THREE FORMATS FOR THE IAM IAM-CERTIFICATE EXAM QUESTIONS

Three Formats for the IAM IAM-Certificate Exam Questions

Three Formats for the IAM IAM-Certificate Exam Questions

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IAM The Institute of Asset Management Certificate Sample Questions (Q64-Q69):

NEW QUESTION # 64
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 guided by the relevance of the information to the assetmanagement decisions that need to be made about the asset
  • C. Asset information should be collected on all measurable aspects of an asset's function and performance

Answer: B

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 # 65
Which of the following would you normally expect to include as key components of the Asset Management Strategy?

  • A. Maintenance schedules, stakeholder lists, annual financial reports, asset forecasts
  • B. Improvement objectives, maintenance schedules, asset forecasts, As-Built drawings
  • C. Strategic risks, constraints, O&M manuals, As-Built drawings
  • D. Risk registers, statutory/environmental/financial constraints, O&M manuals, detailed work plans
  • E. Improvement objectives, strategic risks and opportunities,statutory/environmental/financial constraints, asset forecasts

Answer: E

Explanation:
AnAsset Management Strategyshould link strategic goals to asset activities, addressing risks, constraints, future demands, and organizational improvements. Manuals and drawings belong more appropriately in asset management plans.
Exact Extract from ISO 55002:2018, Annex A - Asset Management Strategy Guidance:
"Should include: strategic objectives, long-term risks and opportunities, compliance constraints, demand forecasts."


NEW QUESTION # 66
A change of maintenance contractor for an operational system is being proposed. Which of the following processes should be applied?

  • A. Spares Provisioning Process
  • B. Contingency Planning Process
  • C. Change Request Process
  • D. Reliability Engineering Process
  • E. Maintenance Planning Process

Answer: C

Explanation:
AChange Request Processis required to formally evaluate and approve any change that could impact asset performance, risk, or compliance-such as outsourcing maintenance.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.6.2 - Change Management:
"Changes to asset-related systems, responsibilities, or service providers should follow formal change control processes to assess impact and ensure traceability."


NEW QUESTION # 67
What Is the Asset Life Cycle?

  • A. a strategic and analytical approach to the management of a business's assets.
  • B. a substitute for quality management
  • C. All False
  • D. a project management system

Answer: A


NEW QUESTION # 68
What is NOT usually considered in the decision to decommission and dispose of assets?

  • A. The depreciated value of the assets
  • B. Legislation regarding disposal of the assets
  • C. The environmental impact of disposing of the assets
  • D. The residual value of assets
  • E. Alternative uses for the assets

Answer: A

Explanation:
Depreciated valueis a financial accounting figure and is not a strong indicator of whether an asset should be decommissioned. Operational, legal, and environmental factors carry more weight.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4.5 - Disposal:
"Factors include residual value, reuse options, legal compliance, and environmental impact. Financial book value is rarely a deciding factor."


NEW QUESTION # 69
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