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CIPS L4M7 is the Whole Life Asset Management certification exam offered by the Chartered Institute of Procurement and Supply (CIPS). CIPS Whole Life Asset Management certification is designed to equip procurement and supply chain professionals with the knowledge and skills required to effectively manage assets throughout their entire lifecycle. Asset management is a growing field, and organizations are increasingly looking for professionals who can optimize asset performance and minimize costs through effective management strategies.

CIPS L4M7 exam covers a wide range of topics related to asset management, including the identification and classification of assets, the development of asset management plans, and the implementation of maintenance strategies. L4M7 Exam also covers the financial aspects of asset management, such as budgeting and cost management, as well as the legal and regulatory requirements that must be met to ensure compliance. By passing the CIPS L4M7 exam, professionals will demonstrate their expertise in asset management and enhance their career prospects in the field.

The CIPS Whole Life Asset Management certification program is ideal for asset management professionals, including engineers, project managers, procurement professionals, and facilities managers. It is also suitable for individuals who are responsible for managing assets in industries such as transportation, utilities, manufacturing, and construction.

CIPS Whole Life Asset Management Sample Questions (Q239-Q244):

NEW QUESTION # 239
Which of the following are features of product codes?
1. Product codes link to products' characteristics
2. A product code must comply with international standards
3. Many internal processes use the product codes as facilitators
4. There are no duplicate product codes

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

Answer: A

Explanation:
The product code is often the key to obtaining documentation relating to products.

Product codes are often use to link to internal processes. Some computerised inventory systems trigger alerts when specific items or volume are ordered - this could be an out-of-stock warning or potential volume errors.
In many cases, an organisation will use its own product code system. The organisation constructs a code that is effective and fits with its software and the variety of items covered. So these codes may or may not comply with any international standards (such as GS1 specifications, ISO standards, etc.). As organisations make up the code themselves, the codes may look identical to others. For example, SKU414675 reveals that it is used for many items, including the following:
- A UK wholesaler's six-pack of branded cola
- An Australian snack food
- UK flower seeds
- An Italian desk sold in Japan
- A Brazilian light fitting

NEW QUESTION # 240
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*H)
B. #(2D*S/H)
C. #(D*S/3H)
D. #(D*S/2H)

Answer: B

Explanation:

LO 2, AC 2.3

NEW QUESTION # 241
MRP system is the most suitable IT system to manage which type of items?

A. Fast moving components
B. Independent demand
C. Construction projects
D. Dependent demand

Answer: D

Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
Bill of materials (BOM) is an important component of MRP. BOM is also known as product struc-turer. This lists all the items that comprise each assembly and sub-assembly that make up the final product or end item. Therefore, MRP is commonly used to manage dependent demand stock.
Reference:
LO 2, AC 2.3

NEW QUESTION # 242
Which of the following are the key elements of total productive maintenance?
1. Reactive maintenance
2. Quality maintenance
3. Deferred maintenance
4. Autonomous maintenance

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

Answer: B

Explanation:
Total productive maintenance (TPM) is an innovative concept in the manufacturing industry that evolved from the idea of preventive maintenance to adopt practices of productive maintenance, maintenance prevention, and reliability Engineering. What we now refer to as TPM, has become an ingenious approach to achieve overall equipment effectiveness by involving the workforce behind the machines (i.e. the operators).
8 pillars of TPM

1) 5S - Sort, straighten, shine, standardize, and sustain
Just like a physical structure starts with a grounded framework, building a strong TPM process requires a strong foundation in the form of the principles of 5S. This is a workplace organization method that is simplified into 5 basic steps:
Sort tools, equipment, and materials to identify which of these can be discarded Straighten and set things in proper order to reduce unnecessary motion and efficiently travel be-tween working groups and locations Shine refers to performing necessary housekeeping to clean up the work area Standardize and schedule activities to systematically form the habits to keep the workplace orga-nized Sustain the process and principles for long-term applications The 5S approach provides a systematic approach to cleaning the workplace, thereby uncovering underlying problems and challenges.
2) Autonomous maintenance
Maintenance tasks and caring for equipment should start with the people using the equipment. The empowerment of operators to work on small maintenance tasks effectively allows the maintenance teams to focus on more specialized assignments.
3) Continuous improvement
Also known as the Japanese term Kaizen, Continuous Improvement promotes the attitude of pro-gressing towards zero losses and zero defects. Through small but continual tweaks to processes, the overall effectiveness and efficiency of the organization is developed.
4) Planned maintenance
Planned maintenance activities are essential to the prevention of equipment breakdown. Planned maintenance is performed by periodically evaluating the condition of equipment to proactively prevent deterioration and mechanical failures.
5) Quality maintenance
To ensure the satisfaction of the customer, manufacturing processes aim for zero-defect production. Standards for superior quality, and checks on whether the standards are being met, should be in place. The goal of quality maintenance is to identify any possible causes of deviations from zero-defect production.
6) Training
The idea of TPM is that everyone does their part to contribute to the overall productivity of the production process. In order to achieve optimum performance, and to build each member's competence, proper training is required to equip each one with the theoretical and practical know-how of working with machines and equipment.
7) Office TPM
A key role that is often overlooked is the administrative department that works behind the scenes. Like the rest of the production teams and processes, the management and administrative functions are also subject to productivity improvement. Tins includes identifying and eliminating losses, and contributing to the overall performance of the plant.
8) Safety, health, and environment
The last of the eight pillars focuses on creating a safe workplace. The essence of this pillar is real-ized when actively applied to each of the other pillars. The successful implementation of this pillar will contribute to a secure and hazard-free workplace.

NEW QUESTION # 243
"Open stock plus purchases minus closing stock" is the formula of which of the following?

A. Revenue
B. Inventory
C. Liability
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

NEW QUESTION # 244
......

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