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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	Discuss options to reduce costs whilst mitigating any negative impact on service levels Location of stores and warehouses
Topic 3	Identify the principles, purpose and impact of stores and warehouse design Identify the direct and indirect costs of holding inventory
Topic 4	Environmental standards for packaging Materials handling equipment
Topic 5	Opening stock, work in progress, safety stock and finished goods Obsolescent and redundant stock
Topic 6	Systems for product coding Bar coding The use of RFID technologies
Topic 7	The use of automation in warehousing Palletisation and unit loads
Topic 8	Understand the key elements of effective inventory control Factors that influence stores and warehouse layout
Topic 9	Ensure senior management support Use best estimates of values available Identify the contributing elements to end-of-life costs
Topic 10	Explain the use of product coding in inventory operations Order tracking technologies

CIPS Whole Life Asset Management Sample Questions (Q119-Q124):

NEW QUESTION # 119
Which of the following statements holds true about inventory holding costs?

• A. They are independent of the average stock level
• B. They depend upon the opportunity cost of tying up funds and the average value of the stock holding
• C. They always exceed total ordering costs
• D. They decline as the cost of the inventory item rises

Answer: B Explanation:
Holding costs (carrying costs) are the costs associated with the storage and handling of physical stock. There are two different types of holding costs:
- Costs related to the value of the goods: financial costs (i.e. the interest on the working capital tied up in inventory, which may be the bank borrowing rate or the company's target for return on capital); cost of insurance; losses due to product deterioration; losses due to obsolescence and redundancy of inventory; losses due to theft, accidental damage etc.
- Costs related to the physical characteristics of the inventory include the following: storage space; power, heat and lighting of the store; movement equipment; labour costs; administration costs.
Reference:
LO 2, AC 2.2
NEW QUESTION # 120
Which of the following allow the operators to access higher levels in warehouse facility? Select TWO that apply:

• A. Grab
• B. Stacker crane
• C. Scissor platform
• D. Order picker
• E. Carousel

Answer: C,D Explanation:
It is important to ensure safe working in storage facilities, and access to higher shelves or racking presents a challenge. Lifting at full reach becomes a problem at relative low weight. There can also be danger for other workers who are around someone working at height, from the movement of equipment or dropping stock from a height.
Scissor platforms are used in high-roof warehouses to gain access to lighting, high-racking units and sections of wall and roof.

ORDER PICKER is manual or powered device - some with ride-on capability and some without. This allow for low-level, medium-level and high-level picking of various items. Many are equipped with forks to allow transfer capability of larger picked boxes. Higher-level and narrow or very narrow -aisle versions have the ability to elevate operators on the front platform to higher racking to pick items.

Grabs are designed to hold stock either width-wise or from above. These are either specific devices designed for grabbing materials or are available as an accessory to forklift trucks.

Carousels are space-efficient, rotating devices which allow access to a large range of product from a single location. Designs are variable, with carousels rotating horizontally or vertically until the required items can be retrieved.

Stacker-cranes are designed for the automated storage and retrieval of unit loads, in high-bay warehouses. They travel in aisles equipped with guide rails, electrical supply, data transmission and control systems. To ensure the storage and retrieval functions, the stacker-crane carries out three types of movement : long-travel, lifting and picking.

Reference:
LO 1, AC 1.3
NEW QUESTION # 121
PPC Refinery (UK) must close down an out-of-date refinery which has very poor environmental performance. The refinery is very sophisticated with many technically complicated machineries, lubricants, coolants and other chemical substances. Decommissioning the refinery is highly risky and hazardous. To manage the decommissioning process well, PPC project team must know these machineries and substances in details. Which document can provide the technical details on the refinery?

• A. Non-disclosure agreement
• B. Original specifications
• C. Corporate social responsibility policy
• D. Code of Conduct

Answer: B Explanation:
Decommissioning or disposal should start with the original specifications of the assets so that the organisation and supplier can make an appropriate plan. Some specifications also mention the is-sues regarding to end-of-life environmental factors.
Reference:
LO 3, AC 3.3
NEW QUESTION # 122
Multiple approval levels for a small purchase request is an example of which type of waste?

• A. Over-processing
• B. Inventory
• C. Not using talent
• D. Over-production

Answer: A Explanation:
Lean thinking aims to remove wastes from work processes. Before diving into the 8 wastes, it is important to understand what waste is. Waste is any action or step in a process that does not add value to the customer. In other words, waste is any process that the customer does not want to pay for.
The original seven wastes (Muda) was developed by Taiichi Ohno, the Chief Engineer at Toyota, as part of the Toyota Production System (TPS). The seven wastes are Transportation, Inventory, Motion, Waiting, Overproduction, Overprocessing and Defects. They are often referred to by the acronym 'TIMWOOD'. The 8th waste of non-utilized talent or 'Skills' of workers was later introduced in the 1990s when the Toyota Production System was adopted in the Western world. As a result, the 8 wastes are commonly referred to as 'TIMWOODS'.

Source: The lean way
Multiple approval levels for a small purchase request is an example of over-processing since this adds more unnecessary work to users and procurement professionals.
Reference:
LO 2, AC 2.3
NEW QUESTION # 123
An organisation always obtains negative cash flow regarding removal and disposal of assets. Is this statement true?

• A. No, the organisation may recover the value of the assets by reselling it
• B. Yes, the organisation incurs high maintenance cost during the disposal processes
• C. Yes, some assets require enormous decommissioning costs
• D. No, disposal of assets always bring positive cash flow to the organisation

Answer: A Explanation:
Assets in their end of life need to be removed or disposed. Though an organisation can incur some costs in decommissioning or removal of the assets, it may recover costs by reselling the assets. Therefore, sometimes the organisation can gain positive cash flow from removal and disposal of assets. The answer should be "No, the organisation may recover the value of the assets by reselling it".
LO 3, AC 3.3
NEW QUESTION # 124
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