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CIPS L4M7 (CIPS Whole Life Asset Management) Certification Exam is a professional qualification designed to equip candidates with the knowledge and skills required to manage assets throughout their entire lifecycle. CIPS Whole Life Asset Management certification exam is offered by the Chartered Institute of Procurement and Supply (CIPS), which is a globally recognized professional body for procurement and supply chain management.

CIPS Whole Life Asset Management Sample Questions (Q86-Q91):

NEW QUESTION # 86
What are the contents of master production schedule in MRP system?

A. The investment required for production
B. How many final products will be made and when to make them
C. What components and materials are and when to purchase them
D. The total number of labour required to produce the final product

Answer: B

Explanation:
A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc.[1] It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded.[2] 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. Typical MPSs are created by software with user tweaking.

NEW QUESTION # 87
When using ABC analysis to classify inventory, which factors must be considered?
1. Demand uncertainty of each item
2. Cumulative percentage of items
3. Cumulative percentage usage value of items
4. Overall inventory turnover

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

Answer: D

Explanation:
ABC analysis is applied to stock and its management. It is based loosely on the Pareto principles, better known as 80/20 rule. Pareto principle is the theory that 80% of outcome results from 20% of inputs. For example, 80% of sales are to the top 20% of customers; 80% of spend on inventory is accounted for by the top
20% of stock items.
The ABC concept is based on Pareto's law. The following steps are carried out for the ABC analy-sis.
- Step 1: Compute the annual usage value for every item in the sample by multiplying the annual requirements by the cost per unit.
- Step 2: Arrange the items in descending order of the usage value calculated above.
- Step 3: Make a cumulative total of the number of items and the usage value.
- Step 4: Convert the cumulative total of the number of items and usage values into a percentage of their grand totals.
- Step 5: Draw a graph connecting cumulative % items and cumulative % usage value. The graph is divided approximately into three segments, where the curve sharply changes its shape. This indicates the three segments A, B and C.
LO 2, AC 2.1

NEW QUESTION # 88
Why would an organisation need to hold safety stock?

A. To cover shortages due to agreed lead times being exceeded or the actual demand being greater than anticipated
B. To allow for the loss of idle time and to spread the fixed overheads across a reduced level of output
C. To allow for a faster and more efficient inventory turnover which will aid the cash flow of the organisation
D. To create zero inventories and allow the development of a Just-In-Time (JIT) approach to inventory management

Answer: A

NEW QUESTION # 89
Which of the following are the key elements of total productive maintenance?
1. Reactive maintenance
2. Quality maintenance
3. Deferred maintenance
4. Autonomous maintenance

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

Answer: C

Explanation:
Total productive maintenance (TPM) is an innovative concept in the manufacturing industry that evolved from the idea of preventive maintenance to adopt practices of productive maintenance, maintenance prevention, and reliability Engineering. What we now refer to as TPM, has become an ingenious approach to achieve overall equipment effectiveness by involving the workforce behind the machines (i.e. the operators).
8 pillars of TPM

1) 5S - Sort, straighten, shine, standardize, and sustain
Just like a physical structure starts with a grounded framework, building a strong TPM process requires a strong foundation in the form of the principles of 5S. This is a workplace organization method that is simplified into 5 basic steps:
Sort tools, equipment, and materials to identify which of these can be discarded Straighten and set things in proper order to reduce unnecessary motion and efficiently travel be-tween working groups and locations Shine refers to performing necessary housekeeping to clean up the work area Standardize and schedule activities to systematically form the habits to keep the workplace orga-nized Sustain the process and principles for long-term applications The 5S approach provides a systematic approach to cleaning the workplace, thereby uncovering underlying problems and challenges.
2) Autonomous maintenance
Maintenance tasks and caring for equipment should start with the people using the equipment. The empowerment of operators to work on small maintenance tasks effectively allows the maintenance teams to focus on more specialized assignments.
3) Continuous improvement
Also known as the Japanese term Kaizen, Continuous Improvement promotes the attitude of pro-gressing towards zero losses and zero defects. Through small but continual tweaks to processes, the overall effectiveness and efficiency of the organization is developed.
4) Planned maintenance
Planned maintenance activities are essential to the prevention of equipment breakdown. Planned maintenance is performed by periodically evaluating the condition of equipment to proactively prevent deterioration and mechanical failures.
5) Quality maintenance
To ensure the satisfaction of the customer, manufacturing processes aim for zero-defect production. Standards for superior quality, and checks on whether the standards are being met, should be in place. The goal of quality maintenance is to identify any possible causes of deviations from zero-defect production.
6) Training
The idea of TPM is that everyone does their part to contribute to the overall productivity of the production process. In order to achieve optimum performance, and to build each member's competence, proper training is required to equip each one with the theoretical and practical know-how of working with machines and equipment.
7) Office TPM
A key role that is often overlooked is the administrative department that works behind the scenes. Like the rest of the production teams and processes, the management and administrative functions are also subject to productivity improvement. Tins includes identifying and eliminating losses, and contributing to the overall performance of the plant.
8) Safety, health, and environment
The last of the eight pillars focuses on creating a safe workplace. The essence of this pillar is real-ized when actively applied to each of the other pillars. The successful implementation of this pillar will contribute to a secure and hazard-free workplace.
Reference:
Total Productive Maintenance (TPM) - Upkeep
CIPS study guide page 163
LO 3, AC 3.1

NEW QUESTION # 90
Which of the following are typical characteristics of 2D barcodes? Select TWO that apply.

A. 2D barcodes can contain more data than 1D barcodes
B. 2D barcodes are exclusively used for marketing purpose
C. 2D barcodes can be read by linear scanners
D. Every 2D barcodes must conform international standards
E. The 2D barcodes are machine-readable

Answer: A,E

Explanation:
Two-dimensional (2D) barcodes look like squares or rectangles that contain many small, individual dots. This has many different types (i.e. Data matrix, QR codes, Aztec code,...) and several different standards in use (i.
e. GS1 standards, ISO/IEC 18004:2015). It can be substituted for 1D barcode, but it has the capability to hold a larger amount of data. For examples, GS1 Data Matrix can contain 3116 Numeric characters or 2335 Alphanumeric characters while GS1-128 barcode has maximum capacity of 48 characters.
Like 1D barcodes, 2D barcodes are also machine-readable with dots/squares and spaces. They have symbology like this:
Qr code Description automatically generated

Since the code is two dimensional, conventional laser scanner can't read it. 2D barcodes require imaging scanner to read.
2D barcodes can be also used for different purposes throughout the supply chain: identifying prod-ucts/SKU (single unit, packaged or pallet), identifying content of a purchase order or delivery, identifyingthe batch number from which the item originates, identifying the manufacturer, country of origin etc, tracking status of an order, shipment or delivery

NEW QUESTION # 91
......

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CIPS Whole Life Asset Management Sample Questions (Q86-Q91):

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