L4M7 Training Materials: CIPS Whole Life Asset Management & L4M7 Practice Test

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CIPS L4M7 exam is an essential qualification for professionals looking to advance in their careers in asset management. It is recognized worldwide and provides a solid foundation in the principles and practices of whole life asset management. Professionals who hold this certification can take on more senior roles, lead projects, and make strategic decisions with confidence.

CIPS L4M7 exam is an essential qualification for procurement professionals who are looking to specialize in asset management. L4M7 exam covers a wide range of topics, including asset identification, valuation, maintenance, and disposal. It is designed to help candidates develop the skills and knowledge necessary to effectively manage assets and ensure their long-term value. Successful completion of the exam is an important step in advancing one's career in asset management.

To earn the CIPS L4M7 Certification, candidates must pass a rigorous exam that measures their knowledge and skills in asset management. L4M7 exam consists of multiple-choice questions that test the candidate's understanding of asset management concepts, principles, and best practices. Upon passing the exam, candidates will be awarded the CIPS L4M7 certification, which is recognized globally as a mark of excellence in asset management.

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CIPS Whole Life Asset Management Sample Questions (Q196-Q201):

NEW QUESTION # 196
ASI Ltd is known for its commitment to sustainability. ASI builds railroad ties and pilings using recycled plastic bottles and industrial waste instead of standard materials such as wood, steel, and cement. This practice helps the company save 15% in compare with traditional material purchases. Which pillar of sustainability would include the practice of ASI Ltd?

A. Planet and Profit
B. Profit and Expense
C. People and Planet
D. Profit and People

Answer: A

Explanation:
The triple bottom line is a sustainability framework that examines a company's social, environment, and economic impact (or People, Planet, Profit). ASI Ltd practice would reduce the waste into the environment as well as keep the business more profitable. So the correct answer should be Planet and Profit.
Reference:
- 25 Years Ago I Coined the Phrase "Triple Bottom Line." Here's Why It's Time to Rethink It.
- CIPS study guide page 202
LO 3, AC 3.3

NEW QUESTION # 197
Which of the following is the material handling equipment which uses the suction force to lift an item?

A. Pallet stacker
B. Sack truck
C. Dolly
D. Vacuum lifter

Answer: D

Explanation:
VACUUM LIFTER uses the vacuum pad which attaches itself to a product. The suction force al-lows the product to be lifted (and rotated and placed). Vacuum lifters are used for moving and positioning glass sheets, but are also seen lifting boxes, plastic sacks, sheets of building materials and pipework. Some models feature hydraulic arms which allow easy movement of the lifted load. The lifting system will have a number of sucker pads and vacuum capability which determines the maximum weights and largest items that can be lifted.

DOLLY consists of stack and sets of wheels (either casters or rollers) under the stack that allow the dolly and the heavy object on top of it to move easily and smoothly. For moving in a straight line, rollers is ideal. If you want to move manoeuvrability, dolly with sets of casters will let you swivel and turn.

SACK TRUCK (hand truck) is an L-shaped box-moving handcart. It comprises a small base plat-form with two wheels at the base and a larger vertical structure. A small ledge to set objects on flat against the floor when the sack truck is upright. When moving, the truck and object are then tilted backward based on the vertical structure until the weight is balanced over the large wheels, making otherwise bulky and heavy objects easier to move.

PALLET STACKER is designed to lift and stack pallets. This one is fully mobile so can move easily around the warehouse. An operator would typically sit or stand while driving like a counter-balanced, reach or straddle lift truck.

LO 1, AC 1.3

NEW QUESTION # 198
Bulk loose coal that requires massive handling system should be stored in which area?

A. Chill hub
B. Heating warehouse
C. Stockyard
D. Store

Answer: C

Explanation:
Materials that will not easily deteriorate, are generally stored in open or fairly covered areas (stockyard). The materials are usually in bulk, like steel plates or coils casting, timber coal, steel barrels, cable drums, piping, lampposts, lorries, etc.
Stockyards are open or semi-covered areas that are used for the following:
- Bulk loose or packaged materials
- Bulky or oversized items that may be difficult to move inside
- Materials that may require specialised handling, loading or unloading Below image shows the example of a stockyard that stores loose coal and its handling system.

LO 1, AC 1.1

NEW QUESTION # 199
Which among the following are the tools for reducing acquisition costs in purchasing?
1. Procurement card
2. Automated Storage & Retrieval System
3. Porter's value chain
4. P2P system

A. 2 and 4 only
B. 2 and 3 only
C. 1 and 4 only
D. 1 and 3 only

Answer: C

Explanation:
There are several methods to reduce the acquisition costs in procurement. L4M7 study guide lists the following methods:
- Buyer discretionary spend
- 'User buying'
- Vendor managed inventory (VMI)
- Two-bin Kanban
- Product catalogue
- e-Procurement techniques, including some systems such as ERP, procure-to-pay (P2P), e-requisition, e-tendering, etc.
- Procurement cards
Reference:
LO 3, AC 3.1

NEW QUESTION # 200
Which of the following costs can be classified as 'acquisition costs'?
* Invitation to tender and order processing costs
* Invoice processing and supplier selection costs
* Goods inspection and total ownership cost
* Total input costs and invoice processing cost

A. 1 and 4 only
B. 2 and 4 only
C. 1 and 2 only
D. 2 and 5 only

Answer: C

NEW QUESTION # 201
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