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CIPS L4M7 (CIPS Whole Life Asset Management) Exam is a professional certification program designed for individuals who aspire to become asset management professionals. L4M7 exam is an intermediate-level certification that covers a wide range of topics related to asset management, including the creation, operation, maintenance, and disposal of assets over their entire lifecycle. L4M7 Exam is recognized as a benchmark for competency in asset management by leading organizations across the world.
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In the Appendix A of a long-term supply contract of Bulk Drug Substance, both parties agree that "The reference price for Bulk Product at the specification, per gram, shall be US$10. The unit price for Bulk Product for a specific Purchase Order shall be computed by multiplying the above- specified reference price by two corrective factors, namely inflation correction factor and exchange rate correction factor". This pricing appendix is an example of...?
A. Discounted pricing
B. Volume-based pricing
C. Fixed pricing
D. Adjustable pricing
Answer: D
Explanation:
Price setting mechanisms fall into two main categories: fixed and variable. A fixed price mecha-nism is a straightforward concept which typically results in a relatively stable budget that can be forecast. Variable mechanisms have an element of variable pricing per unit bought.
Setting a fixed price mechanism is in theory a relatively simple and straightforward concept, where the collector and the buyer agree on a fixed price for a specific material or mix of materials, for a certain length of time.
All other pricing mechanisms that are not fixed have an element of variable pricing per unit bought.
The most common variable pricing mechanisms can be divided into two groups:
1. Where the benefit accruing to the buyer from acquiring the material is used to calculate what the payment to the seller should be; or Approaches to Materials Sales: A guide for local authorities
2. Where the price paid is indexed to a published source of market price information. The above scenario demonstrates variable pricing mechanism using published sources on inflation rate and exchange rate. CIPS also refers this mechanism as adjustable prices.
NEW QUESTION # 69
Which of the following is the Japanese word for 'billboard' or 'signboard'?
A. Kanban
B. Muda
C. Kaizen
D. Poka-Yoke
Answer: A
Explanation:
Kanban (##) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in- time manufacturing (JIT).
Poka-yoke (####, [poka yoke]) is a Japanese term that means "mistake-proofing" or "inadvertent error prevention". A poka-yoke is any mechanism in any process that helps an equipment operator avoid (yokeru) mistakes (poka). Its purpose is to eliminate product defects by preventing, correcting, or drawing attention to human errors as they occur.
Kaizen is a concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. Kaizen (##) is the Sino-Japanese word for
"improvement". Kaizen also applies to processes, such as purchasing and logis-tics, that cross organizational boundaries into the supply chain.
Muda (##, on'yomi reading) is a Japanese word meaning "futility; uselessness; wastefulness", and is a key concept in lean process thinking, like the Toyota Production System (TPS) as one of the three types of deviation from optimal allocation of resources (the others being mura and muri). Waste reduction is an effective way to increase profitability.
NEW QUESTION # 70
Which of the following are features of product codes?
1. Product codes link to products' characteristics
2. A product code must comply with international standards
3. Many internal processes use the product codes as facilitators
4. There are no duplicate product codes
A. 3 and 4 only
B. 1 and 3 only
C. 2 and 4 only
D. 1 and 2 only
Answer: B
Explanation:
The product code is often the key to obtaining documentation relating to products.
Product codes are often use to link to internal processes. Some computerised inventory systems trigger alerts when specific items or volume are ordered - this could be an out-of-stock warning or potential volume errors.
In many cases, an organisation will use its own product code system. The organisation constructs a code that is effective and fits with its software and the variety of items covered. So these codes may or may not comply with any international standards (such as GS1 specifications, ISO standards, etc.). As organisations make up the code themselves, the codes may look identical to others. For example, SKU414675 reveals that it is used for many items, including the following:
- A UK wholesaler's six-pack of branded cola
- An Australian snack food
- UK flower seeds
- An Italian desk sold in Japan
- A Brazilian light fitting
NEW QUESTION # 71
An organisation needs to determine whether to lease a piece of equipment or purchase it outright. From the following statements, which ones describe the advantages for a procurement organisation to lease rather than to purchase outright?
* Capital allowances may be set against tax, and grants may be available
* There is no initial investment which would tie up the organisation's working capital
* It would protect against technological obsolescence as equipment can be replaced as required
* The total cost may be higher than purchasing the equipment outright
A. 3 and 4 only
B. 2 and 5 only
C. 1 and 2 only
D. 2 and 4 only
Answer: C
NEW QUESTION # 72
Resevoir Inc runs several oil refineries across the country. These refineries require heavy invest-ment, particularly in maintenance, repair and operating (MRO) inventory. But the inventory turno-ver rate of these MRO items are low, while some items have expired date, which increases the risks of obsolescence. Which of the following methods can address the issues of these MRO items?
A. Larger safety stock
B. Just in case
C. Forrester effect
D. Vendor-owned stock
Answer: D
Explanation:
Where stock turn (inventory turnover) is low and there are potential risks of redundancy or obsolescence, the buying organisation may adopt vendor owned stock. In this system, a supplier (vendor) maintains a stock of items ready to be used at the point of customer consumption. The supplier owns the stock until it is used by the purchaser; only then is the purchaser invoiced for it.
Just in case and larger safety stock would significantly increase the stock level, which may cause redundancy or obsolescence.
Forrester effect (or Bullwhip effect) is a distribution channel phenomenon in which forecasts yield supply chain inefficiencies. It refers to increasing swings in inventory in response to shifts in customer demand as one moves further up the supply chain.
Reference: CIPS study guide page 106
LO 2, AC 2.2
NEW QUESTION # 73
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