CIPS L4M7 Exam Dumps

The main improvements from ERP to ERP II are the following:

- ERP II is web enabled as compared to Conventional ERP Which is not.

- ERP is restricted to provide selected exhaustive or rigorous or wide-spread coverage in its mod-ules. But as compared to ERP, ERP II provides the true and accurate blend of the macro and the micro and affords customers with curative actions/measures after identifying the slip-up/error or fault;

- ERP was embattled more headed for manufacturing or industrialization and the dilemma or difficulty is conquer in ERP II by endowing clarification for all kind of industries and sectors.

- ERP is not in the position or could not possibly integrate/incorporate diverse functions from di-verse departments/divisions but ERP II could possibly do so as well as from different industries as compared to conventional ERP.

- For WEB and WAP connectivity ERP II grip CRM and SCM Functionalities.

- ERP II be obliged the function and purpose to an external/outdoor one and smooth the progress of better networks than remaining as internal/interior application.

- Next Generation Enterprise Resource Planning: ERP II

- CIPS study guide page 119-122

LO 2, AC 2.3

Last in, first out (LIFO) is a method used to account for inventory that records the most recently produced items as sold first. Under LIFO, the cost of the most recent products purchased (or pro-duced) are the first to be expensed as cost of goods sold (COGS)---which means the lower cost of older products will be reported as inventory.

Moving average: a calculation to analyse data by creating series of averages of different subset of full data set. It is commonly used with time series data to smooth out short-term fluctuation and highlight long-term trends or cycle

ABC analysis is a method of analysis that divides the subject up into three categories: A, B and C.

There is no technique called time-weighted series.

LO 2, AC 2.3

Indirect stock refers to items that are necessary for the operation of the manufacturing process but are not incorporated into the finished product. Examples include maintenance supplies, office consumables, and tools. In whole-life asset management, indirect stock management ensures that essential operational items are available without tying up excessive capital in inventory that doesn't contribute directly to production output.

Work in progress is the stock part-way through a manufacturing process; in the service sectors the term is also used for anything between order and delivery.

LO 2, AC 2.1

There are many different factors that must be considered when assessing warehouse and stock locations:

* Operating cost of the location or area

* Availability and suitability of warehouses

* Availability of manpower or labour

* Proximity to suppliers and customers

* Access to transport infrastructure (domestic and international)

* The political and security environment of the location

LO 1, AC 1.1