IAM-CERTIFICATE EXAM TRAINING | IAM-CERTIFICATE EXAM LAB QUESTIONS

IAM-Certificate Exam Training | IAM-Certificate Exam Lab Questions

IAM-Certificate Exam Training | IAM-Certificate Exam Lab Questions

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IAM The Institute of Asset Management Certificate Sample Questions (Q91-Q96):

NEW QUESTION # 91
What is good practice to be included in an asset management policy?

  • A. A statement of commitment to comply with regulations, budget for the next five years, a commitment to continuous improvement, principles guiding the development of the asset management strategy and objectives.
  • B. A statement of commitment to comply with regulations, a commitment to continuous improvement, a detailed plan of the work for the following year.
  • C. A statement of commitment to comply with regulations, a list of the top risks to the organisation, principles guiding the development of the asset management strategy and objectives.
  • D. A statement of commitment to comply with regulations, a commitment to continuous improvement, and principles guiding the development of the asset management strategy and objectives.
  • E. A statement of commitment to comply with regulations, a commitment to continuous improvement, and the asset management strategy.

Answer: D

Explanation:
An effectiveAsset Management Policyoutlines the organization's high-level intent and principles regarding asset management. It doesnot include specific budgetary or operational detailslike annual plans.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"Shall include a commitment to satisfy applicable legal requirements, continual improvement, and provide a framework for setting asset management objectives and strategy."


NEW QUESTION # 92
In what year did the term "asset management" start to be used!

  • A. 0
  • B. 1
  • C. 2
  • D. 3

Answer: B


NEW QUESTION # 93
When creating the asset management strategy, which of the following are the most relevant factors to consider and include?

  • A. Budgets, maintenance, historical demand, project plans
  • B. Criticality, demand forecasts, condition requirements, environmental factors
  • C. Criticality, maintenance regimes, condition requirements, environmental factors
  • D. Criticality, maintenance regimes, condition requirements, project plans
  • E. Budgets, maintenance regimes, condition requirements, project plans

Answer: B

Explanation:
An effective strategy integratesrisk (criticality), future demand, condition expectations, and environmental constraintsto guide lifecycle planning and investment.
Exact Extract from ISO 55002:2018, Clause 6.2 - Strategy Inputs:
"Factors influencing strategy include asset criticality, future demand, service requirements, and external environmental and regulatory considerations."


NEW QUESTION # 94
The comparison between Lean and Asset Management, are ......

  • A. All about Asset, People, System
  • B. All about Purpose, Process, People
  • C. All about Value, Risk, Maintenance
  • D. All about Security System

Answer: B

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 # 95
The benefits of an asset management system are...

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

Answer: B

Explanation:
An asset management system, especially when aligned with ISO 55000, delivers comprehensive business benefits, including structured role clarity, procedural discipline, and the integration of industry best practices.
This leads to more transparent governance, accountability, and performance management across the asset lifecycle.
* Ais true: It transforms informal practices into formal procedures.
* Bis true: Clearly defines roles and governance responsibilities.
* Cis true: Embeds global best practices via systematic frameworks.
Exact Extract from ISO 55000:2014, Clause 3.4:
"An asset management system enables an organization to achieve its asset management objectives and derive value from its assets... It formalizes roles and responsibilities and incorporates recognized practices."


NEW QUESTION # 96
......

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