NEW L4M7 TEST BRAINDUMPS & L4M7 NEW DUMPS SHEET

New L4M7 Test Braindumps & L4M7 New Dumps Sheet

New L4M7 Test Braindumps & L4M7 New Dumps Sheet

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Tags: New L4M7 Test Braindumps, L4M7 New Dumps Sheet, L4M7 Official Study Guide, L4M7 Reasonable Exam Price, L4M7 Valid Test Test

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Free PDF Quiz High-quality L4M7 - New CIPS Whole Life Asset Management Test Braindumps

The web-based CIPS L4M7 practice exam is compatible with all browsers like Chrome, Mozilla Firefox, MS Edge, Internet Explorer, Safari, Opera, and more. Unlike the desktop version, it requires an internet connection. The CIPS Whole Life Asset Management (L4M7) practice exam will ask real CIPS Whole Life Asset Management (L4M7) exam questions.

CIPS Whole Life Asset Management Sample Questions (Q152-Q157):

NEW QUESTION # 152
XYZ Ltd is a major distributor of electrical equipment protection products in the United States. XYZ found that there was a lack of communication between the company and its key supplier, leading to the supplier trying to predict distributor needs and distributor attempting to estimate lead times. Essentially, both the supplier and the distributor have different sets of information, spending time and money trying to predict what the other will do. To deal with this problem, XYZ Ltd decides to implement new inventory management method in which the supplier manage the replenishment of items for sale. Both parties are obliged to share information on variations in demand and stock levels for goods used for or sale. Which inventory management method is XYZ Ltd implementing?

  • A. Economic order quantity
  • B. Vendor managed inventory
  • C. Reverse logistics
  • D. Floor-ready merchandise

Answer: B

Explanation:
Floor-Ready Merchandise can be defined as the merchandise that is pre-tagged, pre ticketed and pre-occupied with all the necessary details and information such as marked to their specifications for style, size, type, color and price, this information is required in the retail store and is done before it reaches the retail store.
Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. This production-scheduling model was developed in 1913 by Ford W.
Harris and has been refined over time. The formula assumes that demand, ordering, and holding costs all remain constant.
The full definition of reverse logistics, as according to The Council of Logistics Management, is the process of implementing, controlling, and planning the cost-effective flow of finished goods, raw materials, and in-process inventory. The flow is from the point of consumption (i.e. the customer) to the point of origin (i.e. the manufacturer), to properly dispose of these or to recapture value.
In the scenario, XYZ solves the current situation by letting the supplier to management the inventory and sharing stock level information with the supplier. Vendor managed inventory is the most suitable answer.
Reference:
LO 3, AC 3.1


NEW QUESTION # 153
Which of the following is an assumption of economic-order-quantity model?

  • A. The purchasing cost per unit is affected by the order quantity
  • B. The quantity ordered can vary at each reorder point
  • C. No inventory stockouts occur
  • D. Demand, ordering costs, and carrying costs are uncertain

Answer: C

Explanation:
Economic order quantity (EOQ) model is the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are mini-mized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W. Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
If the economic order quantity model is applied, the following assumptions should be met:
- The rate of demand is constant, and total demand is known in advance.
- The ordering cost is constant.
- The unit price of inventory is constant, i.e., no discount is applied depending on order quantity.
- Delivery time is constant.
- Replacement of defective units is instantaneous.
- There is no safety stock level, i.e., the minimum stock level is zero.
- Restocking is made by the whole batch.
Because the demand and lead time are constant, no stockout events can occur.


NEW QUESTION # 154
In just in time production system, when is an upstream production triggered?

  • A. After the management team forecasts the future demands
  • B. When the inventory level reaches the reorder point
  • C. When the production workers are idle
  • D. When downstream operations summon the upstream production

Answer: D

Explanation:
Along with Jidoka, Just-in-time (JIT) production is one of the pillars of the two Toyota Production System. It is a production method that fundamentally changed the way large-scale production oc-curred in the 20th century, and is the basis for Lean Manufacturing (Lean for short), which is the school of thought many modern companies have modeled themselves after.
JIT production is often called a pull system because instead of using traditional push production where scheduling is done based on historical data and demand forecasting, production is scheduled based on actual customer orders. Rather than predicting demands from customers, the JIT method requires that actual customer demand exists. Production doesn't begin before an order triggers it. This system not only reduces the amount of extra inventory, but also reduces the amount of work in progress at one time.


NEW QUESTION # 155
Which is the best definition of reorder point?

  • A. The point when stock reaches zero
  • B. The point at which stock will fall to zero minus lead-time
  • C. The level inventory at which an order must be made
  • D. The point when one unit of stock remains in stock

Answer: C

Explanation:
Reorder point is the point either in time or in a process when the next order should be placed.


NEW QUESTION # 156
In a manufacturing organization, which of the following explains an 'indirect' stock classification of items?

  • A. Where the stock has been acquired from a distributor rather than another manufacturer
  • B. Where the stock is not used as part of manufacturing of the finished product
  • C. Where the stock is currently held in a warehouse owned by another organization
  • D. Where the stock does not have to be paid for until it has been used by the manufacturer

Answer: B

Explanation:
Indirect stock refers to items that are necessary for the operation of the manufacturing process but are not incorporated into the finished product. Examples include maintenance supplies, office consumables, and tools.
In whole-life asset management, indirect stock management ensures that essential operational items are available without tying up excessive capital in inventory that doesn't contribute directly to production output.


NEW QUESTION # 157
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