IAM Certification Exam
1. What is asset manage- The coordinated activity of an organization to
ment? realize value from assets.
2. What is the difference be- - AM Policy includes principles and mandated
tween AM Policy, Strate- requirements for Asset Management to meet
gy, and AMPs? organizational objectives.
- AM Strategy is a strategic plan for delivering
the organizational objectives in line with the pol-
icy.
- AMPs provide approaches to managing the
assets over the short, medium, and long term;
outlines long-term plan for the assets
3. Why is line of sight impor- It ensures connection between day to day
tant? goals/activities and overall goals of the organi-
zation
4. What are the steps to de- 1. Find your Top Level/Executive Sponsor
velop and use AM Policy? 2. Draft an Asset Management Policy document
3. Top Level/Executive Sponsor pitches it to get
an endorsement
5. What are the steps to de- A. Current Situation
velop and use AM Strate- B. Strategic Objectives
gy? C. Strategic Plans
D. Implementation processes and commitments
E. Dependencies, requirements, and links to de-
tailed plans
6. How should organiza- To guide its' assets management system to sup-
tions use a SAMP? port the development of its asset management
plans.
7. What is PAS-55 and how Publicly Available Specification' No. 55 is the Op-
can it be useful? timized Management of Physical Assets spec-
ification. It provides 'clarity' and defines 'good
practice.
8. We are moving from traditional 'Asset Steward-
ship' to 'Service Focused'.
, IAM Certification Exam
What is the 'Asset Stew-
ardship' vs 'Service Fo- - Asset Stewardship is asset-centric; No formal
cused' approach? consideration of how assets contribute to ob-
jectives; Refurbishment/Replacement based on
asset age and condition May limit the adoption
of strategic solutions, system optimization, and
cost-effective operational solutions to defer work
- Service-focused is customer-centric; considers
the consequences of asset failure on objectives;
refurbishment/replacement based on risk to ser-
vice delivery; Considers the capability of a sys-
tem of assets and operations to deliver services
9. Asset Management in- Asset management involves the balancing of
volves the balance of? costs, opportunities, and risks against the de-
sired performance of assets to achieve the or-
ganization's objectives.
10. T/F Assets fundamental- False. It fundamentally exists to provide value
ly exist to provide value (service) to customers.
(service) to senior leader-
ship.
11. Why does good/poor As- Because people "do" asset management.
set Management rely on
people, their knowledge,
competence, motivation,
and teamwork?
12. One can define value from The customer and/or stakeholder.
who's perspective?
13. What are the six dis- Sustainable, Holistic, Systematic, Systemic,
tinguishing features of Risk-Based, and Optimal
"good" Asset Manage-
ment based on the PAS
55?
14.
, IAM Certification Exam
Define "sustainable" as Delivering optimal value over the asset life cy-
defined by PAS 55. cle, considering future demands, environmental,
and other long-term considerations.
15. Define "holistic" as de- AM crosses departmental and discipline bound-
fined by PAS 55. aries. Focused on realizing value for customers
and stakeholders.
16. Define "systematic" as Rigorously applied in a structured management
defined by PAS 55. system.
17. Define "systemic" as de- Systems-oriented. Looking at Assets within their
fined by PAS 55. wider Systems' context.
18. Define "risk-based" as Incorporating risk appropriately into all deci-
defined by PAS 55. sion-making.
19. Define "optimal" as de- Seeking the best compromise between conflict-
fined by PAS 55. ing objectives. i.e., cost, risk, performance, or
short-term/long-term.
20. Define Asset Life Cycle Time interval that commences within the identi-
fication of the need for an asset and terminates
with the decommissioning of the asset or any
associated liabilities.
21. When making decisions Cost, performance, and risk.
about assets, organiza-
tions need to consider?
22. T/F Asset Management is True
a "discipline".
23. How many subject groups 6 subject groups and 39 subjects
and subjects does the
IAM's "An Anatomy of As-
set Management" have?
24. 1. Strategy & Planning
2. Asset Management Decision-Making
, IAM Certification Exam
What are the six sub- 3. Life Cycle Delivery
ject groups of IAM's Asset 4. Asset Information
Management System? 5. Organization & People
6. Risk & Review
25. What is the general defi-
nition of the IAM subject
group, "Strategy & Plan-
ning"?
26. What is the general defi-
nition of the IAM subject
group, "Asset Manage-
ment Decision-Making"?
27. What is the general defi-
nition of the IAM subject
group, "Life Cycle Deliv-
ery"?
28. What is the general de-
finition of the IAM sub-
ject group, "Asset Infor-
mation"?
29. What is the general de-
finition of the IAM sub-
ject group, "Organization
& People"?
30. What is the general defi-
nition of the IAM subject
group, "Risk & Review"?
31. Strategy & Planning - Principles and mandated requirements for asset
What is asset manage- management to meet organizational objectives.
ment policy?
