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CIPS L4M7 Exam Syllabus Topics:

Topic	Details
Topic 1	Differentiate between the different classifications of inventory Identify techniques associated with inventory control
Topic 2	Understand the key elements of effective inventory control Factors that influence stores and warehouse layout
Topic 3	Identify the principles, purpose and impact of stores and warehouse design Identify the direct and indirect costs of holding inventory
Topic 4	Hidden costs – global sourcing, risks associated with extended supply chain Cross functional support – ensure access to data
Topic 5	Opening stock, work in progress, safety stock and finished goods Obsolescent and redundant stock
Topic 6	Contrast the impact of the use of different warehousing equipment Understand methods for the storage and movement of inventory
Topic 7	Ensure senior management support Use best estimates of values available Identify the contributing elements to end-of-life costs
Topic 8	Systems for product coding Bar coding The use of RFID technologies
Topic 9	Dependent demand and independent demand itemsof stock ABC classifications of stock that may apply
Topic 10	The use of automation in warehousing Palletisation and unit loads
Topic 11	Explain the use of product coding in inventory operations Order tracking technologies

CIPS Whole Life Asset Management Sample Questions (Q15-Q20):

NEW QUESTION # 15
An electricity company charges its customers monthly fee for access and a usage fee for consump-tion of electricity. Which pricing structure is the company using?

A. Multi-part pricing
B. Fixed pricing
C. Freemium Pricing
D. Dynamic pricing

Answer: A

Explanation:
Multi-part pricing. The transaction price is calculated from using two or more metrics rather than just one. The most common economic example of a price structure beyond unit pricing is called a two-part tariff. Basically it can be described such that the "entrance fee" provides the privilege of purchasing the metered component. A common multi-part tariff is the two-part tariff in electricity, under which the customer pays a monthly fee for access and a usage fee for consumption of electricity. With this two-part tariff, the operator is able to charge a price equal to marginal cost for electricity, which is profit maximizing, and deviate from marginal cost pricing in the fee for access.
Freemium is an internet-based pricing strategy where a service is offered for free in the beginning, but the price is charged on the premium package with some additional features. However, freemium pricing strategy is different from the premium pricing strategy because freemium offers free sample which you can use without paying anything, you'll only be charged when you want additional features.
Demand pricing is also synonymously used for dynamic pricing; it is a relative term used in the online platform. Dynamic pricing means different pricing is charged from the different customers depending upon the urgency, customer's ability and demand of the customers.
Reference:
LO 3, AC 3.1

NEW QUESTION # 16
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. 2 and 4 only
B. 3 and 4 only
C. 1 and 3 only
D. 1 and 2 only

Answer: C

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
Reference:
LO 1, AC 1.2

NEW QUESTION # 17
Which of the following is essential to effective implementation of just-in-time?

A. Larger warehouse for larger amount of inventory
B. Regular machine changeovers
C. No need for smoothing production
D. Strong links between the suppliers and the buying organisation

Answer: D

Explanation:
For JIT manufacturing to succeed, companies must have steady production, high-quality workmanship, glitch-free plant machinery, and reliable suppliers.
JIT production systems cut inventory costs because manufacturers do not have to pay storage costs. Manufacturers are also not left with unwanted inventory if an order is canceled or not fulfilled.
Reference:
- Just in Time (JIT)
- CIPS study guide page 122-124
LO 2, AC 2.3

NEW QUESTION # 18
Which of the following is an assumption of economic-order-quantity model?

A. Demand, ordering costs, and carrying costs are uncertain
B. The quantity ordered can vary at each reorder point
C. The purchasing cost per unit is affected by the order quantity
D. No inventory stockouts occur

Answer: D

Explanation:
Economic order quantity (EOQ) model is the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are mini-mized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W.
Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
If the economic order quantity model is applied, the following assumptions should be met:
- The rate of demand is constant, and total demand is known in advance.
- The ordering cost is constant.
- The unit price of inventory is constant, i.e., no discount is applied depending on order quantity.
- Delivery time is constant.
- Replacement of defective units is instantaneous.
- There is no safety stock level, i.e., the minimum stock level is zero.
- Restocking is made by the whole batch.
Because the demand and lead time are constant, no stockout events can occur.
Reference:
LO 2, AC 2.3

NEW QUESTION # 19
Which of the following is a main objective of just-in-time?

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

Answer: B

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 # 20
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