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CIPS L4M7 Whole Life Asset Management Indispensable Study Assessment Guide Exam Questions with all Questions Accurately Answered Updated 2024/2025$10.99
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CIPS L4M7 Whole Life Asset Management Indispensable Study Assessment Guide Exam Questions with all Questions Accurately Answered Updated 2024/2025
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Course
CIPS
Institution
CIPS
Just In Time (J.I.T) - correct answer A production methodology where stock is acquired literally 'just in time' to be incorporated into the production process. It is a means of reducing stockholding and reducing waste in production
Direct Supplies - correct answer Integrated into the finished pr...
CIPS L4M7 Whole Life Asset Management
Indispensable Study Assessment Guide Exam
Questions with all Questions Accurately
Answered Updated 2024/2025
Just In Time (J.I.T) - correct answer A production
methodology where stock is acquired literally 'just in time' to be
incorporated into the production process. It is a means of
reducing stockholding and reducing waste in production
Direct Supplies - correct answer Integrated into the finished
product
Indirect Supplies - correct answer Not incorporated in the
finished product, but keeps the business and factory in operation
Dependent Demand - correct answer Requirement for a stock
item which is directly related to and therefore dependent upon
the rate of production
E.g. raw materials, components, energy
Independent Demand - correct answer Requirement for a
stock item which is not directly related to and is therefore
independent of the rate of production
E.g. machinery spares, office equipment, consumables
, Liquidity - correct answer The ease with which assets can be
converted into cash. A firm with high value asset base but low
liquidity may struggle to meet debts on time
Acquisition Costs - correct answer Raising requisition
Supplier selection and approvals
Time and cost of procurement process
Printed stationery
Progression for chasing the order
Receiving or receipting goods
Cost of materials or goods
Handling
Inspection
Approval and payment of invoices
Holding/Carrying Costs - correct answer Costs associated
with the storage and handling of physical stock
Holding Costs - correct answer Insurance
Losses
Power
Heat
Labour
Forecasting - correct answer Decision making tool used to
help in budgeting, planning and estimating future growth
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