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IAM-Certificate Practice Questions

The Institute of Asset Management Certificate

Last Update 3 days ago
Total Questions : 122

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Question # 21

Which of these is NOT a key principle of asset management?

Options:

A.  

Linking decisions to the overall business objectives

B.  

Applying a whole-life perspective

C.  

Reducing the costs of investments

D.  

All of above false

Discussion 0
Question # 22

Which are included in the asset life cycle?

Options:

A.  

Acquire - Corporate - Operate - Dispose

B.  

Acquire - Commission - Operate - Diaspora

C.  

Acquire - Commission - Operate - Dispose

D.  

Acquire - Commission - Performance - Dispose

Discussion 0
Question # 23

Which of the following requirements would you expect to find included within an Asset Management Strategy?

Options:

A.  

Asset data configuration

B.  

Asset register

C.  

Project handback to operations

D.  

Maintenance special tools

E.  

Future demand

Discussion 0
Question # 24

ISO 55001 sets out requirements for an asset management policy which fall into five categories:

Options:

A.  

Consistency, Appropriateness, Maintenance, A framework, Communication

B.  

Consistency, A priori, Commitment, A framework, Communication

C.  

Consistency, A priori, Commitment, Balancing, Communication

D.  

Consistency, Appropriateness, Commitment, A framework, Communication

Discussion 0
Question # 25

Risk is best described as:

Options:

A.  

The effect of uncertainty on an organisation's objectives

B.  

An organisation's tolerance to uncertainty

C.  

An organisation's appetite to uncertainty

D.  

The effect of meeting an organisation's objectives

E.  

The impact of uncertainty

Discussion 0
Question # 26

In the context of Asset Management, and the ‘line of sight’ through the organisation, it is important that a project business case and evaluation process connect with:

Options:

A.  

The Risk Management Strategy

B.  

The Capital Budget

C.  

The Operational Budget

D.  

The Resourcing Strategy

E.  

The Asset Management Objectives

Discussion 0
Question # 27

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 # 28

When developing a new Strategic Asset Management Plan, which of the following pieces of information will be most relevant?

Options:

A.  

Availability of finance, demand forecasts, maintenance schedules

B.  

Availability of finance, demand forecasts, risk appetite

C.  

Availability of capital, service performance requirements, historic demand

D.  

Historic cost trends, demand forecasts, cost of capital

E.  

Cost of capital, demand forecasts, competitor analysis

Discussion 0
Question # 29

Value based on AM is ......

Options:

A.  

Value creation

B.  

Waste elimination

C.  

Value objective

D.  

The Assets

Discussion 0
Question # 30

Which of the following is NOT a key requirement with regard to an asset management policy?

Options:

A.  

It is consistent with the organizational strategic plan

B.  

It is appropriate for the type of organization

C.  

It commits the organization to compliance with relevant laws

D.  

It provides for continual improvement

E.  

It is fully detailed on every aspect

Discussion 0
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