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Guide for CIPS Whole Life Asset Management

Quiz CIPS Whole Life Asset Management

Updated on 2024/12/29

PDF|

Guide for CIPS Whole Life Asset Management

Updated on 2024/12/29

Randomized | 10 Questions per Test | 20 Minutes | 70% to pass

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4.9

Quiz

Question 1/101/10

XYZ Ltd organises a meeting in order to decide on the safety stock level of a strategic material which
is used in XYZ latest product - DMD. To do this, they must forecast the future demand for this new
product. In the meeting, external consultants are invited to join with cross-functional team. Each
person of the group anonymously replies to questionnaires and subsequently receives feedback in
the form of a statistical representation of the "group response," after which the process repeats
itself. The goal is to reduce the range of responses and arrive at something closer to expert
consensus. XYZ Ltd is using which forecasting method?

Select the answer:Select the answer

1 correct answer

Objective forecasting technique

Delphi method

Holt-Winters seasonal method

Time series analysis

Quiz

Question 2/102/10

XYZ Ltd has been adopting MRP system for years. The system helps the company improve effi-ciency
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greatly and generates huge cost-savings. However, MRP system is only limited to produc-tion process
management and XYZ management team would like to have better insights into re-sources required
across the organisation as a whole. Which software system would help XYZ management team
achieve the above objective?

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1 correct answer

MRP II

MPS

ERP

P2P

Enterprise resource planning (ERP) is the integrated management of main business processes, often
in real time and mediated by software and technology. ERP provides an integrated and con-tinuously
updated view of core business processes using common databases maintained by a data-base
management system. ERP systems track business resources—cash, raw materials, production
capacity—and the status of business commitments: orders, purchase orders, and payroll. The
applications that make up the system share data across various departments (manufacturing,
purchasing, sales, accounting, etc.) that provide the data. ERP facilitates information flow between
all business functions and manages connections to outside stakeholders.
Manufacturing resource planning (MRP II) is defined as a method for the effective planning of all
resources of a manufacturing company. Ideally, it addresses operational planning in units, financial
planning, and has a simulation capability to answer "what-if" questions and extension of closed-loop
MRP. This is not exclusively a software function, but the management of people skills, requiring a
dedication to database accuracy, and sufficient computer resources. It is a total company
management concept for using human and company resources more productively.
A master production schedule (MPS) is a plan for individual commodities to be produced in each
time period such as production, staffing, inventory, etc. It is usually linked to manufacturing where
the plan indicates when and how much of each product will be demanded. 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.
Procure-to-pay (P2P) is a term used in the software industry to designate a specific subdivision of the
procurement process. The procure-to-pay systems enable the integration of the purchasing
department with the accounts payable (AP) department. Some of the largest players of the software
industry agree on a common definition of procure-to-pay, linking the procurement process and
financial department.
LO 2, AC 2.3

Right Answer: C

Quiz

Question 3/103/10

Assuming that all other factors are constant except one, the net present value of a capital expendi-
ture increases when...?

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1 correct answer

The initial cost of a project increases

The discounted rate increases

Net cash flow during a time period increases

Cash outflow during a time period increases
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Quiz

Question 4/104/10

A supermarket calculates that the average holding cost for an item is $1.50 per cubic meter per day.
A beer pallet which has volume of 0.5 cubic meter will be stored for 5 days. What is the holding cost
of this beer pallet?

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1 correct answer

$4.00

$4.50

$4.25

$3.75

Quiz

Question 5/105/10

Which of the following is the minimum aisle width for using standard counterbalanced forklifts?

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1 correct answer

4.9 ft - 5.2 ft
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5.6 ft - 5.9 ft

6.9 ft - 7.2 ft

10.5 ft - 13.1 ft

Quiz

Question 6/106/10

With D is the annual demand (units), S is cost per order, H is annual carrying cost per unit; the
formula for Economic Order Quantity is....?

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1 correct answer

√(D*S/2H)

√(2D*S/H)

√(D*S*H)

√(D*S/3H)

Quiz

Question 7/107/10

To improve the security of a warehouse, alarm systems are commonly used. Which of the following is
an important part of these systems?
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1 correct answer

Sensors

Fencing

CCTV

Lighting

Quiz

Question 8/108/10

Which of the following best describes the term ‘periodic review’?

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1 correct answer

Items are reviewed and orders placed depending on requirements

Items are reviewed when the Kanban is triggered

Items are reviewed when the price is at its lowest

Items are reviewed as part of an imprest system
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Quiz

Question 9/109/10

What is the different between gross material requirements plan (gross MRP) and a net material
requirements plan (net MRP)?

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1 correct answer

The gross requirement doesn't take taxes into account, whereas the net requirement includes the
tax considerations

The gross MRP includes consideration of available inventory, whereas the net MRP does not

The net MRP includes the amount of inventory on hand, whereas the gross MRP does not

The gross MRP is mostly paper-based, but the net MRP must be computerised

Quiz

Question 10/1010/10

The following are examples of scheduled maintenance except...

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1 correct answer

Oil changes and regular servicing

Overhauling of machine

Repair signage damage from a recent storm

Cleaning of tank
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Quiz name:CIPS Whole Life Asset Management
Total number of questions:135
Number of questions for the test:50
Pass score:80%

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Quiz CIPS Whole Life Asset Management

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