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IAM The Institute of Asset Management Certificate Sample Questions (Q41-Q46):

NEW QUESTION # 41
What is one of the most important elements of asset management ?

A. None of above
B. The control of management risk
C. Company profile
D. The role of organisational culture

Answer: D

NEW QUESTION # 42
Which of these statements is true:

A. Asset information requirements should be derived according to the requirements set out in the IT department's procurement specification
B. Asset information should be collected on all measurable aspects of an asset's function and performance
C. Asset information should be guided by the relevance of the information to the assetmanagement decisions that need to be made about the asset

Answer: C

Explanation:
Information collection must bepurpose-driven, not exhaustive or IT-defined. IAM emphasizes the"fitness- for-purpose"principle: collect only the data required to inform decision-making.
Exact Extract from IAM - Asset Information: Strategy, Management and Governance:
"Information requirements must be defined based on decision-making needs, not system capability or departmental standards."

NEW QUESTION # 43
What is the purpose of the asset management policy?

A. To set a framework of principles for translating the organisation's strategic objectives into asset management objectives and guiding development of the asset management strategy.
B. To balance the costs and benefits of different renewal maintenance overhaul and disposal interventions in support of the asset management objectives.
C. To address the approach of the asset management organisation to realise the (strategic) asset management plans.
D. To determine the asset management objectives including costs, risks and performance, aligned with the organisational objectives.
E. To describe the long-term approach to the management of physical assets and how organisational objectives are converted into asset management objectives.

Answer: A

Explanation:
Theasset management policyis a high-level document that provides direction and a framework for developing asset management strategies and objectives. It does not include specific activities, financials, or operational details.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"The policy provides a framework for the setting of asset management objectives and alignment with the strategic plan."

NEW QUESTION # 44
Which of the following is best described as an Asset Management Objective?

A. A risk-based approach to renewal and maintenance will be adopted
B. Risk based provide direction for Asset and Non-Asset Class Plannin
C. Risk-based maintenance will deliver an improvement in the failure rate of assets of 10% for no increase in cost by September 2011
D. Risk-based maintenance will be introduced at Depot A in September 2011 with the following work volumes

Answer: A

NEW QUESTION # 45
The purpose of an Asset Information Strategy is to:

A. Calculating the lowest cost options for the entire commercial life of a building
B. Collate the standards which define the collection, storage and use of asset information
C. Specify the requirements for procuring the organisation's asset information system
D. Provide the overall framework and plan for asset information which will deliver the organisation's asset information requirements

Answer: B

NEW QUESTION # 46
......

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