CIPS Level 4 Module 7 (Whole Life Asset Management)
- Description
- Curriculum
- Reviews
Significance of the L4M7
Whole-life asset management takes into account the total cost of a product or service, from idea through to disposal including purchase, hire or lease, maintenance, operation, utilities, training and disposal. It is important for those involved in procurement and supply to take these elements into consideration when assessing options of buying, renting or leasing equipment. Although costly, there are a range of factors organisations assess to determine the approach to inventory, and the management and control of inventory is an important driver for organisational success. This module is designed for those with responsibility for the whole-life management of assets and enables learners to analyse methods for inventory movement and control and to consider the concept of whole-life asset cost.
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L4M7 Learning Outcomes1.0 Understand methods for the storage and movement of inventory
1.1 Identify the principles, purpose and impact of stores and warehouse design
1.2 Explain the use of product coding in inventory operations
1.3 Contrast the impact of the use of different warehousing equipment approaches
2.0 Understand the key elements of effective inventory control
2.1 Differentiate between the different classifications of inventory
2.2 Identify the direct and indirect costs of holding inventory
2.3 Identify techniques associated with inventory control
3.0 Understand the concept of whole-life costing
3.1 Analyse the contributing factors when establishing whole-life costs
3.2 Compare the factors to consider when building a whole-life cost model
3.3 Identify the contributing factors supporting wholelife asset managemen
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LO 1.0: Understand methods for the storage and movement of inventory
1.1 Identify the principles, purpose and impact of stores and warehouse design
1.2 Explain the use of product coding in inventory operations
1.3 Contrast the impact of the use of different warehousing equipment
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1.0 Case study -
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1.1 Exam practice questions
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1.2 Exam practice questions
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1.3 Exam practice questions
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Learning Outcome 2: Understand the key elements of effective inventory control
2.1 Differentiate between the different classifications of inventory
2.2 Identify the direct and indirect costs of holding inventory
2.3 Identify techniques associated with inventory control
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2.0 Case study
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2.1 Practice questions
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2.2 Practice questions
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2.3 Practice questions
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3.0 Understand the concept of whole life costing
3.1 Analyse the contributing factors when establishing whole-life costs
3.2 Compare the factors to consider when building a whole-life cost model
3.3 Identify the contributing factors supporting whole life asset management
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3.0 Case study
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3.1 Practice questions
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3.2 Practice question
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3.3 Practice questions
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L4M7 EXAM PRACTICE QUESTIONS
Significance of the L4M7
Whole-life asset management takes into account the total cost of a product or service, from idea through to disposal including purchase, hire or lease, maintenance, operation, utilities, training and disposal. It is important for those involved in procurement and supply to take these elements into consideration when assessing options of buying, renting or leasing equipment. Although costly, there are a range of factors organisations assess to determine the approach to inventory, and the management and control of inventory is an important driver for organisational success. This module is designed for those with responsibility for the whole-life management of assets and enables learners to analyse methods for inventory movement and control and to consider the concept of whole-life asset cost.
CIPS Certificate, CIPS Advanced certificate OR HND / higher qualifications in Management, Logistics, Ac-counting, Marketing, etc OR GCE Advanced level PLUS Appropriate work experience.
CIPS Certificate, CIPS Advanced certificate OR HND / higher qualifications in Management, Logistics, Ac-counting, Marketing, etc OR GCE Advanced level PLUS Appropriate work experience.
In particular, this module is designed for those with responsibility for the whole-life management of assets and enables learners to analyse methods for inventory movement and control and to consider the concept of whole-life asset cost.
