CIPS L4M8 LO3 Exam Questions With Verified Answers

CIPS L4M8 LO3 Exam Questions With Verified Answers what is a fixed asset? - answerassets that are purchased for long-term use and not intended to be converted directly into cash what is included in whole life asset management? - answer- lessons learned feeds into identification of needs/specification - pre-acquisition costs - acquisition costs - installation and commissioning costs - operating costs - maintenance costs - performance/downtime monitoring - end of life disposal/recycling - analysis of historic performance what could the need be in relation to? - answer- the current asset becoming unfit for purpose - competition in the marketplace - raised/reduced demand - regulations/legislation - financial concerns what could the objectives be of a new asset? - answer- being more energy efficient - reducing cost - improving processes - keeping up with the competition - saving money - gaining a fast return on investment - increasing output - reducing output - preserving the organisation - improving reputation what factors can be linked to risk? - answer- downtime - lost sales/revenue - associated costs - incompatibility - resistance what is mass production? - answercontinuous production of standard products that can benefit from economies of scale what is commissioning? - answerbringing something new into working conditions what are the costs associated with commissioning? - answer- installation - training - insurance - testing - operational efficiencies/performance - quality what is training likely to include? - answer- operational capabilities - health and safety - accountability - risk assessment - general maintenance what is included in specified losses within insurance? - answer- fire - theft - accidental damage - force majeure