CIPS L4M7 PRACTICE TEST CAN BE HELPFUL IN EXAM PREPARATION

CIPS L4M7 Practice Test Can be Helpful in Exam Preparation

CIPS L4M7 Practice Test Can be Helpful in Exam Preparation

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CIPS Whole Life Asset Management Sample Questions (Q230-Q235):

NEW QUESTION # 230
Resevoir Inc runs several oil refineries across the country. These refineries require heavy invest-ment, particularly in maintenance, repair and operating (MRO) inventory. But the inventory turno-ver rate of these MRO items are low, while some items have expired date, which increases the risks of obsolescence. Which of the following methods can address the issues of these MRO items?

  • A. Vendor-owned stock
  • B. Larger safety stock
  • C. Just in case
  • D. Forrester effect

Answer: A

Explanation:
Where stock turn (inventory turnover) is low and there are potential risks of redundancy or obsolescence, the buying organisation may adopt vendor owned stock. In this system, a supplier (vendor) maintains a stock of items ready to be used at the point of customer consumption. The supplier owns the stock until it is used by the purchaser; only then is the purchaser invoiced for it.
Just in case and larger safety stock would significantly increase the stock level, which may cause redundancy or obsolescence.
Forrester effect (or Bullwhip effect) is a distribution channel phenomenon in which forecasts yield supply chain inefficiencies. It refers to increasing swings in inventory in response to shifts in customer demand as one moves further up the supply chain.


NEW QUESTION # 231
Which of the following best describe the function of MRP?

  • A. Planning and controlling of production and finance
  • B. Planning and monitoring of production resources only
  • C. Planning and controlling of production and inventory
  • D. Planning and monitoring of inventory resources

Answer: C

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.
MRP process is described in the graph below:

Reference:
LO 2, AC 2.3


NEW QUESTION # 232
Which of the following are features of dependent demand items of stock?
* They depend on the production levels of the user departments
* They depend on the production capacity of the supplier
* They can be managed using JIT (Just-in-Time) systems
* They become obsolete within a short time

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

Answer: B

Explanation:
Dependent demand items rely on the internal production requirements of an organization. These items:
* Depend on user department production levels: Demand is driven by the needs of the production line.
* Can be managed using JIT systems: Just-in-Time inventory helps optimize stock levels based on immediate production needs, reducing holding costs and minimizing waste.
Dependent demand items differ from independent demand items, where demand is customer-driven rather than production-driven, emphasizing demand predictability and timely procurement.


NEW QUESTION # 233
Zemora Clothing Inc. receives high-priced garments with devices hidden inside the lining to avoid possible fraudulent removal from the shop. These tags are activated upon arrival at stores, and security alerts are triggered if a garment is removed or taken out of the store without payment. Which of the following order tracking technology is used by this company?

  • A. Bar coding system
  • B. Radio frequency identification
  • C. Electronic resource planning
  • D. Electronic data interchange

Answer: B

Explanation:
Radio Frequency Identification (RFID) enables real-time tracking of items and is commonly used for security in retail to prevent theft. The tags are activated within a specified range, and alarms trigger when items exit without deactivation. RFID in asset management helps in tracking high-value items, ensuring security and reducing loss.


NEW QUESTION # 234
Manufacturing resources planning (MRP II) was developed from material requirement planning (MRP). Which of the following is the additional input that is available in MRP II but does not ap-pear in MRP?

  • A. Bill of materials
  • B. Inventory records
  • C. Master production schedule
  • D. Finance

Answer: D

Explanation:
MRP I was some of the first business software to be widely adopted during the 1970s. Manufacturers sought these systems in order to improve efficiency and accuracy when it came to basic processes such as production scheduling and inventory management.
By the 1980s, manufacturers realized they needed software that could also tie into their accounting systems and forecast inventory requirements. Enter MRP II, which included these integrations in addition to all the capabilities offered by MRP I. Enterprise resource planning (ERP) software features-which we'll cover later on-are included in the following table for comparison.

Reference:
- MRP vs. MRP II: What's the Difference?
- CIPS study guide page 118-119
LO 2, AC 2.3


NEW QUESTION # 235
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