PASS-RATE LATEST L4M7 EXAM QUESTION & PASSING L4M7 EXAM IS NO MORE A CHALLENGING TASK

Pass-Rate Latest L4M7 Exam Question & Passing L4M7 Exam is No More a Challenging Task

Pass-Rate Latest L4M7 Exam Question & Passing L4M7 Exam is No More a Challenging Task

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Tags: Latest L4M7 Exam Question, Valid Study L4M7 Questions, L4M7 Exam Dumps Demo, L4M7 Actual Test, L4M7 Test Sample Questions

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CIPS Whole Life Asset Management Sample Questions (Q45-Q50):

NEW QUESTION # 45
In the periodic review system, the order quantity is the same for each order. Is this statement true?

  • A. Yes, in periodic review system items are reviewed when the Kanban is triggered
  • B. Yes, the order quantity should be equal to economic order quantity
  • C. No, the next order quantity must be larger than the previous one
  • D. No, the inventory position at each review point differs from each other

Answer: D

Explanation:
Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies. The system also contains a target inventory level, R, which is restored when order received. The order quantity is calculated as:
Q = R - IP
where: Q = order quantity
R = target inventory level
IP = inventory position
Inventory position (IP) is equal to inventory on-hand plus quantity on order minus backorder (if any) The order quantity varies because the inventory position at each review point differs from each other.
Diagram Description automatically generated with medium confidence

LO 2, AC 2.3


NEW QUESTION # 46
Which of the following best describes category 'A' in ABC analysis in inventory management?

  • A. Items with high uncertainty
  • B. Items with high values
  • C. Items with low uncertainty
  • D. Items that represent approximately 15% of total value

Answer: B

Explanation:
ABC classifications are applied to stock and its management is based loosely on the Pareto princi-ple, better known as the 80/20 rule.
The likely outcome of analysis of inventory (value importance):
- Category A - about 20% of the stock items account for about 80% of the total inventory value. Items in category A have the highest value.
- Category B - about 30% of items account for about 15% of total inventory value
- Category C - the remaining 50% of items account for 5% of the total inventory value Reference:
LO 2, AC 2.1


NEW QUESTION # 47
Decommissioning, removal and disposal of assets may have impact on the environment. An organisation should have policies and procedures in place to enhance its environmental performance. Which standard family provides the guidance on environmental policies and procedures?

  • A. ISO 9000 family
  • B. ISO 22000 family
  • C. ISO 27000 family
  • D. ISO 14000 family

Answer: D

Explanation:
The ISO 14000 family of standards are developed by ISO Technical Committee ISO/TC 207 and its various subcommittees. For a full list of published standards in the series see their standards catalogue. ISO 14001 provides requirements with guidance for use that relate to environmental systems. Other standards in the family focus on specific approaches such as audits, communications, labelling and life cycle analysis, as well as environmental challenges such as climate change.
ISO 27000 family of standards concerns information technology, with the goal of improving security and protecting company assets. Started in 2005, the two most popular standards are ISO 27001:2013 and 27002:2013. 27001 is management-based system, whereas 27002 is a technical document, focused on the individual and putting a code of conduct in place. Organizations can choose either standard; ISO 27001 has over 22,000 certifications worldwide. It is a broad standard, and for this reason the certification can be customized to fit the needs of the organization, and is not mandatory.
ISO 22000 sets out the requirements for a food safety management system and can be certified to it. It maps out what an organization needs to do to demonstrate its ability to control food safety hazards in order to ensure that food is safe. It can be used by any organization regardless of its size or position in the food chain.
ISO 9001 is a family of quality management standards, there are fourteen in total. Of these, ISO 9001:2015 is the only one that can be certified to. It was first published in 1987, and has since been updated about every 7 years. The standard details how to put a Quality Management System (QMS) in place to better prepare your organization to produce quality products and services. It is customer focused, and places an emphasis on continuous improvement and top management processes that extended throughout the organization.
Reference:
- ISO website
- Top 10 Most Popular ISO Standards
- CIPS study guide page 193
LO 3, AC 3.3


NEW QUESTION # 48
Which of the following is the cylindrical container that is suitable for liquids or loose material

  • A. Drum
  • B. Tote box
  • C. Industrial container
  • D. Storage bag

Answer: A

Explanation:
Drum is the container for stock, which is usually cylindrical and can be made from a variety of materials.
Contents are usually loose material or liquids
A picture containing tableware, kitchen appliance Description automatically generated

Tote box is the reusable storage box. These can be open or have lids or flaps to close them and come in a large variety of sizes and weight loadings.
A picture containing text, container, basket Description automatically generated

A tote is ideal for holding and hauling items such as: tools, fasteners, bark dust, dry cement, cords, wires, smaller boxes,...
For larger and bulkier items, industrial containers make it easy to keep things stored and in one spot for transportation. Due to the metal interior, an industrial container is more appropriate for items that - unlike tools and small pieces of machinery - lack any surface sensitivity.
A picture containing text, ground, cargo container, computer Description automatically generated

Solid containers like bins and totes are far from the only storage devices for the various materials that are needed in abundance at factories and warehouses. Another option is the storage bag, which can be used to hold bulk supplies of items until they're needed for the department shelves or assembly lines.
A close-up of a bag Description automatically generated with medium confidence

LO 1, AC 1.1


NEW QUESTION # 49
"A measure of the ability of an organisation to supply customers without delay" is the best defini-tion of which of the following:

  • A. Key performance indicator
  • B. Service level
  • C. Safety stock
  • D. Re-order level

Answer: B

Explanation:
In inventory management, service level is the expected probability of not hitting a stock-out during the next replenishment cycle or the probability of not losing sales.
Key performance indicators (KPIs) can be used to analyse data based on performance objectives and set actionable goals for improvement. KPIs can be developed in conjunction with suppliers as well as others, and can be used to measure the essential elements of the process.
Safety stock is the amount of inventory a business needs to have to achieve a certain level of risk mitigation when it comes to stockouts.
Reorder level (or reorder point) is the inventory level at which a company would place a new order or start a new manufacturing run.


NEW QUESTION # 50
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