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CIPS L4M7 Certification Exam is a comprehensive exam that covers a wide range of topics related to asset management, including asset planning, acquisition, maintenance, disposal, and performance management. L4M7 Exam is designed to test the skills and knowledge required to effectively manage assets throughout their entire life cycle.

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CIPS L4M7 Certification is highly valued by employers around the world, as it demonstrates that the holder has the skills and knowledge necessary to manage assets effectively throughout their entire life cycle. CIPS Whole Life Asset Management certification is recognized by a number of leading organizations, including the International Organization for Standardization (ISO). By earning this certification, professionals can enhance their career prospects, increase their earning potential, and gain recognition for their expertise in the field of asset management.

CIPS Whole Life Asset Management Sample Questions (Q167-Q172):

NEW QUESTION # 167
Which of the following are the different types of inventory that a manufacturing company usually has?
1. Work in progress
2. Economic order quantity
3. Raw materials
4. Finished goods

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

Answer: A

Explanation:
The normal breakdown in a manufacturing organisation would be raw materials, components, work in progress and finished goods.
Following are the different types of inventory:

Raw materials are the basic materials that a manufacturing company buys from its suppliers, and that is used by the former to convert them into the final products by applying a set of manufacturing processes. For example, aluminum scrap is the raw material for a company that produces aluminum ingots. Flour is the raw material for a company that produces bread or pizza. Similarly, metal parts and ingots are the raw materials bought by a company that manufactures cars, and crude oil is the raw material for an oil refinery.
Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. These are the partly processed raw materials lying on the production floor. And they have also not reached the stage where they have been converted into the final product.
Finished goods are indeed the final products obtained after the application of the manufacturing processes on the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the core operations of the company.

NEW QUESTION # 168
Which of the following best describe the function of MRP?

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

Answer: D

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:
Text Description automatically generated

NEW QUESTION # 169
An organisation needs to determine whether to lease a piece of equipment or purchase it outright. From the following statements, which ones describe the advantages for a procurement organisation to lease rather than to purchase outright?
* Capital allowances may be set against tax, and grants may be available
* There is no initial investment which would tie up the organisation's working capital
* It would protect against technological obsolescence as equipment can be replaced as required
* The total cost may be higher than purchasing the equipment outright

A. 1 and 2 only
B. 3 and 4 only
C. 2 and 5 only
D. 2 and 4 only

Answer: A

NEW QUESTION # 170
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. 1 and 2 only
B. 1 and 3 only
C. 2 and 4 only
D. 2 and 3 only

Answer: C

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 an ingenious 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 # 171
Is it correct to state that the accuracy of demand forecasts depends on the accuracy of the available information?

A. No, considerations such as the skill and objectivity of the forecasters are always more important
B. Yes, and that information can only be verified and approved by the suppliers
C. No, the only information determining the accuracy of demand forecasts is extracted from stock issue notes
D. Yes, including other considerations such as the validity and reliability of the information

Answer: D

Explanation:
Demand forecasting accuracy relies on the validity and reliability of available data. Forecasting is strengthened when information sources are credible, accurate, and consistently updated. In whole-life asset management, precise forecasting minimizes excess inventory and aligns inventory levels with demand, reducing holding costs and improving supply chain efficiency.

NEW QUESTION # 172
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PassLeaderVCE offers Real and Verified CIPS L4M7 Exam Practice Test Questions

2025 100% Free L4M7 –Latest 100% Free Latest Dumps Files | L4M7 Test Certification Cost

CIPS Whole Life Asset Management Sample Questions (Q167-Q172):