IAM Certificate Study Guide
comprehensive questions and answer latest upload
2024/ 2025 with 100% verified solutions
How is an asset most accurately described in an Asset Management System? - ANSWER-
Anything that has, or has potential to add value to the Organisation
When an organisation has gained certification against the requirements in ISO55001, which
one of the following statements best describes what has been achieved? - ANSWER-It has
been through a formal asset management review against ISO55001 and provided documents
to show all requirements covered
Which of the following terms describes a group of assets which work collectively for a
particular purpose? - ANSWER-Asset system
In financial terms, how is the 'value' of an asset best described? - ANSWER-it is the
monetized level of benefit the asset delivers
Which three of the following are examples of the 'intangible value' an asset can provide? -
ANSWER-a) The asset improves the reputation of the organisation
b) The asset provides social cohesion
e) The asset provides ease of communication to the organisation's employees
Why is alignment an important requirement of ISO55001? - ANSWER-It ensures all the
organization's day-to-day activities deliver the organization's objectives
Which of the following aligns best with the ISO definition of asset management? -
ANSWER-The coordinated activities of an organization to realize value from assets
ISO55000 sets out which of the following? - ANSWER-An overview of AM, the core
principle and terminology
Which of the following best describes an asset's criticality to an organisation? - ANSWER-It's
impact on organisational objectives
1|Page
,How is Risk typically calculated? It is the product of: - ANSWER-The likely hood of failure
and consequence of failure
When referring to asset management objectives, what does the 'M' stand for in 'SMART'? -
ANSWER-Measurable
three of the following must be explicitly aligned with and derived from the organisational
strategic plan? - ANSWER-Asset life cycle activities
Asset management objectives
Asset management plans
What are the 4 likely stages of the asset life cycle. Place the key four stages in order from one
to four with one being the first stage and four being the last. - ANSWER-1. Design
2. Create or acquire
3. Operate and maintain
4. Renew or Dispose
Key factors in decision making for determining the asset lifecycle cost of an asset are which
three of the following: - ANSWER--Design Cost
-Operation and maintenance cost
-Disposal or end-of-life cost
Which of the following most effectively drives good asset management? - ANSWER-Strong
Leadership
Asset information requirements are defined by: - ANSWER-Analyzing what data is needed to
manage the asset
Which three of the following are part of the ISO 55000 family of standards? - ANSWER--
ISO 55001: Asset management - Management systems -
Requirements
2|Page
,-ISO 55002: Asset management - Management Systems -
Guidelines on the application of ISO 55001
-ISO 55011: Asset management - Guidelines for the alignment between financial and non-
financial asset management functions
Which three of the following statements about ISO 55000 are correct? - ANSWER-- ISO
55000 can be applied to any assets of an organisation, not just its physical assets
-ISO 55001 includes a specific requirements section on leadership that was not in PAS 55
-ISO 55001 has a stronger requirement for demonstrating understanding of organisational
context than PAS 55
The key benefits listed in ISO55002, from applying ISO55000, are which three of the
following: - ANSWER-- Improved Investment decisions
- Improved organization sustainability
- Managed risk
The ISO 55000 family of standards place what at the heart of an organisation's creation of
value? - ANSWER-Assets
Which four of the following are main external influencers that asset managers should
understand and remain aware of? - ANSWER-Technology changes
Legislation changes
Social trends
Environmental factors
What key asset management document defines the overall, long term strategic approach and
methodologies by which the organisation's objectives will be delivered? - ANSWER-SAMP
(Strategic AM plan)
3|Page
, According to ISO55001, who is accountable authorising the SAMP and ensuring alignment
of asset management policy, strategy, objectives and plans. - ANSWER-Senior Management
Risk management requirements are less detailed in ISO 55001, as these are defined in which
separate, specific standard on risk management. - ANSWER-ISO31000
Providing the right level of support for delivering asset management is a requirement of
ISO55001; which of the following best describes the scope of that support? - ANSWER-All
AM processes require appropriate support
What is one of the key uses of an asset management policy according to ISO55000? -
ANSWER-It is used to stimulate increased levels of awareness of AM
Which three of the following information sources can be used to support good asset
management? - ANSWER-a) Information about asset performance and condition
b) Information about stakeholder expectations
c) Information on current and future demand
The ISO 55001 standard specifies: - ANSWER-The requirements for a Management system
for AM
Which three of the following statements are correct about what asset managers should do in
evaluating the performance of assets? - ANSWER-- Determine what is required by the
stakeholders and relevant laws and regulations
-Determine what information would help to identify improvement opportunities
-Determine the methods that are required to obtain, analyse and validate performance data
Which two of the following approaches can be used to support the evaluation your
organisation's asset management maturity? - ANSWER-An IAM Endorsed assessor or
consultant
Risk Management forms what part of the asset management processes? - ANSWER-it is the
foundation and requirement of good AM
