CIPS L4M7 Exam Topics

CIPS L4M7 Exam

Whole Life Asset Management

Total Questions: 135

Last Updated : 23-04-2024

What is Included in the CIPS L4M7 Exam?

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CIPS L4M7 Exam Overview :

Exam Name	Whole Life Asset Management
Exam Code	L4M7
Official Information	https://www.cips.org/qualifications/diploma-in-procurement-supply/whole-life-asset-management
See Expected Questions	CIPS L4M7 Expected Questions in Actual Exam
Take Self-Assessment	Use CIPS L4M7 Practice Test to Assess your preparation - Save Time and Reduce Chances of Failure

CIPS L4M7 Exam Topics :

Section	Objectives
1.0 Understand methods for the storage and movement of inventory	1.1 Identify the principles, purpose and impact of stores and warehouse design Location of stores and warehouses Stores and warehouse design Factors that influence stores and warehouse layout Flow, space utilisation and flexibility 1.2 Explain the use of product coding in inventory operations Systems for product coding Bar coding Order tracking technologies The use of RFID technologies 1.3 Contrast the impact of the use of different warehousing equipment Approaches such as: Materials handling equipment Palletisation and unit loads Packing and packaging Environmental standards for packaging The use of automation in warehousing
2.0 Understand the key elements of effective inventory control	2.1 Differentiate between the different classifications of inventory Opening stock, work in progress, safety stock and finished goods Obsolescent and redundant stock Direct and Indirect supplies ABC classifications of stock that may apply Dependent demand and independent demand itemsof stock 2.2 Identify the direct and indirect costs of holding inventory Acquisition costs Holding costs Cost of stock outs Discuss options to reduce costs whilst mitigating any negative impact on service levels 2.3 Identify techniques associated with inventory control Subjective and objective forecasting Re-order quantities and levels MRP and MRPII ERP Just-in-time Lean Inventory performance measures – lead times, service levels, rate of stock turn, stock outs in a given period, stock cover
3.0 Understand the concept of through life cost	3.1 Analyse the contributing factors when establishing total cost of ownership Purchase price Hire or lease Acquisition costs Usage costs Maintenance costs Operation Utilities Training Disposal and end-of-life costs 3.2 Compare the factors to consider when building a total cost of ownership model Include all costs Use best estimates of values available Hidden costs – global sourcing, risks associated with extended supply chain Only develop for larger purchases Ensure senior management support Cross functional support – ensure access to data Team working – reduce data collection time 3.3 Identify the contributing elements to end-of-life costs Decommissioning Removal or disposal processes Legal aspects – waste management Environmental factors Triple bottom line – people, planet, profit

Section

Objectives

1.0 Understand methods for the storage and movement of inventory

1.1 Identify the principles, purpose and impact of stores and warehouse design

Location of stores and warehouses
Stores and warehouse design
Factors that influence stores and warehouse layout
Flow, space utilisation and flexibility

1.2 Explain the use of product coding in inventory operations

Systems for product coding
Bar coding
Order tracking technologies
The use of RFID technologies

1.3 Contrast the impact of the use of different warehousing equipment

Approaches such as:

Materials handling equipment
Palletisation and unit loads
Packing and packaging
Environmental standards for packaging
The use of automation in warehousing

2.0 Understand the key elements of effective inventory control

2.1 Differentiate between the different classifications of inventory

Opening stock, work in progress, safety stock and finished goods
Obsolescent and redundant stock
Direct and Indirect supplies
ABC classifications of stock that may apply
Dependent demand and independent demand itemsof stock

2.2 Identify the direct and indirect costs of holding inventory

Acquisition costs
Holding costs
Cost of stock outs
Discuss options to reduce costs whilst mitigating any negative impact on service levels

2.3 Identify techniques associated with inventory control

Subjective and objective forecasting
Re-order quantities and levels
MRP and MRPII
ERP
Just-in-time
Lean
Inventory performance measures – lead times, service levels, rate of stock turn, stock outs in a given period, stock cover

3.0 Understand the concept of through life cost

3.1 Analyse the contributing factors when establishing total cost of ownership

Purchase price
Hire or lease
Acquisition costs
Usage costs
Maintenance costs
Operation
Utilities
Training
Disposal and end-of-life costs

3.2 Compare the factors to consider when building a total cost of ownership model

Include all costs
Use best estimates of values available
Hidden costs – global sourcing, risks associated with extended supply chain
Only develop for larger purchases
Ensure senior management support
Cross functional support – ensure access to data
Team working – reduce data collection time

3.3 Identify the contributing elements to end-of-life costs

Decommissioning
Removal or disposal processes
Legal aspects – waste management
Environmental factors
Triple bottom line – people, planet, profit

Updates in the CIPS L4M7 Exam Topics:

CIPS L4M7 exam questions and practice test are the best ways to get fully prepared. Study4exam's trusted preparation material consists of both practice questions and practice test. To pass the actual Level 4 Diploma in Procurement and Supply L4M7 exam on the first attempt, you need to put in hard work on these questions as they cover all updated CIPS L4M7 exam topics included in the official syllabus. Besides studying actual questions, you should take the CIPS L4M7 practice test for self-assessment and actual exam simulation. Revise actual exam questions and remove your mistakes with the Whole Life Asset Management L4M7 exam practice test. Online and Windows-based formats of the L4M7 exam practice test are available for self-assessment.

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