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NPMA CPPS Certification with correct answers latestNPMA CPPS Certification with correct answers latest
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Property Management - correct answerThe exercise of a retaining or governing influence over the acquisition, use, and disposition of personal property Property Control Variety of Names - correct answerProperty Accounting, Fixed Asset Accounting, Inventory Control, Material, Property Control, Asset Management. Property Management Office PMO - correct answerDepartment within an org that is responsible for controlling or managing property Property Manager - correct answerPMO is headed by Property Manager is responsible for: - correct answerestablishing, guiding, managing, and maintaining an efficient property system, communicating effectively with other departments and functions, and developing and presenting training in property related subjects Property Control System is comprised of - correct answerProperty Management Personnel, processes, and mgmt info. systems (MIS). (Written policies, procedures, operational guidelines, and related records, and MIS that facilitates these functions). If org contracts with the government, property manager must - correct answerhave a working relationship with all sponsor reps Ownership - correct answerHaving legal or rightful title to property either owned by the org or is provided by a sponsor under some kind of agreement (sponsor has ownership). - correct answerProperty is either owned by or provided. Ownership of property allows the owner to - correct answermake any and all decisions regarding the property It is the property professional job to support the property owner in - correct answermaking and implementing effective decisions regarding the property Duties, responsibilities, and potential penalties should be - correct answerdocumented in a formal agreement between the provider and the recipient (contract, grant) Accountability - correct answermeans to posses and have use of the property of another with delegated duties and responsibilities, subject to penalty in case of default. Those accountable - correct answerdo not have legal or rightful title to the property Key elements of property accountability - correct answerprovider, recipient, specific duties and responsibilities, and penalties in case of default
Who is accountable to who for property? - correct answerContractor is accountable to government. If gov. provides funding to acquire the property, NASA is accountable to government. Transfer of accountability - correct answerWhen accountability shifts from one entity to another.... may or may not include physical relocation of assets, but will always include a change in accountability for the property Approvals for giving and accepting orgs - correct answerboth must have appropriate levels of mgmt authority approval, and both contracting officers need to approve Approvals for transfers - correct answermust be obtain before the transfer occurs, in writing, either within award doc, a letter, or email, and made part of the file for audit trail transfer doc must include - correct answerdate of transfer, the purpose of the transfer, description of property, contract numbers Interdepartmental transfers - correct answerThese occur routinely within orgs, usually result of org changes, shift of work between departments, or excess assets are needed by another department Interdepartmental transfer occurs when - correct answerproperty and accountability shift from one org to another confusion results when accountability rests above the department level. This is still sometimes called interdepartment transfer, but - correct answerit is a transfer of responsibility, not accountability Responsibility - correct answermeans to be answerable for a trust or obligation. Less formal than accountability While accountability includes responsibility - correct answerResponsibility does not include accountability Key distinction from property professionals standpoint (on accountability and responsibility) is that - correct answerone is accountable to someone for the property, and is responsible for certain actions such as maintenance or storage Property Control System must - correct answerincorporate methods of safeguarding physical assets of an org, periodically verify their existence, status and condition of the property, and ensure accuracy of records
Org structure within property directly impacts - correct answertheir ability to conduction every business while providing the service and support that property must offer its internal and external customers Characteristics to consider when implementing the structure of a property system - correct answerCentralized vs decentralized Combo of central with support from decentralized network of property custodians single individual responsibility vs fully staffed property division or department Functional groupings within the department by business process, support to business team, area of specialty, type of property, etc Key factors in deciding which property structure model to use - correct answer- Type and volume of property managed
Acquisition cost includes - correct answerall costs associated with an item including shipping, taxes, and installation. Determination for what needs to be controlled is determined by - correct answerbusiness, regulatory and contract agreement needs Two key questions when determining the control population of property - correct answerWhat will be controlled, to what level of detail will it be controlled? Compliance refers to - correct answersatisfactorily following the orgs established policies, procedures and operational guidelines. Level of formality and details of policies, procedures and operational guidelines is dependent on - correct answerthe size and complexity of the org. Potential consequences of non-compliance include - correct answerIncreased serveillance and potentials findings by internal/external auditors -The need to implement and monitor corrective action plans -Increased liability and financial risk -increased insurance costs -damaged credibility with customers -Increased borrowing costs Generating reports is - correct answerone of the most important and frequently used means by which info about property location, volume, and utilization is communicated. Reports are a tool for - correct answerverifying and measuring compliance with established standards, identifying trends in system performance, exposing potential areas of concern, and highlighting exceptional levels of compliance. The effects of implementing changes to processes can be understood and evaluated Activity Reports - correct answerprovide info by which the performance of the property function is evaluated. -provide mgmt tools for monitoring the effectiveness of the processes. -early detection of a problem Financial Reports - correct answer-these may include depreciation reports -quarterly financial activity reports -year end reconciliation reports -inventory reports Compliance reports - correct answer-specifically required by senior mgmt within the org, or by sponsor
Asset Users New Employees Key Stakeholders Type of Info Reports Prospective Process Changes Special Project Results Progress of Key Processes Delivery Method: Classroom - correct answerTarget Audience -Data Maintenance Personnel -New Department Property Administrators Types of Info -Online System Use -New Systems Implementation -Policy and procedure Delivery Method: Online Tutorials - correct answerAudience Asset Users Department Property Administrators New Employees Types of Info process skill cert online system use completing forms Delivery method: Focus groups, open forums, advisory groups - correct answerAudience Asset User Teams Special Project Teams Mgmt reps property support network Types of info Info exchange for process improvement best practices Delivery Method: Email, Org News Publication - correct answerAudience -Online system users Department property administrators Property Custodian Network
Key Stakeholders Program PM Types of Info General Announcements Special Notifications Draft docs for review Property awareness Web based systems - correct answerAudience All Property Users Data Maintenance Personnel Key Stakeholders Auditors Types of Info Policies Procedures, operational guidelines forms user tools Individualized sessions - correct answerAudience New or temp employees Departing employees individuals with special needs Types of Info Training for specific tasks Transfer of property custody It is helpful to include some level of _________ in a given subject, presenting to a wide variety of audiences, using multiple delivery methods - correct answerredundancy Most overlooked part of training - correct answerdocumentation - text and visual aids Enhances learning, more enjoyable Examples of visual aids are - correct answerUse guides Tutorials Quick reference cards Intranet web sites HTML files Benefits of an effective property function - correct answer-Maximize return on investment -Facilitate compliance