L4M7 Exam Exercise | Valid L4M7 Test Forum

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The CIPS L4M7 Certification Exam covers a wide range of topics related to asset management, including asset planning, procurement, maintenance, disposal, and risk management. The exam is designed to test the candidate's ability to apply these concepts in real-world scenarios, making it an ideal certification for professionals who want to demonstrate their practical knowledge of asset management. The exam is also designed to be accessible to professionals from different backgrounds, with no specific prerequisites required to take the exam.

The CIPS L4M7 exam is a highly specialized qualification that focuses on Whole Life Asset Management. It is designed for professionals who are looking to enhance their skills in the field of asset management and develop a deep understanding of the entire lifecycle of an asset. This exam is recognized globally and is highly respected in the industry. It covers a range of topics and requires a high level of dedication and commitment from candidates. This exam is an excellent opportunity for asset management professionals to demonstrate their expertise and advance their careers.

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The certification exam is based on the Whole Life Asset Management (WLAM) framework, which is a holistic approach to asset management that considers the entire lifecycle of an asset. It covers everything from the initial planning and design phase to the eventual disposal and replacement of the asset. This framework is widely recognized as the industry standard for asset management and is used by organizations around the world. The exam is designed to test the candidate's understanding of the WLAM framework and their ability to apply it to real-world asset management scenarios. Those who pass the exam will be certified as CIPS L4M7 professionals, which will demonstrate their expertise in asset management and enhance their career prospects.

CIPS Whole Life Asset Management Sample Questions (Q62-Q67):

NEW QUESTION # 62
Which of the following statements is true of just-in-time (JIT) purchasing?

A. In JIT purchasing, the optimal safety-stock level is the quantity of safety stock that minimizes the sum of annual relevant stockout and carrying costs
B. Only disadvantage of JIT purchasing is the higher level carrying and inspection costs
C. In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales
D. JIT purchasing is guided solely by the EOQ model because that model emphasizes the tradeoff between relevant carrying and ordering costs

Answer: C

Explanation:
Just-in-time (JIT) purchasing is a systems approach for developing and operating the purchasing function. JIT purchasing along with the total quality management in many industries has been suc-cessful in reducing inventory and increasing the overall effectiveness of purchasing function and hence the productivity of manufacturing.
The just-in-time objectives of eliminating waste can be summarised in the 'five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
The correct answer should be 'In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales' because it expresses that upstream activity (purchasing) only occurs as the downstream activity (production or sales) triggers.
Reference:
LO 2, AC 2.3

NEW QUESTION # 63
Which of the following is a main objective of just-in-time?

A. Better demand forecasting
B. Leveraging economic order quantity
C. Waste reduction
D. Higher safety stock

Answer: C

Explanation:
JIT, often referred to as the Toyota production system (TPS), originated in Toyota's manufacturing plants in Japan in the early 1970s. It was first introduced by the organisation's owner, Taiichi Ohno. The prime goal of JIT is the achievement of zero inventories.
The just-in-time objectives of eliminating waste can be summarised in the 'five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
Reference:
LO 2, AC 2.3

NEW QUESTION # 64
Which of the following are most likely the benefits of using unit loads? Select TWO that apply.
Increase transport time of each item

A. Reduce handling cost of one unit
B. Minimise space utilisation
C. Safer handling
D. Unit loads must be placed on pallets

Answer: A,C

Explanation:
The concept of a unit load is to create a stable and secure, easy-to-move group of stock that is fast to load and unload from vehicles.
The advantages of unit load concepts are as the following:
* More items can be handled at the same time, thereby reducing the number of trips required and, potentially, reducing handling costs, loading and unloading times, and product damage.
* Enables the use of standardized material handling equipment.
Reference:
LO 1, AC 1.3

NEW QUESTION # 65
Which of the following purchases are most likely to have low acquisition costs? Select TWO that apply.

A. Purchase of ERP system
B. Spot purchase of a technically complexed machinery
C. Straight re-buy from a current supplier
D. Procurement of construction projects
E. Purchase of standard catalogued products

Answer: C,E

Explanation:
According to L4M7 study guide, acquisition costs in procurement are the costs associated with the activities involved in a purchase. A buying organisation incurs acquisition costs in low-value purchases as well as high-value purchases. The following purchases tend to have lower acquisition costs:
- Straight re-buy from a current supplier
- Purchase of standard catalogued products
Otherwise, any purchases of high value, high-risk items generally require greater attention of buying organisation and thus, they are likely to have higher acquisition costs. Spot purchase of a technically complexed machinery, Purchase of ERP system and Procurement of construction projects are examples of high-value, high-risk purchases.
Reference:
LO 3, AC 3.1

NEW QUESTION # 66
A hospital is purchasing a new software product that will advise nurses when to give medications to hospitalised patients. This is a mobile application that will be used on tablets carried by the nurses. The software is being developed and tested by a company that specialises in mobile medical applications. This software will interface with existing hospital software that orders the medications from the pharmacy. Which acceptance test activity will be required to check whether the new software integrates well with current IT system?

A. Compatibility testing
B. Health and safety testing
C. Stress testing
D. Dry running

Answer: A

Explanation:
In the scenario, one of the requirements for the new software is that the new one will interface with current system. Compatibility testing would be the most appropriate test here.
There are also other acceptance tests that are mentioned in L4M7 study guide:
- Health and safety test aims at establishing new health and safety routines, providing guidance notices and documentation and ensuring designed-in safety in operation.
- Stress testing (sometimes called torture testing) is a form of deliberately intense or thorough testing used to determine the stability of a given system, critical infrastructure or entity. It involves testing beyond normal operational capacity, often to a breaking point, in order to observe the results.
- A dry run (or a practice run) is a testing process where the effects of a possible failure are inten-tionally mitigated. For example, an aerospace company may conduct a "dry run" test of a jet's new pilot ejection seat while the jet is parked on the ground, rather than while it is in flight.
The usage of "dry run" in acceptance procedures (for example in the so-called FAT = factory ac-ceptance testing) is meant as following: the factory - which is a subcontractor - must perform a complete test of the system it has to deliver before the actual acceptance by customer.
Reference:
LO 3, AC 3.1

NEW QUESTION # 67
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