IAM CERTIFICATE STUDY GUIDE WITH
COMPLETE SOLUTIONS
How is an asset most accurately described in an Asset Management System? - Correct
Answers -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? -
Correct Answers -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? - Correct Answers -Asset system
Strategic objectives to improve organisational competitiveness have no impact on how
the organisation's assets are managed - Correct Answers -False
What are Asset Management Plans (AMPs) - Correct Answers -An Asset Management
Plan provides a roadmap for decision-making and guides the management of assets
throughout their lifecycle.
How far ahead should asset management plans look - Correct Answers -It depends on
the nature of the business and the assets
The Asset Data dictionary should be subject to a change control procedure and kept in
a document management system - Correct Answers -True
In financial terms, how is the 'value' of an asset best described? - Correct Answers -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? - Correct Answers -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? - Correct Answers -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? -
Correct Answers -The coordinated activities of an organization to realize value from
assets
ISO55000 sets out which of the following? - Correct Answers -An overview of AM, the
core principle and terminology
Which of the following best describes an asset's criticality to an organisation? - Correct
Answers -It's impact on organisational objectives
How is Risk typically calculated? It is the product of: - Correct Answers -The likely hood
of failure and consequence of failure
When referring to asset management objectives, what does the 'M' stand for in
'SMART'? - Correct Answers -Measurable
three of the following must be explicitly aligned with and derived from the organisational
strategic plan? - Correct Answers -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. - Correct Answers
-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: - Correct Answers --Design Cost
-Operation and maintenance cost
-Disposal or end-of-life cost
Which of the following most effectively drives good asset management? - Correct
Answers -Strong Leadership
Asset information requirements are defined by: - Correct Answers -Analyzing what data
is needed to manage the asset
Which three of the following are part of the ISO 55000 family of standards? - Correct
Answers -- ISO 55001: Asset management - Management systems -
Requirements
-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? - Correct
Answers -- 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: - Correct Answers -- 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? - Correct Answers -Assets
Which four of the following are main external influencers that asset managers should
understand and remain aware of? - Correct Answers -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? -
Correct Answers -SAMP (Strategic AM plan)
According to ISO55001, who is accountable authorising the SAMP and ensuring
alignment of asset management policy, strategy, objectives and plans. - Correct
Answers -Senior Management
Risk management requirements are less detailed in ISO 55001, as these are defined in
which separate, specific standard on risk management. - Correct Answers -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? - Correct
Answers -All AM processes require appropriate support
What is one of the key uses of an asset management policy according to ISO55000? -
Correct Answers -It is used to stimulate increased levels of awareness of AM
COMPLETE SOLUTIONS
How is an asset most accurately described in an Asset Management System? - Correct
Answers -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? -
Correct Answers -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? - Correct Answers -Asset system
Strategic objectives to improve organisational competitiveness have no impact on how
the organisation's assets are managed - Correct Answers -False
What are Asset Management Plans (AMPs) - Correct Answers -An Asset Management
Plan provides a roadmap for decision-making and guides the management of assets
throughout their lifecycle.
How far ahead should asset management plans look - Correct Answers -It depends on
the nature of the business and the assets
The Asset Data dictionary should be subject to a change control procedure and kept in
a document management system - Correct Answers -True
In financial terms, how is the 'value' of an asset best described? - Correct Answers -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? - Correct Answers -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? - Correct Answers -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? -
Correct Answers -The coordinated activities of an organization to realize value from
assets
ISO55000 sets out which of the following? - Correct Answers -An overview of AM, the
core principle and terminology
Which of the following best describes an asset's criticality to an organisation? - Correct
Answers -It's impact on organisational objectives
How is Risk typically calculated? It is the product of: - Correct Answers -The likely hood
of failure and consequence of failure
When referring to asset management objectives, what does the 'M' stand for in
'SMART'? - Correct Answers -Measurable
three of the following must be explicitly aligned with and derived from the organisational
strategic plan? - Correct Answers -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. - Correct Answers
-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: - Correct Answers --Design Cost
-Operation and maintenance cost
-Disposal or end-of-life cost
Which of the following most effectively drives good asset management? - Correct
Answers -Strong Leadership
Asset information requirements are defined by: - Correct Answers -Analyzing what data
is needed to manage the asset
Which three of the following are part of the ISO 55000 family of standards? - Correct
Answers -- ISO 55001: Asset management - Management systems -
Requirements
-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? - Correct
Answers -- 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: - Correct Answers -- 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? - Correct Answers -Assets
Which four of the following are main external influencers that asset managers should
understand and remain aware of? - Correct Answers -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? -
Correct Answers -SAMP (Strategic AM plan)
According to ISO55001, who is accountable authorising the SAMP and ensuring
alignment of asset management policy, strategy, objectives and plans. - Correct
Answers -Senior Management
Risk management requirements are less detailed in ISO 55001, as these are defined in
which separate, specific standard on risk management. - Correct Answers -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? - Correct
Answers -All AM processes require appropriate support
What is one of the key uses of an asset management policy according to ISO55000? -
Correct Answers -It is used to stimulate increased levels of awareness of AM
