CIPS L4M7 Whole Life Asset Management Solved 100% Correct!!

CIPS L4M7 Whole Life Asset Management Solved 100% Correct!! Types of Stock Opening Stock Raw Materials Secondary Components Work in Progress Finished Goods Safety/Buffer Stock Stockout Causes of Obselence Technical Change Cultural Change Legislation Causes of Redundancy Poor Forecasting if Demand Cancelled Orders due to Poor Relationship Overstocking/Poor Stock Control Change to Internal Policy Triple Bottom Line People Profit Planet Inventory Code Types Numerical Alphabetical Alpha-Numeric Random Generated/Created Sequential Structured Factors Influencing Storage Location Cost Availability Suitability Nature of Items to be Stored Access to Transport Infrastructure Considerations when Designing a Warehouse Flow Types of Inventory Raw Materials Components Work in Progress Finished Goods Purpose of Stores/Warehouses Make stock available to customers Maintain safe environment for workers in warehouse Maintain secure environment and avoid stock losses EAN13 Barcode 2D Barcode Types of Stock Opening Stock Raw Materials Secondary Components Work in Progress Finished Goods Safety/Buffer Stock Stockout Materials Handling Equipment Dollies Sack Trucks Trolleys Turntable Trucks Roll Cages Order Pickers Pallet Trucks Pallet Stackers Grabs Drum Lifters and Loaders Counterbalance Forklift Trucks Reach Trucks Vacuum Lifters Roller Systems Conveyer Systems Cranes Carousels Stacked Cranes Weighbridge Floor Scale Platform Scale Conveyor Belt Scale Load Cells Suspended Balance and Crane Scales Counting Scales Just In Time (J.I.T) A production methodology where stock is acquired literally 'just in time' to be incorporated into the production process. It is a means of reducing stockholding and reducing waste in production Direct Supplies Integrated into the finished product Indirect Supplies Not incorporated in the finished product, but keeps the business and factory in operation Dependent Demand Requirement for a stock item which is directly related to and therefore dependent upon the rate of production E.g. raw materials, components, energy Independent Demand Requirement for a stock item which is not directly related to and is therefore independent of the rate of production E.g. machinery spares, office equipment, consumables Liquidity The ease with which assets can be converted into cash. A firm with high value asset base but low liquidity may struggle to meet debts on time Acquisition Costs Raising requisition Supplier selection and approvals Time and cost of procurement process Printed stationery Progression for chasing the order