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IAM-Certificate Practice Exam Questions and Answers

The Institute of Asset Management Certificate

Last Update 4 days ago
Total Questions : 93

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Question # 1

External stakeholders can influence asset management activities within an organisation by:

Options:

A.  

Defining the renewal and maintenance policies which govern the creation of the asset management plan

B.  

Having the power of veto over what the organisation does

C.  

Influencing the Organisational Strategic Plan through structured engagement

Discussion 0
Question # 2

To successfully establish, operate and improve asset management within an organisation, it is essential that leadership, and commitment, is demonstrated by all levels of management – from senior executives to supervisors.

Options:

A.  

False

B.  

True

Discussion 0
Question # 3

What information is most likely to help in deciding whether to replace an asset rather than repair it?

Options:

A.  

Output of lifecycle cost analysis

B.  

Age of the asset

C.  

Design life

D.  

Up front capital cost

E.  

Warranty period

Discussion 0
Question # 4

The purpose of an Asset Information Strategy is to:

Options:

A.  

Collate the standards which define the collection, storage and use of asset information

B.  

Provide the overall framework and plan for asset information which will deliver the organisation’s asset information requirements

C.  

Specify the requirements for procuring the organisation’s asset information system

D.  

Calculating the lowest cost options for the entire commercial life of a building

Discussion 0
Question # 5

ISO 55001 defines seven sets of requirements for a management system for asset management,except...

Options:

A.  

Multi-level Planning for assets and asset management

B.  

Support for effective management

C.  

Controlling

D.  

Defining the Organisational Context

Discussion 0
Question # 6

A key role of asset management is to assure the delivery of value in line with:

Options:

A.  

Agreed performance / levels of service

B.  

Return on Investment (ROI) and/or Return on Net Assets (RONA)

C.  

Required residual risk profile

D.  

All True

Discussion 0
Question # 7

An ISO 55000 asset management system provides the structure, methodology and mechanism to helping asset-intensive organizations deliver on their objectives.

Options:

A.  

True

B.  

False

Discussion 0
Question # 8

What is PAS 55?

Options:

A.  

A BSI Publically Available Specification for the optimized management of physical assets

B.  

A BSI Previously Available Specification for the optimized management of physical assets

C.  

A BSI Publically Available Specification for the optimized management of financial assets

D.  

A BSI Previously Available Specification for the optimized management of financial assets

Discussion 0
Question # 9

An asset management plan specifies...

Options:

A.  

Objectives, stakeholders, strategy alignment, and risk mitigation

B.  

Activities, resources, costs, timeframes, and responsibilities to meet AM objectives

C.  

Capability development, system design, and risk mitigation

D.  

Long-term asset management approach and conversion of organizational goals

E.  

Framework for translating strategy into AM objectives

Discussion 0
Question # 10

Which statement is INCORRECT?

Options:

A.  

The Asset Management Policy should be consistent and aligned with all other relevant organisational policies

B.  

The Asset Management Policy should be consistent and aligned with the corporate objectives and strategy

C.  

The Asset Management Policy should be derived from all other relevant organisationalpolicies

D.  

All above true

Discussion 0
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