L4M7: Whole Life Asset Management ebook Pdf notes CIPS

L4M7: Whole Life Asset Management

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Learning outcomes

1.0  Understand methods for the storage and movement of inventory

1.1  Identify the principles, purpose and impact of stores and warehouse design

  • Location of stores and warehouses
  • Stores and warehouse design
  • Factors that influence stores and warehouse layout
  • Flow, space utilisation and flexibility

1.2  Explain the use of product coding in inventory operations

  • Systems for product coding
  • Bar coding
  • Order tracking technologies
  • The use of RFID technologies

1.3  Contrast the impact of the use of differentware housing equipment Approaches such as:

  • Materials handling equipment
  • Palletisation and unit loads
  • Packing and packaging
  • Environmental standards for packaging
  • The use of automation in warehousing

2.0  Understand the key elements of effective inventory control

2.1  Differentiate between the different classifications of inventory

  • Opening stock, work in progress, safety stock and finished goods
  • Obsolescent and redundant stock
  • Direct and Indirect supplies
  • ABC classifications of stock that may apply
  • Dependent demand and independent demand itemsof stock

2.2 Identify the direct and indirect costs of holding inventory

  • Acquisition costs
  • Holding costs
  • Cost of stock outs
  • Discuss options to reduce costs whilst mitigating any negative impact on service levels

2.3 Identify techniques associated with inventory control

  • Subjective and objective forecasting
  • Re-order quantities and levels
  • MRP and MRPII
  • ERP
  • Just-in-time
  • Lean
  • Inventory performance measures – lead times, service levels, rate of stock turn, stock outs in a given period, stock cover

3.0  Understand the concept of through life cost

3.1  Analyse the contributing factors when establishing total cost of ownership

  • Purchase price
  • Hire or lease
  • Acquisition costs
  • Usage costs
  • Maintenance costs
  • Operation
  • Utilities
  • Training
  • Disposal and end-of-life costs

3.2  Compare the factors to consider when building a total cost of ownership model

  • Include all costs
  • Use best estimates of values available
  • Hidden costs – global sourcing, risks associated with extended supply chain
  • Only develop for larger purchases
  • Ensure senior management support
  • Cross functional support – ensure access to data
  • Team working – reduce data collection time

3.3 Identify the contributing elements to end-of-life costs

  • Decommissioning
  • Removal or disposal processes
  • Legal aspects – waste management
  • Environmental factors
  • Triple bottom line – people, planet, profit