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

NEW QUESTION # 41
There are 7 principles of asset management :

A. Probability
B. Value added
C. All true
D. Lifecycle

Answer: C

NEW QUESTION # 42
Which of the following types of information would NOT normally be required for the development of an asset management plan?

A. Organisation's share price
B. Asset Register
C. Asset Condition
D. Asset Critically

Answer: A

NEW QUESTION # 43
External stakeholders can influence asset management activities within an organisation by:

A. Having the power of veto over what the organisation does
B. Influencing the Organisational Strategic Plan through structured engagement
C. Defining the renewal and maintenance policies which govern the creation of the asset management plan

Answer: B

Explanation:
While stakeholders typically donot dictate policies, theyinfluence strategic planningthrough expectations, regulation, or partnership. Structured engagement ensures alignment with external needs.
Exact Extract from ISO 55000:2014, Clause 2.5 - Stakeholder Requirements:
"Organizations must engage with stakeholders to ensure that their expectations are considered in the development of asset management objectives and strategies."

NEW QUESTION # 44
Who should demonstrate leadership in ensuring adequate, periodic review of the suitability, adequacy and effectiveness of the Asset Management System?

A. The Top Management Team
B. The Board Audit Committee
C. The Senior Engineer
D. The Head of Asset Management
E. An Independent Auditor

Answer: A

Explanation:
ISO 55001 requires top managementto regularly evaluate the asset management system's effectiveness.
Leadership and review responsibilitiescannot be delegated externally.
Exact Extract from ISO 55001:2014, Clause 9.3 - Management Review:
"Top management shall review the organization's asset management system at planned intervals to ensure its continuing suitability, adequacy and effectiveness."

NEW QUESTION # 45
When developing a new Strategic Asset Management Plan, which of the following pieces of information will be most relevant?

A. Availability of finance, demand forecasts, maintenance schedules
B. Availability of finance, demand forecasts, risk appetite
C. Cost of capital, demand forecasts, competitor analysis
D. Availability of capital, service performance requirements, historic demand
E. Historic cost trends, demand forecasts, cost of capital

Answer: B

Explanation:
AStrategic Asset Management Plan (SAMP)aligns long-term organizational objectives with asset strategy.
Key inputs includeavailable financial resources,demand forecasts, and theorganization's risk appetite- which determines how aggressively or conservatively assets will be managed.
Exact Extract from ISO 55002:2018, Clause 5.1 - Strategic Planning:
"Inputs to the strategic asset management plan include: demand forecasts, financial constraints, and organizational risk management approach."

NEW QUESTION # 46
......

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

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