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CIPS L4M7 Exam Syllabus

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Before starting your L4M7 exam preparation, it is recommended to review the complete CIPS Whole Life Asset Management exam syllabus and carefully go through the exam objectives listed below. Once you understand the exam structure and objectives, you should practice using our free L4M7 questions. We also provide premium L4M7 practice test, fully updated according to the latest exam objectives, to help you accurately assess your preparedness for the actual exam.

CIPS
Vendor
L4M7
Exam Code
255
Total Questions
3
Total Exam Domains

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L4M7 EXAM QUESTIONS

CIPS L4M7 Exam Objectives

Section 1: Understand methods for the storage and movement of inventory
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1.1 Identify the principles, purpose and impact of stores and warehouse design
  • 1.1.1 Location of stores and warehouses
  • 1.1.2 Stores and warehouse design
  • 1.1.3 Factors influencing stores and warehouse layout
  • 1.1.4 Flow, space utilisation and flexibility
1.2 Explain the use of product coding in inventory operations
  • 1.2.1 Systems for product coding
  • 1.2.2 Barcoding and quick response (QR) coding
  • 1.2.3 Order tracking technologies
  • 1.2.4 The use of radio-frequency identification (RFID) technologies
1.3 Contrast the impact of the use of different warehousing equipment approaches
  • 1.3.1 Materials handling equipment (MHE)
  • 1.3.2 Pallets and palletisation
  • 1.3.3 Containers and containerisation
  • 1.3.4 The use of automation in warehousing
Section 2: Understand the key elements of effective inventory control
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2.1 Differentiate between the different classifications of inventory
  • 2.1.1 Raw materials, opening stock, work in progress (WIP), safety stock and finished goods
  • 2.1.2 Obsolescent and redundant stock
  • 2.1.3 Direct and indirect supplies
  • 2.1.4 ABC classifications of stock that may apply
2.2 Identify the direct and indirect costs of holding inventory
  • 2.2.1 Acquisition costs
  • 2.2.2 Holding costs
  • 2.2.3 Cost of stockouts
  • 2.2.4 Discuss options to reduce costs while mitigating any negative impact on service levels
2.3 Identify techniques associated with inventory control
  • 2.3.1 Subjective and objective forecasting
  • 2.3.2 Reorder quantities and levels
  • 2.3.3 MRP II (manufacturing resource planning) and dependent demand and independent demand items of stock
  • 2.3.4 ERP (enterprise resource planning)
  • 2.3.5 JIT (just-in-time)
  • 2.3.6 Inventory optimisation
  • 2.3.7 Inventory performance measures lead times, service levels, rate of stock turn, stock-outs in a given period, stock cover
Section 3: Understand the concept of whole-life costing
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3.1 Analyse the contributing factors when establishing whole-life costs 
  • 3.1.1 Purchase price
  • 3.1.2 Hire or lease
  • 3.1.3 Acquisition costs
  • 3.1.4 Usage costs: maintenance, operation costs, utility costs and training costs
  • 3.1.5 Disposal and end-of-life options and associated costs
3.2 Compare the factors to consider when building a whole-life cost model
  • 3.2.1 Purpose of whole-life asset management
  • 3.2.2 Costs and risks of whole-life asset management
  • 3.2.3 Stakeholder factors relating to whole-life asset management
3.3 Identify the contributing factors supporting wholelife asset management
  • 3.3.1 Triple bottom line people, planet, profit
  • 3.3.2 Environmental factors
  • 3.3.3 Waste management
  • 3.3.4 Packing and packaging
  • 3.3.5 Decommissioning
  • 3.3.6 Removal or disposal including closed-loop 
Info
https://www.cips.org/qualifications/diploma-in-procurement-supply/whole-life-asset-management