CIPS L4M7 practice Questions with Answers

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About Course

WHAT IS THE PURPOSE OF THIS?

On completion of this exercise, you will be able to explain methods of inventory storage and control and analyse the concept of whole life cost from concept through to disposal.

WHAT IS THE SPECIFIC AIM OF THIS?

Cips l4m7 Whole life costing takes into account the total cost of a product or service over its lifetime, from the moment one comes up with the idea all the way to disposal including purchase, hire or lease, maintenance, operation, utilities, training and disposal.

What does this mean for you?

It is important for you who is in the procurement and supply function to take all these elements into consideration when making decisions and comparing the costs of buying, renting or leasing equipment.

These practice exercises are designed to test your knowledge of all these!

Think of something like inventory, what factors do you take into account when handling such?  Although costly, there are numerous reasons why organisations elect to hold inventory. The management and control of such inventory is therefore vital to organisational success.

These are all aspect you get to see in this practice exercise

This practice exercise is designed for those who will have responsibility for the whole life management of assets and enables you to analyse methods for inventory movement and control and to analyse the concept of whole life cost.

HOW TO MAKE A PURCHASE

If you want to pay with DEBIT/CREDIT CARD (Visa, Mastercard etc)

  1. Click on “add to cart”
  2. Click on “view cart” confirm your purchase (if coupon code applies you can enter it to get a discount)
  3. Click on “proceed to checkout” (fill in the details)
  4. Click on “Debit or Credit card” button and fill in your card number, expiry date and CSC, which is the 3- or 4-digit number, either at the back or infront of your card, which is not part of the card number
  5. Finally, click on” pay now” to conclude the transaction

Otherwise just click on “Pay with PayPal” if you want to use your PayPal account

SO, LETS GET STARTED!

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What Will You Learn?

  • Understand methods for the storage and movement of inventory
  • Understand the key elements of effective inventory Control
  • Understand the concept of through life cost

Course Content

OUTCOME 1: Identify the principles, purpose and impact of stores and warehouse design
The section of your practice exercise is designed to test you on aspect that will affect stores and how warehouses are designed, and the questions will be based on; 1. Location of stores and warehouses 2. Stores and warehouse design 3. Factors that influence stores and warehouse layout 4. Flow, space utilisation and flexibility

  • Practice Exercise 1
  • Practice Exercise 2
  • Practice Exercise 3
  • Practice Exercise 4

OUTCOME 2: Explain the use of product coding in inventory operations

OUTCOME 3: Contrast the impact of the use of different warehousing equipment

OUTCOME 4: Differentiate between the different classification of inventory

OUTCOME 5: Identify the direct and Indirect costs of holding inventory

OUTCOME 6: Identify techniques associated with inventory control