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CIPS Whole Life Asset Management Sample Questions (Q134-Q139):

NEW QUESTION # 134
A manufacturer aims at increasing the service levels to 99% from 97% through expanding the safety stock. Safety stock can be used to accommodate which of the following?
1. Variability of stock turn
2. Variability of holding costs
3. Variability of demand
4. Variability of lead time

• A. 3 and 4 only
• B. 2 and 4 only
• C. 1 and 2 only
• D. 1 and 3 only

Answer: A Explanation:
Safety stock is also known as buffer stock. As this name suggests, this type of stock provides some kind of 'buffer', which means safety stock will help the business to reduce the shocks induced by volatile demand or disruption on the supply chain. In other words, safety stock will reduces the probability of stockouts. The following graph would explain the reason why an organisation should have safety stock:

Figure 1: Safety stock graph
As it is only the buffer against uncertainty, safety stock level should be equal to the deviation of demand or replenishment time. Safety stock should be able to accommodate variance of demand and variance of lead time.
Reference:
- Safety stock explained
- CIPS study guide page 84-86
LO 2, AC 2.1
NEW QUESTION # 135
In a manufacturing facility, which types of inventory have the lowest value?
1. Finished goods
2. Secondary components
3. Work in progress
4. Raw materials

• A. 3 and 4 only
• B. 1 and 2 only
• C. 2 and 4 only
• D. 1 and 3 only

Answer: C Explanation:
Raw materials are basic input materials - they are only processed limitedly or have not been pro-cessed at all. Their values are equal to acquisition cost and are the lowest value of stock held.
Secondary components are the products that are combined with others to produce the finished goods. They are acquired in the processed state. Their value is higher than raw materials, but still at acquisition cost.
Work in progress is the stock part-way through manufacture that has not been finished. It is typically not completed yet, so it doesn't have full value. But the costs of processing already carried out makes it more valuable than materials and components.
Finished goods are completed and ready to be used or sold. Finished goods are the most expensive and need to be stored in good conditions.
Reference:
LO 2, AC 2.1
NEW QUESTION # 136
Which of the following are main objectives of warehouse operations? Select TWO that apply.

• A. To generate check digits for a product code
• B. To create sufficient space for redundant stock
• C. To ensure stock available when customers demand
• D. To maintain the highest level of buffer stock
• E. To minimise stock loss and deterioration

Answer: C,E Explanation:
The purposes of stores and warehouses are:
1. Maximum use of space.
2. Ready access to all items.
3. Efficient movement of goods.
4. Effective utilization of labour & equipment's
5. Maximum protection of items
6. Good-house-keeping.
Reference:
- Warehousing: Meaning, Objectives and Functions
- CIPS study guide page 3
LO 1, AC 1.1
NEW QUESTION # 137
In inventory management, the cost of insurance and taxes are included in which group?

• A. Costs of shortage
• B. Set up costs
• C. Inventory carrying cost
• D. Acquisition costs

Answer: C Explanation:
Direct and indirect costs of holding inventory include the following:
1. Acquisition costs
2. Holding costs (carrying costs) are the costs associated with the storage and handling of physical stock. There are two different types of holding costs:
a. 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.
b. 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.
3. Costs of stockouts
Reference:
LO 2, AC 2.2
NEW QUESTION # 138
A pharmaceutical firm offers a new drug called NC-01. After analysing the market, the firm realises that the demand is largely variable. But they still have to forecast the customer demand for the next production cycle. The new drug NC-01 is best described as which type of item?

• A. Overhead items
• B. Dependent demand
• C. Independent demand
• D. Indirect demand

Answer: C Explanation:
Dependent demand is the requirement for stock item which is directly related to and therefore de-pendent upon the rate of production (examples are: raw materials, components, energy) Independent demand is the requirement for stock item which is not directly related to, and is therefore independent of rate of production. Although independent demand is called thus, it can still be influenced by economic factors external to the demand-supply model such as general consumer sentiment and consumers' available disposal income. However, businesses that need to predict the number of products with independent demand needed to sate their customers have it easier than businesses that must calculate the demand for products with dependent demand because there are fewer factors to consider.
In this scenario, the new drug is finished good which is dependent on the demand of the market, and the firm needs to forecast before initiating the production process. The item is independent from rate of production, therefore, it must be independent demand item.
Reference:
LO 2, AC 2.1
NEW QUESTION # 139
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