Exam L4M7 Preparation, Reliable L4M7 Test Pattern

Exam L4M7 Preparation, Reliable L4M7 Test Pattern

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CIPS Whole Life Asset Management Sample Questions (Q81-Q86):

Resevoir Inc runs several oil refineries across the country. These refineries require heavy invest-ment, particularly in maintenance, repair and operating (MRO) inventory. But the inventory turno-ver rate of these MRO items are low, while some items have expired date, which increases the risks of obsolescence. Which of the following methods can address the issues of these MRO items?

  • A. Forrester effect
  • B. Just in case
  • C. Vendor-owned stock
  • D. Larger safety stock

Answer: C

Where stock turn (inventory turnover) is low and there are potential risks of redundancy or obsolescence, the buying organisation may adopt vendor owned stock. In this system, a supplier (vendor) maintains a stock of items ready to be used at the point of customer consumption. The supplier owns the stock until it is used by the purchaser; only then is the purchaser invoiced for it.
Just in case and larger safety stock would significantly increase the stock level, which may cause redundancy or obsolescence.
Forrester effect (or Bullwhip effect) is a distribution channel phenomenon in which forecasts yield supply chain inefficiencies. It refers to increasing swings in inventory in response to shifts in customer demand as one moves further up the supply chain.
LO 2, AC 2.2

The optimum balance in the standard ISO 18602:2013 (Packaging and the environment – Optimi-zation of the packaging system) considers which of the following factors?
1. Environmental impact of losses due to lack of packaging
2. The process for packaging design, including material selection
3. Procedures and requirements for packaging that are suitable for organic recycling
4. Environmental impact of excess packaging

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

Answer: B

ISO 18602:2013 is about Packaging and the environment – Optimization of the packaging system. ISO 18602:2013 specifies requirements and a procedure for assessment of packaging to ensure that the weight or volume of its material content is optimized consistent with the functions of packaging. This is one of several options for reducing the impact of packaging on the environment.
It also provides methodologies and procedures for
– determining the amount and minimization of substances or mixtures hazardous to the environ-ment, and
– determining the amount of four heavy metals (lead, cadmium, mercury, hexavalent chromium) in packaging.
The optimum balance in this standard weighs the environmental impact of losses that may happen with no packaging or inadequate packaging against the environmental impact from excess packag-ing.
The process for packaging design, including material selection, is not part of ISO 18602:2013.
The procedure for applying ISO 18602:2013 is contained in ISO 18601.
LO 1, AC 1.3

Which of the following statements is true of just-in-time (JIT) purchasing?

  • A. In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales
  • B. In JIT purchasing, the optimal safety-stock level is the quantity of safety stock that minimizes the sum of annual relevant stockout and carrying costs
  • C. Only disadvantage of JIT purchasing is the higher level carrying and inspection costs
  • D. JIT purchasing is guided solely by the EOQ model because that model emphasizes the tradeoff between relevant carrying and ordering costs

Answer: A

Just-in-time (JIT) purchasing is a systems approach for developing and operating the purchasing function. JIT purchasing along with the total quality management in many industries has been suc-cessful in reducing inventory and increasing the overall effectiveness of purchasing function and hence the productivity of manufacturing.
The just-in-time objectives of eliminating waste can be summarised in the ‘five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
The correct answer should be ‘In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales’ because it expresses that upstream activity (purchasing) only occurs as the downstream activity (production or sales) triggers.
LO 2, AC 2.3

The amount of inventory available at the start of an accounting period is known as…?

  • A. Work-in-progress
  • B. Buffer stock
  • C. Closing stock
  • D. Opening stock

Answer: D

Opening stock is the starting amount of inventory that a business has at a fixed moment in time. This could be the start of a financial year, another reporting period or ad hoc stocktake. The concept of opening stock mush not be confused with raw materials Closing stock is the inventory held at the end of the period under consideration. Thus, the closing stock of one period is automatically the opening stock for the next.
Work in progress is the stock part-way through a manufacturing process; in the service sectors the term is also used for anything between order and delivery.
Buffer stock (safety stock) is the stock held as a contingency or insurance against disruption or unexpected demand.
LO 2, AC 2.1

An organisation may incur additional costs in stockout events. Which of the following is an exam-ple of costs of inventory stockouts?

  • A. The lost contribution margin on sales forgone as a result of customer dissatisfaction due to unavailability of goods
  • B. The costs of obsolescence and costs of insurance that change with the quantity of in-ventory held
  • C. The costs of storage space owned that cannot be used for other profitable purposes when inventories decrease
  • D. The return forgone by investing capital in inventory rather than elsewhere

Answer: A

Stockout is a situation where an inventory item is not available when required. The costs associated with a stockout include the following:
– Lost of production output – there will be no production until the stockout is resolved (new stock is acquired). For factory operating 24/7 with no spare capacity, this lost output will not be able to be recovered.
– Costs of machine downtime and of overhead spread over a reduced level of output
– Costs of any action required to deal with the stockout…
– Loss of customer goodwill through inability to supply or late delivery
– Loss of sales or new orders
– Loss of market creditability
LO 2, AC 2.2


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