4|Page
comprehensive questions and answer latest upload
2024/ 2025 with 100% verified solutions
How is an asset most accurately described in an Asset Management System? - ANSWER-
Anything that has, or has potential to add value to the Organisation
When an organisation has gained certification against the requirements in ISO55001, which
one of the following statements best describes what has been achieved? - ANSWER-It has
been through a formal asset management review against ISO55001 and provided documents
to show all requirements covered
Which of the following terms describes a group of assets which work collectively for a
particular purpose? - ANSWER-Asset system
In financial terms, how is the 'value' of an asset best described? - ANSWER-it is the
monetized level of benefit the asset delivers
Which three of the following are examples of the 'intangible value' an asset can provide? -
ANSWER-a) The asset improves the reputation of the organisation
b) The asset provides social cohesion
e) The asset provides ease of communication to the organisation's employees
Why is alignment an important requirement of ISO55001? - ANSWER-It ensures all the
organization's day-to-day activities deliver the organization's objectives
Which of the following aligns best with the ISO definition of asset management? -
ANSWER-The coordinated activities of an organization to realize value from assets
ISO55000 sets out which of the following? - ANSWER-An overview of AM, the core
principle and terminology
Which of the following best describes an asset's criticality to an organisation? - ANSWER-It's
impact on organisational objectives
1|Page
,How is Risk typically calculated? It is the product of: - ANSWER-The likely hood of failure
and consequence of failure
When referring to asset management objectives, what does the 'M' stand for in 'SMART'? -
ANSWER-Measurable
three of the following must be explicitly aligned with and derived from the organisational
strategic plan? - ANSWER-Asset life cycle activities
Asset management objectives
Asset management plans
What are the 4 likely stages of the asset life cycle. Place the key four stages in order from one
to four with one being the first stage and four being the last. - ANSWER-1. Design
2. Create or acquire
3. Operate and maintain
4. Renew or Dispose
Key factors in decision making for determining the asset lifecycle cost of an asset are which
three of the following: - ANSWER--Design Cost
-Operation and maintenance cost
-Disposal or end-of-life cost
Which of the following most effectively drives good asset management? - ANSWER-Strong
Leadership
Asset information requirements are defined by: - ANSWER-Analyzing what data is needed to
manage the asset
Which three of the following are part of the ISO 55000 family of standards? - ANSWER--
ISO 55001: Asset management - Management systems -
Requirements
2|Page
,-ISO 55002: Asset management - Management Systems -
Guidelines on the application of ISO 55001
-ISO 55011: Asset management - Guidelines for the alignment between financial and non-
financial asset management functions
Which three of the following statements about ISO 55000 are correct? - ANSWER-- ISO
55000 can be applied to any assets of an organisation, not just its physical assets
-ISO 55001 includes a specific requirements section on leadership that was not in PAS 55
-ISO 55001 has a stronger requirement for demonstrating understanding of organisational
context than PAS 55
The key benefits listed in ISO55002, from applying ISO55000, are which three of the
following: - ANSWER-- Improved Investment decisions
- Improved organization sustainability
- Managed risk
The ISO 55000 family of standards place what at the heart of an organisation's creation of
value? - ANSWER-Assets
Which four of the following are main external influencers that asset managers should
understand and remain aware of? - ANSWER-Technology changes
Legislation changes
Social trends
Environmental factors
What key asset management document defines the overall, long term strategic approach and
methodologies by which the organisation's objectives will be delivered? - ANSWER-SAMP
(Strategic AM plan)
3|Page
, According to ISO55001, who is accountable authorising the SAMP and ensuring alignment
of asset management policy, strategy, objectives and plans. - ANSWER-Senior Management
Risk management requirements are less detailed in ISO 55001, as these are defined in which
separate, specific standard on risk management. - ANSWER-ISO31000
Providing the right level of support for delivering asset management is a requirement of
ISO55001; which of the following best describes the scope of that support? - ANSWER-All
AM processes require appropriate support
What is one of the key uses of an asset management policy according to ISO55000? -
ANSWER-It is used to stimulate increased levels of awareness of AM
Which three of the following information sources can be used to support good asset
management? - ANSWER-a) Information about asset performance and condition
b) Information about stakeholder expectations
c) Information on current and future demand
The ISO 55001 standard specifies: - ANSWER-The requirements for a Management system
for AM
Which three of the following statements are correct about what asset managers should do in
evaluating the performance of assets? - ANSWER-- Determine what is required by the
stakeholders and relevant laws and regulations
-Determine what information would help to identify improvement opportunities
-Determine the methods that are required to obtain, analyse and validate performance data
Which two of the following approaches can be used to support the evaluation your
organisation's asset management maturity? - ANSWER-An IAM Endorsed assessor or
consultant
Risk Management forms what part of the asset management processes? - ANSWER-it is the
foundation and requirement of good AM
4|Page
