14 Questions
Which sector does Farah currently work in?
Public sector
What is the minimum value of contracts that Farah is responsible for?
$1 million
What is the main topic of discussion in this episode of the podcast?
Whole-life asset management
Which two global crises are mentioned in the text?
COVID-19 pandemic and global shortage of semiconductors
What is the reason organizations are more nervous about holding little safety or buffer stock?
Recent global crises
What is the host's response to Farah at the end of the text?
The host wishes Farah success in her future career in the transport sector.
Which of the following is a key principle of whole-life asset management?
Factoring in environmental and social costs
What is one of the challenges in identifying all costs throughout an asset's life?
Unknown or intangible costs
In the private sector, procurement decisions are primarily made to
Deliver profit to shareholders
What technology has seen an exponential increase in use for inventory management in procurement?
Manufacturing Resource Planning II (MRP) systems
Which of the following is a key responsibility of Farah in her role in the public sector?
Managing assets from 'cradle' to 'grave'
What is the main focus of whole-life asset management in the transport sector?
Recycling and reusing assets
How has the role of procurement changed over time?
It is now a strategic function
What has helped with more effective whole-life asset management?
Technology and data analytics
Study Notes
Farah's Current Role
- Farah works in the public sector
Contract Value
- Farah is responsible for a minimum value of contracts worth millions of pounds
Discussion Topic
- The main topic of discussion in this episode of the podcast is whole-life asset management in the transport sector
Global Crises
- Two global crises mentioned in the text are the COVID-19 pandemic and climate change
Organizations' Concerns
- Organizations are more nervous about holding little safety or buffer stock due to supply chain disruptions and global crises
Host's Response
- The host praises Farah for her insights and thanks her for sharing her expertise at the end of the text
Whole-Life Asset Management Principles
- A key principle of whole-life asset management is considering the total cost of ownership throughout an asset's life
Challenges in Identifying Costs
- One of the challenges in identifying all costs throughout an asset's life is tracking costs over an extended period
Procurement Decisions
- In the private sector, procurement decisions are primarily made to maximize shareholder value
Inventory Management Technology
- The use of Artificial Intelligence (AI) has seen an exponential increase in use for inventory management in procurement
Farah's Key Responsibility
- A key responsibility of Farah in her role in the public sector is to manage contracts with a minimum value of millions of pounds
Focus of Whole-Life Asset Management
- The main focus of whole-life asset management in the transport sector is to minimize whole-life costs and carbon emissions
Changing Role of Procurement
- The role of procurement has changed over time from a focus on short-term cost savings to a more strategic focus on minimizing whole-life costs and achieving sustainability
Effective Whole-Life Asset Management
- The use of digital technologies has helped with more effective whole-life asset management in the transport sector
Test your knowledge on sustainable transportation initiatives! Learn about the Capital City Cycle Path, electric buses, and charging points for electric vehicles. Explore the benefits of these solutions for a greener future in your transport department.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
