CIPS L4M7 Whole Life Asset Management
Interactive CIPS L4M7 practice questions and answers with detailed explanation
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What You Will Learn!
- Identify the principles, purpose and impact of stores and warehouse design
- Explain the use of product coding in inventory operations
- Contrast the impact of the use of different warehousing equipment
- Differentiate between the different classifications of inventory
- Identify the direct and indirect costs of holding inventory
- Identify techniques associated with inventory control
- Analyse the contributing factors when establishing total cost of ownership
- Compare the factors to consider when building a total cost of ownership model
- Identify the contributing elements to end-of-life costs
Description
Hello,
Welcome to CIPS L4M7 Whole Life Asset Management practice exercise with detailed explanation to the answers
On completion of these practice tests, you will be able to explain methods of inventory storage
and control and analyse the concept of whole life cost from concept through to disposal.
WHY THESE EXERCISES MATTER?
The whole point of this module (CIPS L4M7 Whole Life Asset Management) is to drive 3 broad objectives home;
Inventory storage and movement
Effective ways of controlling inventory
The whole concept of life cost irrespective of whether you buy, hire or lease something
And as you go through the questions presented here you quickly realize that these 3 objectives which are actually the basis of the whole course for the L4M7 whole life asset management is something you are exploring as you go through the questions
The concept whole life costing takes into account the total cost of a product or service over is life time
MEANING WHAT?
Let’s say you are interested in buying a truck for your business. This isn’t something you just wake up and decide to do. There are series of skills that lead to that decision, basically, the procurement cycle
Purchase, hiring or leasing a truck is one aspect of cost… you still have to deal with maintenance, operations, utilities and disposal
And these will cost you!
This practice exercise is designed for those who will have responsibility for the whole life management of assets and enables learners to analyse methods for inventory movement and control and to analyse the concept of whole life cost.
Who Should Attend!
- CIPS students
- Inventory managers
- Anyone taking CILT exams
- Anyone planning a career in procurement and supply