CIPS L4M7 Exam Passing Score, Study L4M7 Dumps

CIPS L4M7 Exam Passing Score, Study L4M7 Dumps

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The Certified Institute of Procurement and Supply (CIPS) offers a range of certification exams for professionals in procurement and supply chain management. One of the most sought-after certifications is the CIPS L4M7, also known as the Whole Life Asset Management Certification Exam. This certification is designed for individuals who want to enhance their knowledge and skills in managing assets throughout their entire life cycle.

The certification process for the CIPS L4M7 exam involves passing a rigorous assessment, which includes a written exam and a practical assessment. Students who pass the assessment are awarded the CIPS Level 4 Certificate in Procurement and Supply. This certification is recognized internationally and is highly valued by employers looking for procurement professionals with this level of expertise.

The CIPS L4M7 Exam is a comprehensive test that assesses the candidate’s ability to apply asset management principles to real-life scenarios. It is a highly sought-after certification as it demonstrates the candidate’s proficiency in effectively managing assets throughout their entire life cycle. Successful completion of this exam also shows employers that the candidate has a deep understanding of the importance of asset management in maximizing asset value, reducing operational costs, and ensuring regulatory compliance.

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Free PDF Quiz 2023 CIPS Efficient L4M7 Exam Passing Score

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CIPS Whole Life Asset Management Sample Questions (Q121-Q126):

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….?

  • A. √(D*S/2H)
  • B. √(2D*S/H)
  • C. √(D*S*H)
  • D. √(D*S/3H)

Answer: B


LO 2, AC 2.3

A major investment bank is planning to purchase a complex banking system that will interface with multiple applications at varying times of the day. Before deploying the system, there are various levels of testing that must be performed through joint testing between the in-house team and off-shore testing consultants. The testing will be performed in a resource-constrained shared environment and managed by the on-shore development team. The costs for testing are generally classified as…?

  • A. Purchase prices
  • B. Maintenance costs
  • C. Acquisition costs
  • D. Insurance

Answer: C

In the scenario, the buying organisation (investment bank) must conduct various types of testing before the deployment of the software system. These tests can be functional testing, factory ac-ceptance testing and/or user acceptance testing. The costs for all these types of testing are classified as acquisition costs with regards of total cost of ownership.
LO 3, AC 3.1

A hospital is purchasing a new software product that will advise nurses when to give medications to hospitalised patients. This is a mobile application that will be used on tablets carried by the nurses. The software is being developed and tested by a company that specialises in mobile medical applications. This software will interface with existing hospital software that orders the medications from the pharmacy. Which acceptance test activity will be required to check whether the new software integrates well with current IT system?

  • A. Stress testing
  • B. Compatibility testing
  • C. Health and safety testing
  • D. Dry running

Answer: B

In the scenario, one of the requirements for the new software is that the new one will interface with current system. Compatibility testing would be the most appropriate test here.
There are also other acceptance tests that are mentioned in L4M7 study guide:
– Health and safety test aims at establishing new health and safety routines, providing guidance notices and documentation and ensuring designed-in safety in operation.
– Stress testing (sometimes called torture testing) is a form of deliberately intense or thorough testing used to determine the stability of a given system, critical infrastructure or entity. It involves testing beyond normal operational capacity, often to a breaking point, in order to observe the results.
– A dry run (or a practice run) is a testing process where the effects of a possible failure are inten-tionally mitigated. For example, an aerospace company may conduct a “dry run” test of a jet’s new pilot ejection seat while the jet is parked on the ground, rather than while it is in flight.
The usage of “dry run” in acceptance procedures (for example in the so-called FAT = factory ac-ceptance testing) is meant as following: the factory – which is a subcontractor – must perform a complete test of the system it has to deliver before the actual acceptance by customer.
LO 3, AC 3.1

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

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

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

Answer: D

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.
– ISO website
– Top 10 Most Popular ISO Standards
– CIPS study guide page 193
LO 3, AC 3.3


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