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Achieving the CIPS Whole Life Asset Management (L4M7) certification can significantly impact your career progression and earning potential. This certification showcases your expertise and knowledge to employers, making you a valuable asset in the CIPS L4M7 industry. With the rapidly evolving nature of the CIPS world, staying up-to-date with the latest technologies and trends is crucial. The L4M7 Certification Exam enables you to learn these changes and ensures you remain current in your field.
CIPS L4M7 Exam is an advanced-level certification exam that is suitable for professionals who are involved in asset management, such as asset managers, facilities managers, real estate managers, and project managers. L4M7 exam covers a range of topics, including asset management principles, asset valuation, risk management, lifecycle costing, maintenance management, and disposal management. L4M7 Exam is designed to test the candidates' understanding of these topics and their ability to apply them in real-world scenarios.
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An organisation may incur additional costs in stockout events. Which of the following is an exam-ple of costs of inventory stockouts?
A. The lost contribution margin on sales forgone as a result of customer dissatisfaction due to unavailability of goods
B. The costs of obsolescence and costs of insurance that change with the quantity of in-ventory held
C. The return forgone by investing capital in inventory rather than elsewhere
D. The costs of storage space owned that cannot be used for other profitable purposes when inventories decrease
Answer: A
Explanation:
Stockout is a situation where an inventory item is not available when required. The costs associated with a stockout include the following:
- Lost of production output - there will be no production until the stockout is resolved (new stock is acquired). For factory operating 24/7 with no spare capacity, this lost output will not be able to be recovered.
- Costs of machine downtime and of overhead spread over a reduced level of output
- Costs of any action required to deal with the stockout...
- Loss of customer goodwill through inability to supply or late delivery
- Loss of sales or new orders
- Loss of market creditability
Reference:
LO 2, AC 2.2
NEW QUESTION # 226
A procurement professional is working with a colleague from finance because the organization has been spending more money recently on inventory items. This is impacting the organization's working capital. In particular, they are concerned that average inventory levels have increased significantly year-on-year. Which of the following should they calculate to help in their investigation?
A. Profit margin
B. Cash flow forecast
C. Age of receivables
D. Rate of stock turn
Answer: D
Explanation:
The rate of stock turn (inventory turnover ratio) measures how often inventory is sold and replaced over a period. A lower turnover ratio indicates that inventory is sitting longer, tying up working capital. Calculating this rate helps procurement and finance assess inventory management efficiency, a key focus in whole-life asset management for optimizing working capital and reducing holding costs.
NEW QUESTION # 227
Extra units that are held in inventory to reduce the risks of stock-out are called...?
A. Safety stock
B. Reorder point
C. Demand variance
D. Just-in-time
Answer: A
Explanation:
The safety stock (or buffer stock) is the stock level that limits stock shortages due to unforeseen events (forecasts not in line with demand, longer than expected supply time, etc...) Demand variance is the degree to which the demand in a fixed period deviates from the average demand of the same period.
A reorder point is the unit quantity on hand that triggers the purchase of a predetermined amount of replenishment inventory.
The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules.
Reference: CIPS study guide page 84-85
LO 2, AC 2.1
NEW QUESTION # 228
The chief procurement officer (CPO) of TL Communications Ltd is preparing a tender document for a two year cleaning services contract. The CPO has decided that the tender will be awarded on a fixed price. What is the advantage of using a fixed price for the contract?
A. It is the best method for limiting underpricing and overpricing risks
B. It gives an opportunity to negotiate bulk discounts
C. It ensures that the cost is known and will not change over the stated period
D. It is always the best pricing method for both the buyer and the supplier
Answer: C
NEW QUESTION # 229
What are the contents of master production schedule in MRP system?
A. What components and materials are and when to purchase them
B. The total number of labour required to produce the final product
C. How many final products will be made and when to make them
D. The investment required for production
Answer: C
Explanation:
A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc.[1] It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded.[2] This plan quantifies significant processes, parts, and other resources in order to optimize production, to identify bottlenecks, and to anticipate needs and completed goods. Since a MPS drives much factory activity, its accuracy and viability dramatically affect profitability. Typical MPSs are created by software with user tweaking.
Reference: CIPS study guide page 116-119
LO 2, AC 2.3
NEW QUESTION # 230
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