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CIPS L4M7 Certification is recognized and respected worldwide, providing professionals with a competitive edge in the job market. Achieving this certification demonstrates a commitment to excellence and a willingness to continuously improve one's knowledge and skills in asset management.
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CIPS L4M7 Exam is an essential certification for professionals who are involved in asset management. It is an internationally recognized certification that has been developed by the Chartered Institute of Procurement and Supply (CIPS), which is a leading global professional organization in the field of procurement and supply chain management. CIPS Whole Life Asset Management certification demonstrates that the individual has a thorough understanding of the principles and practices of asset management, and is capable of managing assets in a cost-effective and efficient manner.
NEW QUESTION # 245
What cost factors should be considered for the maintenance and repair of manufacturing equipment?
* Direct labor cost
* Cost of utilities during the use of the equipment
* Cost of the goods being sold
* Guarantee and warranty cost
Answer: D
Explanation:
Maintenance and repair costs include:
* Direct labor: Expenses for personnel performing maintenance tasks.
* Warranty costs: Expenses associated with warranty obligations or repairs within the warranty period.
These costs are part of whole-life asset management, which aims to accurately budget for and manage ongoing equipment expenses.
NEW QUESTION # 246
U-shape flow layout can utilise handling equipment if the high demands items locate adjacent to shipping docks. Is this statement true?
Answer: B
NEW QUESTION # 247
A brewery sells its beer in aluminum cans. It recycles the cans by using contractors to collect and mold the used cans. This is an example of...?
Answer: C
Explanation:
There are two main processes of recycling - open loop recycling and closed loop recycling.
Open Loop Recycling
Open loop recycling is a method that delays disposal by converting manufactured goods and spent materials into both new raw materials, which can be used for a manufacturing purpose, as a fuel source for a different manufacturing process and waste products.
Typically, materials recycled through open-loop recycling will be used for purposes different from their original purpose.
This means that the input into the recycling process is converted to a new raw material, which can be used as an input into another manufacturing process.
Materials in an open loop recycling process are treated using various forms of treatment including heat, chemical reactions, or physical crushing.
Closed Loop Recycling
Closed loop recycling is a process where waste is collected, recycled and then used again to make the same product it came from. This process is restorative and regenerative by design and aims to keep materials at their highest utility and value always.
Closed loop recycling is focused on resource sustainability, which means that recycling of a material can be done indefinitely without degradation of properties. In this case, conversion of the used product back to raw material allows repeated making of the same product, which helps hazardous waste generators reduce carbon footprint and achieve corporate sustainability initiatives.
Closed-loop recycling is common in specialized industries, such as the computer and battery industries, which use expensive or complex goods that cannot easily be broken down post-consumption into constituent materials.
A prime example of a closed-loop recycling process is the recycling of aluminum cans. Aluminum can be recycled to form new cans with little material degradation or waste creation.
Reference:
- Open Loop Vs Closed Loop Recycling
- CIPS study guide page 203
LO 3, AC 3.3
NEW QUESTION # 248
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: D
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
NEW QUESTION # 249
A barcode is a series of vertical bars of varying widths in which each of the digits 0 to 9 are represented by a different pattern of bars that can be read by a laser scanner. Which of the following are disadvantages of using barcodes? Select THREE that apply.
* It requires optical line of sight (LOS) scanning to be effective
* It does not allow real-time data to be collected accurately
* Barcodes do not have read/write capabilities
* Data entry is a slow operation and prone to errors
* It is a new and unproven technology
* It is labour-intensive as it requires individual scanning
Answer: D
Explanation:
Barcode technology has several limitations:
* Requires line-of-sight scanning (LOS): Barcodes must be directly visible to scanners, reducing flexibility in scanning items in bulk.
* No read/write capabilities: Barcodes can only store static data, limiting functionality in dynamic inventory environments.
* Labour-intensive: Each barcode must be scanned individually, making it time-consuming in high- volume environments.
Despite these limitations, barcodes are widely used due to their low cost. Whole-life asset management often considers RFID as a more efficient alternative to barcodes, especially in high-value asset tracking.
NEW QUESTION # 250
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