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IAM The Institute of Asset Management Certificate Sample Questions (Q66-Q71):

NEW QUESTION # 66
There are 4 fundamentals in asset management, including ....

A. Value, Alignment, Leadership and Assurance
B. Value, Competitif, Leadership and Assurance
C. Value, Alignment, Proggresive and Assurance
D. Value, Alignment, Leadership and Insurance

Answer: A

NEW QUESTION # 67
Which of the following would you normally expect to include as key components of the Asset Management Strategy?

A. Improvement objectives, strategic risks and opportunities,statutory/environmental/financial constraints, asset forecasts
B. Strategic risks, constraints, O&M manuals, As-Built drawings
C. Maintenance schedules, stakeholder lists, annual financial reports, asset forecasts
D. Risk registers, statutory/environmental/financial constraints, O&M manuals, detailed work plans
E. Improvement objectives, maintenance schedules, asset forecasts, As-Built drawings

Answer: A

Explanation:
AnAsset Management Strategyshould link strategic goals to asset activities, addressing risks, constraints, future demands, and organizational improvements. Manuals and drawings belong more appropriately in asset management plans.
Exact Extract from ISO 55002:2018, Annex A - Asset Management Strategy Guidance:
"Should include: strategic objectives, long-term risks and opportunities, compliance constraints, demand forecasts."

NEW QUESTION # 68
An ISO 55000 asset management system provides the structure, methodology and mechanism to helping asset- intensive organizations deliver on their objectives.

A. True
B. False

Answer: A

Explanation:
This statement reflects the foundational objective of ISO 55000: to offer asystematic approachto asset management. This includes the integration of leadership, planning, support, operation, performance evaluation, and continual improvement-all contributing to the achievement of organizational objectives through optimized asset performance.
Exact Extract from ISO 55000:2014, Clause 0.2:
"An asset management system provides a structured approach for developing and implementing asset management activities that deliver the organizational objectives."

NEW QUESTION # 69
Which statement is INCORRECT?

A. The Asset Management Policy should be derived from all other relevant organisationalpolicies
B. All above true
C. The Asset Management Policy should be consistent and aligned with the corporate objectives and strategy
D. The Asset Management Policy should be consistent and aligned with all other relevant organisational policies

Answer: A

Explanation:
TheAsset Management Policyis notderived fromother policies-it isaligned withthem. It expresses high- level intent and governs other plans and strategies, not the reverse.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"The asset management policy shall be consistent with other relevant organizational policies and aligned with the organization's strategic plan."

NEW QUESTION # 70
Capital Investment Decision-Making comprises the processes to .....

A. Evaluate and analyse options for the creation of new assets
B. The replacement of modal at the end of their useful life
C. All false
D. Decreasing the capability of assets

Answer: A

Explanation:
Capital Investment Decision-Making is a structured process that evaluatesinvestment options, typically considering total lifecycle cost, business value, and risk. While asset replacement may be a consequence, the broader goal is optimization of value creation through new asset deployment.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.3.3 - Capital Investment Decision-Making:
"This includes identification, evaluation, and prioritization of investment options to create, upgrade or renew assets in alignment with organizational objectives."

NEW QUESTION # 71
......

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