32. Strategy & Planning
-What is asset manage-
1. What is asset manage- The coordinated activity of an organization to
ment? realize value from assets.
2. What is the difference be- - AM Policy includes principles and mandated
tween AM Policy, Strate- requirements for Asset Management to meet
gy, and AMPs? organizational objectives.
- AM Strategy is a strategic plan for delivering
the organizational objectives in line with the pol-
icy.
- AMPs provide approaches to managing the
assets over the short, medium, and long term;
outlines long-term plan for the assets
3. Why is line of sight impor- It ensures connection between day to day
tant? goals/activities and overall goals of the organi-
zation
4. What are the steps to de- 1. Find your Top Level/Executive Sponsor
velop and use AM Policy? 2. Draft an Asset Management Policy document
3. Top Level/Executive Sponsor pitches it to get
an endorsement
5. What are the steps to de- A. Current Situation
velop and use AM Strate- B. Strategic Objectives
gy? C. Strategic Plans
D. Implementation processes and commitments
E. Dependencies, requirements, and links to de-
tailed plans
6. How should organiza- To guide its' assets management system to sup-
tions use a SAMP? port the development of its asset management
plans.
7. What is PAS-55 and how Publicly Available Specification' No. 55 is the Op-
can it be useful? timized Management of Physical Assets spec-
ification. It provides 'clarity' and defines 'good
practice.
8. We are moving from traditional 'Asset Steward-
ship' to 'Service Focused'.
, IAM Certification Exam
What is the 'Asset Stew-
ardship' vs 'Service Fo- - Asset Stewardship is asset-centric; No formal
cused' approach? consideration of how assets contribute to ob-
jectives; Refurbishment/Replacement based on
asset age and condition May limit the adoption
of strategic solutions, system optimization, and
cost-effective operational solutions to defer work
- Service-focused is customer-centric; considers
the consequences of asset failure on objectives;
refurbishment/replacement based on risk to ser-
vice delivery; Considers the capability of a sys-
tem of assets and operations to deliver services
9. Asset Management in- Asset management involves the balancing of
volves the balance of? costs, opportunities, and risks against the de-
sired performance of assets to achieve the or-
ganization's objectives.
10. T/F Assets fundamental- False. It fundamentally exists to provide value
ly exist to provide value (service) to customers.
(service) to senior leader-
ship.
11. Why does good/poor As- Because people "do" asset management.
set Management rely on
people, their knowledge,
competence, motivation,
and teamwork?
12. One can define value from The customer and/or stakeholder.
who's perspective?
13. What are the six dis- Sustainable, Holistic, Systematic, Systemic,
tinguishing features of Risk-Based, and Optimal
"good" Asset Manage-
ment based on the PAS
55?
14.
, IAM Certification Exam
Define "sustainable" as Delivering optimal value over the asset life cy-
defined by PAS 55. cle, considering future demands, environmental,
and other long-term considerations.
15. Define "holistic" as de- AM crosses departmental and discipline bound-
fined by PAS 55. aries. Focused on realizing value for customers
and stakeholders.
16. Define "systematic" as Rigorously applied in a structured management
defined by PAS 55. system.
17. Define "systemic" as de- Systems-oriented. Looking at Assets within their
fined by PAS 55. wider Systems' context.
18. Define "risk-based" as Incorporating risk appropriately into all deci-
defined by PAS 55. sion-making.
19. Define "optimal" as de- Seeking the best compromise between conflict-
fined by PAS 55. ing objectives. i.e., cost, risk, performance, or
short-term/long-term.
20. Define Asset Life Cycle Time interval that commences within the identi-
fication of the need for an asset and terminates
with the decommissioning of the asset or any
associated liabilities.
21. When making decisions Cost, performance, and risk.
about assets, organiza-
tions need to consider?
22. T/F Asset Management is True
a "discipline".
23. How many subject groups 6 subject groups and 39 subjects
and subjects does the
IAM's "An Anatomy of As-
set Management" have?
24. 1. Strategy & Planning
2. Asset Management Decision-Making
, IAM Certification Exam
What are the six sub- 3. Life Cycle Delivery
ject groups of IAM's Asset 4. Asset Information
Management System? 5. Organization & People
6. Risk & Review
25. What is the general defi-
nition of the IAM subject
group, "Strategy & Plan-
ning"?
26. What is the general defi-
nition of the IAM subject
group, "Asset Manage-
ment Decision-Making"?
27. What is the general defi-
nition of the IAM subject
group, "Life Cycle Deliv-
ery"?
28. What is the general de-
finition of the IAM sub-
ject group, "Asset Infor-
mation"?
29. What is the general de-
finition of the IAM sub-
ject group, "Organization
& People"?
30. What is the general defi-
nition of the IAM subject
group, "Risk & Review"?
31. Strategy & Planning - Principles and mandated requirements for asset
What is asset manage- management to meet organizational objectives.
ment policy?
32. Strategy & Planning
-What is asset manage-
