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IAM-Certificate PDF | IAM-Certificate Official Cert Guide

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IAM The Institute of Asset Management Certificate Sample Questions (Q21-Q26):

NEW QUESTION # 21
ISO 55001 sets out requirements for an asset management policy which fall into five categories:

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

Answer: B

Explanation:
ISO 55001 specifies the key elements that must be addressed in an organization's asset management policy.
These include:
* Consistencywith the organizational strategic plan
* Appropriatenessto the size and nature of the organization
* Commitmentto continual improvement and compliance
* Frameworkfor setting asset management objectives
* Communicationof the policy throughout the organization
This combination ensures the policy aligns operational activities with strategic outcomes.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"The asset management policy shall:
a) be consistent with the organizational strategic plan;
b) be appropriate to the nature and scale of the organization's assets; c) include a commitment to satisfy applicable legal requirements and continual improvement; d) provide a framework for setting asset management objectives; e) be communicated within the organization."

NEW QUESTION # 22
Which of the following requirements would you expect to find included within an Asset Management Strategy?

A. Asset data configuration
B. Maintenance special tools
C. Future demand
D. Project handback to operations
E. Asset register

Answer: C

Explanation:
Future demandis essential in the strategy, influencing asset lifecycle plans, performance targets, and investment. The other options are implementation-level details, not strategic.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.2.1 - Demand Analysis in Strategy:
"Understanding future demand is essential for developing a resilient and aligned asset management strategy."

NEW QUESTION # 23
Which of the following statements is true:

A. Corporate objectives drive the activities within the Asset Management system
B. Corporate objectives should be set by comparing the organisation's performance to its most closest associated peer
C. Corporate objectives are derived from the Asset Management strategy

Answer: A

Explanation:
Theflow of alignmentis from top-levelcorporate objectives#AM strategy#AM objectives#plans and activities. The reverse (A) is incorrect. C may be a benchmarking approach but is not a guiding principle.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.1 - Strategic Alignment:
"Asset management must be aligned with corporate objectives and not the other way around. Organizational priorities set the direction for asset-related strategies."

NEW QUESTION # 24
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. Strategic risks, constraints, O&M manuals, As-Built drawings
C. Risk registers, statutory/environmental/financial constraints, O&M manuals, detailed work plans
D. Improvement objectives, strategic risks and opportunities,statutory/environmental/financial constraints, asset forecasts
E. Improvement objectives, maintenance schedules, asset forecasts, As-Built drawings

Answer: D

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 # 25
Which of the following statements is true:

A. Corporate objectives drive the activities within the Asset Management system
B. Corporate objectives should be set by comparing the organisation's performance to its most closest associated peer
C. Corporate objectives are derived from the Asset Management strategy

Answer: A

NEW QUESTION # 26
......

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