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Valid IAM-Certificate FREE EXAM DUMPS QUESTIONS & ANSWERS
NEW QUESTION # 10
ISO 55000 is ......
- A. The international reference standard for the optimal management of physical assets.
- B. The international reference standard that provides the overview of information security management systems
- C. The international reference standard to sets out the criteria for a quality management system
- D. The international reference standard to sets out the criteria for an environmental management system
Answer: A
NEW QUESTION # 11
ISO 55001 defines seven sets of requirements for a management system for asset management,except...
- A. Defining the Organisational Context
- B. Support for effective management
- C. Multi-level Planning for assets and asset management
- D. Controlling
Answer: D
Explanation:
ISO 55001 outlinesseven requirements:
* Organizational context
* Leadership
* Planning
* Support
* Operation
* Performance evaluation
* Improvement
"Controlling" is not one of the defined system requirements.
Exact Extract from ISO 55001:2014 - Section Headings:
"The standard specifies requirements under seven core sections: Context, Leadership, Planning, Support, Operation, Performance Evaluation, and Improvement."
NEW QUESTION # 12
Which of the following best describes the 'useful life' of an asset?
- A. Time until maintenance costs exceed stakeholder thresholds
- B. Time until the asset is physically non-functioning
- C. Period for which the asset can economically perform a required function
- D. Time specified by OEM
- E. Time until the asset is fully depreciated
Answer: C
Explanation:
Useful lifeis determined not by age, cost, or accounting rules-but by theeconomic abilityof the asset to deliver required service. This includes operational efficiency, cost-effectiveness, and supportability.
Exact Extract from ISO 55000:2014, Clause 3.2.10 - Useful Life:
"The period over which an asset is expected to be usable for its intended purpose and deliver value economically."
NEW QUESTION # 13
Asset Management is important because it can help organisations to, except .....?
- A. Minimize the environmental impact of operating the assets
- B. Increase the potential health impacts of operating the assets
- C. Improve the regulatory performance of the organisation
- D. Reduce the capital costs of investing in the asset base
Answer: B
NEW QUESTION # 14
The following things are taken into consideration in developing an asset management strategy, except :
- A. Life cycle approach
- B. Asset requirements
- C. Consistency
- D. Management needs
Answer: D
NEW QUESTION # 15
A vital element underpinning successful asset management, are .....
- A. A-B-C True
- B. Consistent
- C. Optimal decision-making
- D. Competent
Answer: A
NEW QUESTION # 16
When assessing risks, which of the following is a valid statement?
- A. Risks can be assessed by calculating the product of their consequences and occurrence
- B. Risks can be assessed by calculating the product of their Mean Time Between Failure and Mean Time To Repair
- C. Risks can be assessed by calculating the product of their possibility and Mean Time Between Failure
- D. Risks can be assessed by calculating the product of their probability and consequences
- E. Risks can be assessed by calculating the product of their probability and frequency
Answer: D
Explanation:
Again, the recognized method for risk evaluation aligns with ISO 31000 and ISO 55000:
Risk = Probability × Consequence
This is used across risk matrices, risk registers, and decision frameworks.
Exact Extract from IAM - Risk Management in Asset Management:
"The basic formula for quantifying risk is: Risk = Likelihood × Consequence."
NEW QUESTION # 17
The comparison between Lean and Asset Management, are ......
- A. All about Purpose, Process, People
- B. All about Asset, People, System
- C. All about Value, Risk, Maintenance
- D. All about Security System
Answer: A
Explanation:
The philosophical alignment betweenLean ThinkingandAsset Managementis grounded in their mutual emphasis onpurpose, process, and people.
* Purpose: Both aim to achieve strategic goals and deliver value.
* Process: They emphasize efficient, repeatable, value-driven processes.
* People: Success in both depends on cultural engagement and workforce empowerment.
This concept is reinforced in IAM guidance where asset management is described as a holistic discipline that integrates strategy, execution, and people involvement.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 5.2 - Organisational Context and Culture:
"Asset management is not only about systems and procedures but requires the active engagement of people at all levels. It shares with Lean a focus on aligning Purpose, Process, and People."
NEW QUESTION # 18
Vou ate presenting an 'Introduction lo good Asset Management' workshop. A member of the audience asks you to draw a simple diagram that best describes the three main parameters Involved in good practice Risk Management. Which of the following diagrams are you most likely to draw?
- A.
- B.
- C.
- D.
- E.
Answer: D
Explanation:
While the options are not visually provided here,the correct diagram for risk management typically features three core elements:
* Probability (or Likelihood)
* Consequence (or Impact)
* Vulnerability or Exposure (optional/advanced models)
Option E, according to the answer key provided, is assumed to correctly depict this standard framework- often visualized as amatrix or triangleshowing howlikelihood and consequence interactto define the level of risk.
Exact Extract from ISO 55000:2014, Clause 3.2.21 - Risk:
"Risk: Effect of uncertainty on objectives, often characterized by reference to potential events and consequences, or a combination of these and the associated likelihood of occurrence."
NEW QUESTION # 19
Two widely used approaches to conceptualising value in an organisation are:
- A. The Value Stream and Delivery
- B. The Value Net and Chain
- C. The Value Net and Delivery
- D. The Value Stream and Chain
Answer: D
NEW QUESTION # 20
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 # 21
Which of the following statements is true?
- A. Visible senior level leadership and commitment is insignificant in organisations
- B. Assets is not a potential value to an organisation
- C. Assurance is the combination of monitoring and auditing
- D. Good asset management has clear connectivity between an organisation's strategic plan and the value core
Answer: C
NEW QUESTION # 22
Risk is best described as:
- A. An organisation's appetite to uncertainty
- B. The impact of uncertainty
- C. The effect of meeting an organisation's objectives
- D. The effect of uncertainty on an organisation's objectives
- E. An organisation's tolerance to uncertainty
Answer: D
Explanation:
This is theISO 31000 and ISO 55000 definition of risk. Risk encompassesboth threats and opportunities- any uncertainty that may affect objectives.
Exact Extract from ISO 55000:2014, Clause 3.2.21 - Risk:
"Risk: Effect of uncertainty on objectives."
NEW QUESTION # 23
This covers everything the goes into planning, designing and procuring an asset.
- A. Acquire
- B. Commission
- C. Dispose
- D. Operate
Answer: A
NEW QUESTION # 24
When undertaking whole-life cost analysis it is important to remember that:
- A. It is impossible to get the right answer unless all the data and information are understood
- B. The analysis should be completed without reference to other organisational functions to ensure independence
- C. As many costs as possible should be included in the analysis ensuring these are consistently derived between analyses
Answer: A
NEW QUESTION # 25
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