2	The use of automation in warehousing Palletisation and unit loads
Topic 3	Opening stock, work in progress, safety stock and finished goods Obsolescent and redundant stock
Topic 4	Ensure senior management support Use best estimates of values available Identify the contributing elements to end-of-life costs
Topic 5	Identify the principles, purpose and impact of stores and warehouse design Identify the direct and indirect costs of holding inventory
Topic 6	Discuss options to reduce costs whilst mitigating any negative impact on service levels Location of stores and warehouses
Topic 7	Hidden costs – global sourcing, risks associated with extended supply chain Cross functional support – ensure access to data
Topic 8	Systems for product coding Bar coding The use of RFID technologies

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CIPS Whole Life Asset Management Sample Questions (Q45-Q50):

NEW QUESTION # 45
Which of the following best describes the term 'periodic review'?

• A. Items are reviewed when the Kanban is triggered
• B. Items are reviewed when the price is at its lowest
• C. Items are reviewed and orders placed depending on requirements
• D. Items are reviewed as part of an imprest system

Answer: D Explanation:
Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies.
The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is re-served, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
So the correct answer should be "Items are reviewed as part of an imprest system" LO 2, AC 2.3
NEW QUESTION # 46
Which costs in the following list are categorised as operation costs in the total cost of ownership model? Select TWO that apply.

• A. Delivery costs
• B. Costs of any person who operates the equipment
• C. Costs of consumables
• D. Decommissioning costs
• E. Installation and configuration costs

Answer: B,C Explanation:
Costs of operating an asset can widely vary. The following table is an example from Guide to Total Cost of Ownership, New Zealand Government:

Reference:
LO 3, AC 3.1
NEW QUESTION # 47
International Standard Book Number (ISBN) is a unique international identification system for each product form or edition of a monographic publication published or produced by a specific publisher. ISBN is an example of...?

• A. Harmonized system
• B. Industry standard code
• C. Own product code system
• D. Check digit

Answer: B Explanation:
The International Standard Book Number (ISBN) is a numeric commercial book identifier which is intended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency. ISBN is standardised by ISO 2108:2017. ISBN is an example of industry standard code as it applies to commercial books around the world.
Check digits are additional numbers or characters added to codes that a computer uses to verify the number is valid. The intention is to reduce the likelihood of miskeying an item and hitting an alternative live item. More often, a system is devised which a computer can calculate using combination of numbers.
Own product code system: an organisation will use its own product code system. This has the ad-vantage that the organisation can construct a code that is effective and fits with its software and variety of items covered.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO) (formerly the Customs Co-operation Council), an independent intergovernmental organization based in Brussels, Belgium, with over 200 member countries.
Reference:
LO 1, AC 1.2
NEW QUESTION # 48
To make loading/unloading more effective and efficient, which feature should be included in vehi-cle dock design?

• A. The dock platform is almost at the same level as the height of the trailer's rear platform
• B. Steeper slope will reduce the chance of errors and accidents
• C. 'Dual-use' docks are always the most efficient
• D. Vehicle docks only require a small area to ensure faster goods flow

Answer: A Explanation:
Warehouse dock is a feature of warehouse design - used for unloading and loading vehicles. It is crucial to carefully design where they are externally located in a facility and choose the best type of dock depending on the available space.
In many cases efficient and effective loading and unloading is achieved by a dock design that places the loading and unloading vehicle' rear platform at the same height as the warehouse floor.
Slopes in docking areas must always be as small as possible: the gentler the slope, the less chance of errors and accidents. If a warehouse is going to be used by large volume vehicles, such as high cubes, it may be necessary to install special devices, such as hydraulically adjustable docks or ground level lift platforms.
Current trends indicate that vehicles that are longer and wider and have a greater volume will be increasingly common. Therefore, when planning the location of the docks, it would be useful to ensure that there is a large area for the approach, manoeuvring and build-up of large vehicles.
One option to increase the efficiency of the docks is to combine reception and dispatch into a single area (dual use). This solution drastically reduces costs and, above all, increases the use of handling equipment and personnel. However, if this is justified by the volume of material flows, there can also be separate access points for each function (some for reception and others for dispatch - 'sole use').
Reference:
- Warehouse docking areas - Interlake
- CIPS study guide page 13
LO 1, AC 1.1
NEW QUESTION # 49
Which of the following is the most suitable container of fasteners (screws, nails, nuts and bolts,...)?

• A. Stock cage
• B. Bar rack
• C. Pallet
• D. Tote box

Answer: D Explanation:
Tote box is the reusable storage box. These can be open or have lids or flaps to close them and come in a large variety of sizes and weight loadings.

A tote is ideal for holding and hauling items such as: tools, fasteners, bark dust, dry cement, cords, wires, smaller boxes,...
Pallets are the platform structures designed to support a load and be lifted using the forks (typically seen on forklift trucks and other equipment). These are in a variety of standard sizes and can be made of many materials including plastics, resin, board or timber. Pallets are not containers, but support platforms.

Bar racks are designed to store bars and pipes

Stock cages are available in many sizes and can hold single items or groups of items

Reference:
LO 1, AC 1.1
NEW QUESTION # 50
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