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CIPS L4M7 (CIPS Whole Life Asset Management) Exam is a professional certification program designed for individuals who aspire to become asset management professionals. L4M7 exam is an intermediate-level certification that covers a wide range of topics related to asset management, including the creation, operation, maintenance, and disposal of assets over their entire lifecycle. L4M7 exam is recognized as a benchmark for competency in asset management by leading organizations across the world.
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CIPS Whole Life Asset Management Sample Questions (Q118-Q123):NEW QUESTION # 118
The following are examples of scheduled maintenance except...
Answer: D
Explanation:
Scheduled maintenance is any repair and upkeep work performed within a set timeframe. It details when given maintenance tasks are performed and by whom. Scheduled maintenance may occur at repeating intervals or in response to a work request.
"Overhauling of machine" means that the machine is regularly checked and corrupted parts are replaced if needed.
"Cleaning of tank" and "Oil changes" also occur at time intervals as scheduled So the correct answer is "Repair signage damage from a recent storm" Reference:
LO 3, AC 3.1
NEW QUESTION # 119
Which of the following is the formula for calculating the re-order level?
Answer: B
Explanation:
In management accounting, reorder level (or reorder point) is the inventory level at which a com-pany would place a new order or start a new manufacturing run.
Reorder level depends on a company's work-order lead time and its demand during that time and whether the company maintain a safety stock.
If a company maintains a safety stock, reorder level calculation changes are follows:
Reorder Level = Average Demand × Lead Time + Safety Stock
Reference:
LO 2, AC 2.3
NEW QUESTION # 120
ANTA Logistics is looking for a place to build a new, integrated cold chain facility, "Chill Hub", to its customers. Which of the following need to be considered when selecting the location of the new facility? Select TWO that apply.
Answer: A,C
Explanation:
There are many different factors that must be considered when assessing warehouse and stock locations:
* Operating cost of the location or area
* Availability and suitability of warehouses
* Availability of manpower or labour
* Proximity to suppliers and customers
* Access to transport infrastructure (domestic and international)
* The political and security environment of the location
LO 1, AC 1.1
NEW QUESTION # 121
Which among the following are the tools for reducing acquisition costs in purchasing?
1. Procurement card
2. Automated Storage & Retrieval System
3. Porter's value chain
4. P2P system
Answer: C
Explanation:
There are several methods to reduce the acquisition costs in procurement. L4M7 study guide lists the following methods:
- Buyer discretionary spend
- 'User buying'
- Vendor managed inventory (VMI)
- Two-bin Kanban
- Product catalogue
- e-Procurement techniques, including some systems such as ERP, procure-to-pay (P2P), e-requisition, e-tendering, etc.
- Procurement cards
Reference:
LO 3, AC 3.1
NEW QUESTION # 122
Toll Group has thousands of end-of-life IT assets that need to be disposed of. The senior manage-ment of Toll Group is largely concerned about sustainability in waste management, especially electronic waste. Before selecting a supplier to manage the process, the procurement team is required to assess the environmental risks regarding disposal of the assets. Risk assessment is basically based on the measurement of which factors?
1. Impact
2. Reward
3. Surveillance
4. Likelihood
Answer: C
Explanation:
All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps. Together these 5 risk management process steps combine to deliver a simple and effective risk management process.
Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register.
Step 2: Analyze the risk. Once risks are identified you determine the likelihood and consequence of each risk. You develop an understanding of the nature of the risk and its potential to affect pro-ject goals and objectives. This information is also input to your Project Risk Register.
Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining the risk magni-tude, which is the combination of likelihood and consequence. You make decisions about whether the risk is acceptable or whether it is serious enough to warrant treatment. These risk rankings are also added to your Project Risk Register.
Step 4: Treat the Risk. This is also referred to as Risk Response Planning. During this step you assess your highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels. How can you minimize the probability of the negative risks as well as enhancing the opportunities? You create risk mitigation strategies, preventive plans and contingency plans in this step. And you add the risk treatment measures for the highest ranking or most serious risks to your Project Risk Register.
Step 5: Monitor and Review the risk. This is the step where you take your Project Risk Register and use it to monitor, track and review risks.
Reference:
- What are the 5 Risk Management Steps in a Sound Risk Management Process?
- CIPS study guide page 192-193
LO 3, AC 3.3
NEW QUESTION # 123
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