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Clearer L4M7 Explanation & Free L4M7 Pdf Guide

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CIPS L4M7 (CIPS Whole Life Asset Management) Exam is a professional certification offered by the Chartered Institute of Procurement and Supply (CIPS). CIPS Whole Life Asset Management certification is designed for professionals who are involved in managing the lifecycle of assets, such as equipment, facilities, and infrastructure. The CIPS L4M7 Exam covers a wide range of topics, including asset management strategies, risk management, maintenance planning, and disposal of assets.

CIPS L4M7 certification exam is a highly respected qualification for professionals working in the asset management field. CIPS Whole Life Asset Management certification provides a comprehensive understanding of the entire life cycle of assets, from planning and design to operation and maintenance, and ultimately retirement or replacement. CIPS Whole Life Asset Management certification exam is designed to assess the knowledge and skills of individuals working in the asset management field and to demonstrate their ability to manage assets effectively.

CIPS L4M7 Exam is a certification exam that assesses the knowledge and skills of professionals in the field of asset management. L4M7 exam covers a range of topics, including asset management principles, asset valuation, risk management, lifecycle costing, maintenance management, and disposal management. CIPS Whole Life Asset Management certification is highly valued by employers worldwide and demonstrates that the candidate has the necessary knowledge and skills to manage assets effectively and efficiently, thereby delivering value to the organization.

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CIPS Whole Life Asset Management Sample Questions (Q171-Q176):

NEW QUESTION # 171
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

Answer: C

Explanation:
Delphi method was developed in the 1950s, originally to forecast the impact of technology on warfare. The method entails a group of experts who anonymously reply to questionnaires and subsequently receive 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. The Delphi Method has been widely adopted and is still in use today. Delphi method is a subjective forecasting technique Holt-Winters forecasting is a way to model and predict the behavior of a sequence of values over time-a time series. Holt-Winters is one of the most popular forecasting techniques for time series. It'sdecades old, but it's still ubiquitous in many applications, including monitoring, where it's used for purposes such as anomaly detection and capacity planning.
Time series analysis is a statistical technique that deals with time series data, or trend analysis. Time series data means that data is in a series of particular time periods or intervals.
Objective forecasting approaches are quantitative in nature and lend themselves well to an abun-dance of data.
There are three categories of objective forecasting methods: time series, caus-al/econometric, and artificial intelligence.
LO 2, AC 2.3

NEW QUESTION # 172
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. 2 and 4 only
B. 1 and 2 only
C. 1 and 3 only
D. 2 and 3 only

Answer: A

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 aningenious 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 # 173
What is meant by the economic life of an asset?

A. It is the point beyond which it is not possible to find anyone who has the skills to operate the asset
B. It is the point beyond which it is not possible to obtain any spare parts for the asset
C. It is the age beyond which it is not worth keeping an asset from a cost point of view
D. It is when the asset's effective performance is below the standard required by the organisation

Answer: C

NEW QUESTION # 174
Which of the following would be an impact of low stock in the supply chain?
* Warehouse space would all be full with excess stock
* There may be delays and higher costs to fulfill supply
* Stock may not be available at times of high demand
* Lead times would reduce and purchase costs would fall

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

Answer: D

Explanation:
Low stock levels can lead to:
* Delays and higher fulfillment costs: When stock is insufficient, emergency orders and expedited shipping may be necessary, increasing costs.
* Stockouts during high demand: Insufficient inventory can lead to missed sales opportunities, negatively impacting customer satisfaction.
Whole-life asset management seeks to balance inventory levels to avoid stockouts while minimizing holding costs.

NEW QUESTION # 175
A manufacturing organisation has a large volume of raw material stock now viewed as redundant. Which of the following is the most appropriate process for the organisation?

A. Scrap the stock as environmentally as possible and reorganise the warehouse
B. Ask the original supplier for potential return and credit or sell the stock
C. Repackage and isolate the stock from the remaining stock to maximise usable space
D. Maintain the safety and security of the stock for potential future use

Answer: B

NEW QUESTION # 176
......

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