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Latest L4M7 Test Blueprint & Exam L4M7 Flashcards

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CIPS L4M7: CIPS Whole Life Asset Management exam is designed for procurement professionals who are interested in developing skills and knowledge in the area of asset management. L4M7 Exam focuses on the entire lifecycle of assets, from acquisition to disposal, and emphasizes the importance of effective asset management in achieving organizational goals.

CIPS Whole Life Asset Management Sample Questions (Q246-Q251):

NEW QUESTION # 246
Which of the following are holding costs? Select THREE that apply.
* Shipping costs
* Marketing fees
* Damaged goods
* Storage space
* Insurance costs
* Legal fees

A. 1, 3, and 5
B. 1, 2, and 6
C. 2, 4, and 6
D. 3, 4, and 5

Answer: D

Explanation:
Holding costs include expenses associated with storing inventory. These typically comprise:
* Damaged goods: Losses due to items being stored improperly or deteriorating over time.
* Storage space: Costs of renting or maintaining warehouse space.
* Insurance: Fees for insuring stored items against potential risks.
These costs are integral to whole-life asset management, as they impact overall inventory and storage expenses.

NEW QUESTION # 247
Which of the following best describes category 'A' in ABC analysis in inventory management?

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

Answer: D

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 # 248
Under a Hire Purchase Agreement, ownership is transferred to the hirer...

A. when all installments have been paid
B. when half the installments have been paid
C. if the items are damaged by the hirer
D. at the beginning of the contract

Answer: A

Explanation:
In a Hire Purchase Agreement, ownership of the asset transfers only after all installments are fully paid.
This financing option allows organizations to use an asset immediately while spreading out payments. In whole-life asset management, hire purchase is suitable for assets with long service lives, allowing organizations to use them without a large initial investment.

NEW QUESTION # 249
A warehouse manager is evaluating the use of Automated Guided Vehicles (AGVs) within a non-repetitive task environment. After reviewing their use, the manager decided to invest in a number of AGVs. Was this decision correct?

A. No, as it commits the organization to a large capital cost
B. No, as they are only suitable for use in repetitive task environments
C. Yes, as it will increase stock picking accuracy and productivity
D. Yes, as it will reduce the costs of labor by replacing a human worker

Answer: B

Explanation:
Automated Guided Vehicles (AGVs) are best suited for environments with repetitive tasks, such as fixed routes in production lines. In non-repetitive tasks, their efficiency and effectiveness decrease. Whole-life asset management prioritizes choosing automation that aligns with operational needs, ensuring cost-effectiveness and suitability for the given tasks.

NEW QUESTION # 250
"Open stock plus purchases minus closing stock" is the formula of which of the following?

A. Liability
B. Inventory
C. Revenue
D. Cost of goods sold

Answer: D

Explanation:
The amount of closing stock (properly valued) is used to arrive at the cost of goods sold in a periodic inventory system with the following calculation:
Opening stock + Purchases - Closing stock = Cost of goods sold
Reference:
- CIPS study guide page 130-131
- Closing stock definition
LO 2, AC 2.3

NEW QUESTION # 251
......

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Grant Stone Grant Stone

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