CIPS L4M7

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CIPS L4M7 Exam Syllabus Topics:

Reference: https://www.cips.org/qualifications/diploma-in-procurement-supply/whole-life-asset-management

CIPS Whole Life Asset Management Sample Questions:

Question #1
The ABC approach involves classifying inventory items by unit cost, with expensive items classi-fied as 'A' items and low cost items classified as 'C' items. Is this statement true?

A. Yes, 'C' items with the lowest unit prices are the tail spends
B. Yes, 'A' items represent approximately 20% of total unit prices
C. No, ABC analysis considers the supply risks associated with an inventory item
D. No, ABC analysis considers the usage of each inventory item

Question #2
XYZ Ltd organises a meeting in order to decide on the safety stock level of a strategic material which is used in XYZ latest product - DMD. To do this, they must forecast the future demand for this new product. In the meeting, external consultants are invited to join with cross-functional team. Each person of the group anonymously replies to questionnaires and subsequently receives feedback in the form of a statistical representation of the "group response," after which the process repeats itself. The goal is to reduce the range of responses and arrive at something closer to expert consensus. XYZ Ltd is using which forecasting method?

A. Objective forecasting technique
B. Holt-Winters seasonal method
C. Delphi method
D. Time series analysis

Question #3
The size of the order that minimizes the total cost of acquiring and holding stock is known as ...

A. Order quantity
B. Economic order quantity
C. Correct quantity
D. Average stock

Question #4
Which of the following statements represent a definition for 'obsolescence' in inventory management? Select TWO that apply.

A. The users of the items no longer need them
B. The usage of the items has decreased
C. The forecasts for the items have exceeded demand
D. The previous supplier has been replaced
E. The previous technology has been replaced

Question #5
What is the stock turn for a store holding products to the value of £250,000 with annual sales of these products amounting to £1,000,000?

A. 10
B. 0.4
C. 4
D. 0.25

Solutions: