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IAM The Institute of Asset Management Certificate Sample Questions (Q19-Q24):

NEW QUESTION # 19
ISO 55001 sets out requirements for an asset management policy which fall into five categories:

A. Consistency, A priori, Commitment, A framework, Communication
B. Consistency, Appropriateness, Maintenance, A framework, Communication
C. Consistency, Appropriateness, Commitment, A framework, Communication
D. Consistency, A priori, Commitment, Balancing, Communication

Answer: C

NEW QUESTION # 20
There are many factors that can drive the decommissioning of assets, expect:

A. compliance with changes in legislation
B. obsolete technology
C. cost of retaining in service
D. excess of service capacity

Answer: A

NEW QUESTION # 21
How many elements does the IAM Asset Management Conceptual Model contain?

A. Five
B. Four
C. Six
D. Seven

Answer: B

NEW QUESTION # 22
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. As many costs as possible should be included in the analysis ensuring these are consistently derived between analyses
C. The analysis should be completed without reference to other organisational functions to ensure independence

Answer: A

NEW QUESTION # 23
What is the purpose of the asset management policy?

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

Answer: E

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 # 24
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