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CIPS Whole Life Asset Management Sample Questions (Q30-Q35):
NEW QUESTION # 30
A major investment bank is planning to purchase a complex banking system that will interface with multiple applications at varying times of the day. Before deploying the system, there are various levels of testing that must be performed through joint testing between the in-house team and off-shore testing consultants. The testing will be performed in a resource-constrained shared environment and managed by the on-shore development team. The costs for testing are generally classified as...?
- A. Insurance
- B. Maintenance costs
- C. Acquisition costs
- D. Purchase prices
Answer: C
Explanation:
In the scenario, the buying organisation (investment bank) must conduct various types of testing before the deployment of the software system. These tests can be functional testing, factory ac-ceptance testing and/or user acceptance testing. The costs for all these types of testing are classified as acquisition costs with regards of total cost of ownership.
Reference:
LO 3, AC 3.1
NEW QUESTION # 31
Which of the following is an assumption of economic-order-quantity model?
- A. Demand, ordering costs, and carrying costs are uncertain
- B. The purchasing cost per unit is affected by the order quantity
- C. No inventory stockouts occur
- D. The quantity ordered can vary at each reorder point
Answer: C
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 # 32
The width of aisles within a warehouse is determined by...?
- A. The height of the building
- B. Turning cycle of forklift and the size of pallets
- C. The location of goods-in and goods-out doors
- D. The length of storage racking
Answer: B
Explanation:
Below is a formula from Toyota you can use to make an informed decision.
1. Start with the basic right-angle stacking width
2. Add the load length
3. Add 12 inches for clearance
The basic right-angle stacking width is the smallest amount of space a forklift needs turn in order to insert its forks into a pallet. You can find basic right-angle stack measurements in the equipment manual or by contacting TMHNC if your business is located in Northern California. This measurement does not include the length of the load or room need for clearance.
Load lengths vary depending on your application, products, etc. As a starting point, a standard pallet has a 48-inch load length. Always check your forklift's data plate for the rated capacity (which is affected by attachments and other factors).
Adding 12 inches for clearance ensures you have enough room for your forklift's turn radius and helps protect against damage from operator error and/or product that may hang over the edge of the pallet.
Reference:
- CIPS study guide page 29-30
- How to Calculate Forklift Aisle Width Minimums
LO 1, AC 1.1
NEW QUESTION # 33
Which of the following costs does the EOQ minimise?
- A. Total cost of ordering inventory
- B. Total cost of carrying stock
- C. Total cost of annual inventory cost
- D. Total cost of safety stock
Answer: C
Explanation:
Economic order quantity (EOQ) was developed in 1913 by Ford W.
Harris and has been refined over time. The formula assumes that demand, ordering, and holding costs all remain constant. The EOQ minimizes the total annual inventory cost.
EOQ formula is as follow:
LO 2, AC 2.3
NEW QUESTION # 34
MRP software is a powerful tool for managing material requirements of manufacturing processes. To keep the software function well, an organisation must have appropriate input dat a. Which of the following are the inputs of MRP software? Select THREE that apply.
- A. Master production schedule
- B. Bill of materials
- C. Payrolls information
- D. Capacity requirement plan
- E. Inventory records
- F. Facilities management
Answer: A,B,E
Explanation:
A powerful benefit of MRP system is the capacity to produce exception reports, which show deviations from normal planning and performance. These enable anomalies to be investigated with a view to improve future forecasting.
Material requirement planning is an electronic system for combining the following:
- Known demand
- Forecast demand. Known demand and forecasted demand are shown in master production schedule.
- Bill of materials for the final product
- Inventory records
Reference:
LO 2, AC 2.3
NEW QUESTION # 35
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