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CIPS L4M7 Exam Syllabus Topics:

Topic	Details
Topic 1	Hidden costs – global sourcing, risks associated with extended supply chain Cross functional support – ensure access to data
Topic 2	Contrast the impact of the use of different warehousing equipment Understand methods for the storage and movement of inventory
Topic 3	The use of automation in warehousing Palletisation and unit loads
Topic 4	Environmental standards for packaging Materials handling equipment
Topic 5	Understand the key elements of effective inventory control Factors that influence stores and warehouse layout
Topic 6	Discuss options to reduce costs whilst mitigating any negative impact on service levels Location of stores and warehouses
Topic 7	Ensure senior management support Use best estimates of values available Identify the contributing elements to end-of-life costs
Topic 8	Systems for product coding Bar coding The use of RFID technologies
Topic 9	Dependent demand and independent demand itemsof stock ABC classifications of stock that may apply
Topic 10	Explain the use of product coding in inventory operations Order tracking technologies
Topic 11	Opening stock, work in progress, safety stock and finished goods Obsolescent and redundant stock

CIPS Whole Life Asset Management Sample Questions (Q39-Q44):

NEW QUESTION # 39
With D is the annual demand (units), S is cost per order, H is annual carrying cost per unit; the formula for Economic Order Quantity is....?

• A. √(DSH)
• B. √(D*S/3H)
• C. √(2D*S/H)
• D. √(D*S/2H)

Answer: C Explanation:

LO 2, AC 2.3
NEW QUESTION # 40
XYZ Ltd has been adopting MRP system for years. The system helps the company improve effi-ciency greatly and generates huge cost-savings. However, MRP system is only limited to produc-tion process management and XYZ management team would like to have better insights into re-sources required across the organisation as a whole. Which software system would help XYZ management team achieve the above objective?

• A. ERP
• B. MRP II
• C. MPS
• D. P2P

Answer: A Explanation:
Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP provides an integrated and con-tinuously updated view of core business processes using common databases maintained by a data-base management system. ERP systems track business resources-cash, raw materials, production capacity-and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data. ERP facilitates information flow between all business functions and manages connections to outside stakeholders.
Manufacturing resource planning (MRP II) is defined as a method for the effective planning of all resources of a manufacturing company. Ideally, it addresses operational planning in units, financial planning, and has a simulation capability to answer "what-if" questions and extension of closed-loop MRP. This is not exclusively a software function, but the management of people skills, requiring a dedication to database accuracy, and sufficient computer resources. It is a total company management concept for using human and company resources more productively.
A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded. This plan quantifies significant processes, parts, and other resources in order to optimize production, to identify bottlenecks, and to anticipate needs and completed goods. Since a MPS drives much factory activity, its accuracy and viability dramatically affect profitability.
Procure-to-pay (P2P) is a term used in the software industry to designate a specific subdivision of the procurement process. The procure-to-pay systems enable the integration of the purchasing department with the accounts payable (AP) department. Some of the largest players of the software industry agree on a common definition of procure-to-pay, linking the procurement process and financial department.
LO 2, AC 2.3
NEW QUESTION # 41
For which of the following is the 'delphi method' used?

• A. Controlling products
• B. Valuing stock
• C. Classifying products
• D. Forecasting demand

Answer: D Explanation:
Delphi method is a structured forecasting technique using a panel of experts and a number of rounds of questioning. Responses are shared after each round and the experts encouraged to recon-sider their own responses. It is intended to achieve a consensus view.
Reference:
LO 2, AC 2.3
NEW QUESTION # 42
Which of the following are most likely the benefits of using unit loads? Select TWO that apply.
Increase transport time of each item

• A. Safer handling
• B. Unit loads must be placed on pallets
• C. Minimise space utilisation
• D. Reduce handling cost of one unit

Answer: A,D Explanation:
The concept of a unit load is to create a stable and secure, easy-to-move group of stock that is fast to load and unload from vehicles.
The advantages of unit load concepts are as the following:
* More items can be handled at the same time, thereby reducing the number of trips required and, potentially, reducing handling costs, loading and unloading times, and product damage.
* Enables the use of standardized material handling equipment.
Reference:
LO 1, AC 1.3
NEW QUESTION # 43
In the periodic review system, the order quantity is the same for each order. Is this statement true?

• A. Yes, the order quantity should be equal to economic order quantity
• B. Yes, in periodic review system items are reviewed when the Kanban is triggered
• C. No, the inventory position at each review point differs from each other
• D. No, the next order quantity must be larger than the previous one

Answer: C 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 system also contains a target inventory level, R, which is restored when order received. The order quantity is calculated as:
Q = R - IP
where: Q = order quantity
R = target inventory level
IP = inventory position
Inventory position (IP) is equal to inventory on-hand plus quantity on order minus backorder (if any) The order quantity varies because the inventory position at each review point differs from each other.

LO 2, AC 2.3
NEW QUESTION # 44
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