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IAM The Institute of Asset Management Certificate Sample Questions (Q27-Q32):
NEW QUESTION # 27
What is an Asset Management System as defined by PAS 55?
- A. The management system which organises and drives all asset management activities
- B. The asset information technology system used for collating and analysing asset data
- C. The asset system which organises all data management activities
- D. The system by which organisations can manage and influence stakeholder requirements
Answer: A
Explanation:
TheAsset Management Systemrefers to themanagement frameworkof policies, processes, and tools that collectively enable the achievement of asset-related objectives-not just IT or data systems.
Exact Extract from PAS 55-1:2008, Clause 3.3.1:
"Asset management system: The integrated set of processes, plans, and tools that collectively define and drive the asset management activities within the organization."
NEW QUESTION # 28
Which are included in the asset life cycle?
- A. Acquire - Commission - Operate - Diaspora
- B. Acquire - Corporate - Operate - Dispose
- C. Acquire - Commission - Operate - Dispose
- D. Acquire - Commission - Performance - Dispose
Answer: C
Explanation:
Comprehensive and Detailed in Depth Explanation along with Exact Extract from IAM's five subject areas:
The asset lifecycle includes stages from planning and procurement (acquire), initial setup (commission), use (operate), and eventual retirement (dispose).
Extract from IAM Document - Asset Management: An Anatomy (v4):
"Asset life cycle stages typically include: Acquire, Commission, Operate, Maintain, and Dispose." (Section 3.4 - The Asset Life Cycle)
NEW QUESTION # 29
An asset management plan specifies...
- A. Capability development, system design, and risk mitigation
- B. Long-term asset management approach and conversion of organizational goals
- C. Activities, resources, costs, timeframes, and responsibilities to meet AM objectives
- D. Framework for translating strategy into AM objectives
- E. Objectives, stakeholders, strategy alignment, and risk mitigation
Answer: C
Explanation:
Theasset management plan (AMP)outlines theactions and resourcesrequired to achieve the defined asset management objectives. It includeswhat will be done, by whom, when, and at what cost.
Exact Extract from ISO 55002:2018, Clause 6.2.2 - Asset Management Plans:
"Plans should describe the activities to achieve asset management objectives, identifying resources, timeframes, responsibilities, and associated risks."
NEW QUESTION # 30
An ISO 55000 asset management system provides the structure, methodology and mechanism to helping asset-intensive organizations deliver on their objectives.
Answer: B
NEW QUESTION # 31
Which of these statements is true:
- A. Asset information should be guided by the relevance of the information to the asset management decisions that need to be made about the asset
- B. Asset information requirements should be derived according to the requirements set out in the IT department's procurement specification
- C. Asset information should be collected on all measurable aspects of an asset's function and performance
Answer: B
NEW QUESTION # 32
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