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L4M7 Whole Life Asset Management

  • CIPS
  • 6 free sample questions

About this exam

L4M7 is the CIPS exam Whole Life Asset Management. Paid practice material for this exam is not available yet, but you can try its free sample questions.

Exam code
L4M7
Vendor
CIPS
Practice questions
Not available yet
Free sample questions
6
Question bank last updated
Not available yet

Try 2 sample questions

Taken from the free sample set for L4M7.

Question 1

A manager who is concerned about the environmental impact of packaging should do which of the following?

  1. Option A:

    Adopt international environmental packaging standards


  2. Option B:

    Try to reduce the costs of packaging


  3. Option C:

    Purchase the packaging materials in bulk


  4. Option D:

    Not use the packaging materials at all

Show answer and explanation

Correct answer: A

In principle, use of any materials involves an environmental cost. Some packaging materials use a lot of natural resources and energy to produce. The journey taken by packaging from raw material to manufacturing and then to the initial user also incurs a ' carbon footprint ' . The weight of packag-ing contributes to the fuel usage of vehicles while the volume used can add up to additional jour-neys or the use of larger vehicles. Finally, the reuse, return, disposal or recycling will also involve additional to the environmental cost.

In this question:

- ' Purchase the packaging materials in bulk ' may incur additional fuel and carbon footprint in delivering these materials

- ' Try to reduce the costs of packaging ' may prompt the organisation to use less eco-friendly and cheap materials like polystyrene chips

- ' Not use the packaging materials at all ' can increase the environmental performance of packag-ing activities, but it also harms the products to be delivered and may cause other environmental problems (i.e. spillage of toxic chemicals into the environment)

So the correct answer should be: ' Adopt international environmental packaging standards ' . The International Standards Organisation (ISO) has published several standards regarding packaging and environment, namely ISO 18601, ISO 18602, ISO 18603, ISO 18604, ISO 18605, ISO 18606.

[Reference: CIPS study guide page 67-70, LO 1, AC 1.3, ]

Question 2

XYZ Ltd has been adopting MRP system for years. The system helps the company improve effi-ciency greatly and generates huge cost-savings. However, MRP system is only limited to produc-tion process management and XYZ management team would like to have better insights into re-sources required across the organisation as a whole. Which software system would help XYZ management team achieve the above objective?

  1. Option A:

    MRP II


  2. Option B:

    MPS


  3. Option C:

    ERP

  4. Option D:

    P2P

Show answer and explanation

Correct answer: C

Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP provides an integrated and con-tinuously updated view of core business processes using common databases maintained by a data-base management system. ERP systems track business resources—cash, raw materials, production capacity—and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data. ERP facilitates information flow between all business functions and manages connections to outside stakeholders.

Manufacturing resource planning (MRP II) is defined as a method for the effective planning of all resources of a manufacturing company. Ideally, it addresses operational planning in units, financial planning, and has a simulation capability to answer " what-if " questions and extension of closed-loop MRP. This is not exclusively a software function, but the management of people skills, requiring a dedication to database accuracy, and sufficient computer resources. It is a total company management concept for using human and company resources more productively.

A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded. This plan quantifies significant processes, parts, and other resources in order to optimize production, to identify bottlenecks, and to anticipate needs and completed goods. Since a MPS drives much factory activity, its accuracy and viability dramatically affect profitability.

Procure-to-pay (P2P) is a term used in the software industry to designate a specific subdivision of the procurement process. The procure-to-pay systems enable the integration of the purchasing department with the accounts payable (AP) department. Some of the largest players of the software industry agree on a common definition of procure-to-pay, linking the procurement process and financial department.

LO 2, AC 2.3

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