WORKSHOP

CIPS Module L4M7 Whole Life Asset Management

OVERVIEWWhole life costing takes into account the total cost of a product or service over its lifetime, from concept through to disposal including purchase, hire or lease, maintenance, operation, utilities, training and disposal. Hence, it is important for those involved 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. In most cases the purchase costs are a small proportion of the cost of operating it. 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. This module is designed for those who will have responsibility for the whole life management of assets and enables learners to analyse methods for inventory movement and control and to analyse the concept of whole life cost.
DURATION3 x 1.5 hours
DELIVERYVirtual workshop Work-based activities, including presentations, group work and case studies
LEARNING OUTCOMES
  • Understand methods for the storage and movement of inventory
  • Identify the principles, purpose and impact of stores and warehouse design
  • Explain the use of product coding in inventory operations
  • Contrast the impact of the use of different warehousing equipment
  • Understand the key elements of effective inventory control
  • Differentiate between the different classifications of inventory
  • Identify the direct and indirect costs of holding inventory
  • Identify techniques associated with inventory control
  • Understand the concept of through life cost
  • Analyse the contributing factors when establishing total cost of ownership
  • Compare the factors to consider when building a total cost of ownership model
  • Identify the contributing elements to end-of-life costs

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