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CIPS L4M7 (CIPS Whole Life Asset Management) certification exam is an internationally recognized certification program that focuses on the management of assets throughout their entire life cycle. CIPS Whole Life Asset Management certification is designed for professionals who work in the field of asset management and are responsible for maintaining and managing assets from the design phase to the end of their useful life.

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CIPS L4M7 Exam is ideal for professionals who are looking to enhance their knowledge and skills in asset management. CIPS Whole Life Asset Management certification is highly valued in industries such as construction, manufacturing, transportation, and utilities. By earning the CIPS L4M7 Certification, professionals can demonstrate their expertise in managing assets throughout their lifecycle, which can lead to career advancement and higher salaries.

CIPS Whole Life Asset Management Sample Questions (Q140-Q145):

NEW QUESTION # 140
Which of the following is the Japanese word for 'billboard' or 'signboard'?

A. Poka-Yoke
B. Muda
C. Kanban
D. Kaizen

Answer: C

Explanation:
Kanban (看板) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in-time manufacturing (JIT).
Poka-yoke (ポカヨケ, [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 (改善) 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 (無駄, 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.
Reference:
LO 2, AC 2.3

NEW QUESTION # 141
PPC Refinery (UK) must close down an out-of-date refinery which has very poor environmental performance.
The refinery is very sophisticated with many technically complicated machineries, lubricants, coolants and other chemical substances. Decommissioning the refinery is highly risky and hazardous. To manage the decommissioning process well, PPC project team must know these machineries and substances in details.
Which document can provide the technical details on the refinery?

A. Corporate social responsibility policy
B. Non-disclosure agreement
C. Original specifications
D. Code of Conduct

Answer: C

Explanation:
Decommissioning or disposal should start with the original specifications of the assets so that the organisation and supplier can make an appropriate plan. Some specifications also mention the is-sues regarding to end-of- life environmental factors.

NEW QUESTION # 142
In inventory management, the cost of insurance and taxes are included in which group?

A. Costs of shortage
B. Acquisition costs
C. Inventory carrying cost
D. Set up costs

Answer: C

Explanation:
Direct and indirect costs of holding inventory include the following:
1. Acquisition costs
2. Holding costs (carrying costs) are the costs associated with the storage and handling of physical stock.
There are two different types of holding costs:
a. Costs related to the value of the goods: financial costs (i.e. the interest on the working capital tied up in inventory, which may be the bank borrowing rate or the company's target for return on capital); cost of insurance; losses due to product deterioration; losses due to obsolescence and redundancy of inventory; losses due to theft, accidental damage etc.
b. Costs related to the physical characteristics of the inventory include the following: storage space; power, heat and lighting of the store; movement equipment; labour costs; administration costs.
3. Costs of stockouts

NEW QUESTION # 143
A pharmaceutical firm offers a new drug called NC-01. After analysing the market, the firm realises that the demand is largely variable. But they still have to forecast the customer demand for the next production cycle. The new drug NC-01 is best described as which type of item?

A. Independent demand
B. Dependent demand
C. Overhead items
D. Indirect demand

Answer: A

Explanation:
Dependent demand is the requirement for stock item which is directly related to and therefore de-pendent upon the rate of production (examples are: raw materials, components, energy) Independent demand is the requirement for stock item which is not directly related to, and is therefore independent of rate of production. Although independent demand is called thus, it can still be influenced by economic factors external to the demand-supply model such as general consumer sentiment and consumers' available disposal income. However, businesses that need to predict the number of products with independent demand needed to sate their customers have it easier than businesses that must calculate the demand for products with dependent demand because there are fewer factors to consider.
In this scenario, the new drug is finished good which is dependent on the demand of the market, and the firm needs to forecast before initiating the production process. The item is independent from rate of production, therefore, it must be independent demand item.
Reference:
LO 2, AC 2.1

NEW QUESTION # 144
A cardiac department within a local hospital carries out a small number of specialist emergency care heart surgeries each year. The devices implanted in the patients can vary significantly depending on the condition of the patient. Therefore, the hospital requires a stock management technique that minimizes the cost of holding several different items of stock, without impacting the critical service levels, and allowing the supplier to retain the title of the stock until the hospital's cardiac team utilizes it. Which of the following stock management techniques would enable the hospital to achieve this?

A. Having vendor-owned stock in the hospital stores
B. Subjective stock forecasting being undertaken by the doctors
C. Having strategically placed hospital-owned safety stock in various hospital storerooms
D. Increasing the hospital's overall stock levels in all supplies

Answer: A

Explanation:
Vendor-owned stock allows the hospital to keep essential items available without holding costs. The vendor retains ownership until the item is used, helping the hospital avoid large upfront costs for low-frequency items. This technique aligns with whole-life asset management principles by reducing inventory holding costs while ensuring critical items are readily accessible.

NEW QUESTION # 145
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