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IAM The Institute of Asset Management Certificate Sample Questions:

1. The benefits of an asset management system are...

A) Establish roles and responsibilities
B) Bring best practices into the organization
C) A-B-C are true
D) Formalizes asset management

2. Based on ISO 55000 regarding asset management system, which of the following statements is false?

A) Is not a software
B) Provides a documented foundation for the asset management operation
C) Is a regulation to help the organization
D) Is application agnostic

3. When undertaking whole-life cost analysis it is important to remember that:

A) As many costs as possible should be included in the analysis ensuring these are consistently derived between analyses
B) The analysis should be completed without reference to other organisational functions to ensure independence
C) It is impossible to get the right answer unless all the data and information are understood

4. Which of the following types of information would NOT normally be required for the development of an asset management plan?

A) Asset Condition
B) Asset Register
C) Asset Criticality
D) Organisation's share price

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

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

Solutions: