IAM Certificate EXAM - 2025/2026
Graded A+
What does EBIT stand for? - Answer ✔✔- Earnings before interest and taxes
What does EBITDA stand for? - Answer ✔✔- Earnings before interest, taxes,
depreciation, and amortization
What does EFNMS stand for? - Answer ✔✔- European federation of national
maintenance societies
What does ETA stand for? - Answer ✔✔- Event Tree Analysis
What does FMEA stand for - Answer ✔✔- Failure Modes & Effects Analysis
What does FMECA stand for? - Answer ✔✔- Failure Modes, Effects and Criticality
Analysis
What does FRACAS stand for? - Answer ✔✔- Failure Reporting, Analysis & Corrective
Action System
What does FTA mean? - Answer ✔✔- Fault tree analysis
What does GIS stand for? - Answer ✔✔- Geographic Information System
What does GFMAM stand for? - Answer ✔✔- Global forum of maintenance & asset
management
What does HAZID stand for? - Answer ✔✔- Hazard identification
What does HAZOP stand for? - Answer ✔✔- Hazard and Operability Study
What does MRA stand for? - Answer ✔✔- Maintenance requirement analysis
What does MTBF stand for? - Answer ✔✔- Mean Time Between Failures
What does MTTR stand for? - Answer ✔✔- mean time to repair
What does NPV stand for? - Answer ✔✔- net present value
What does PDCA stand for? - Answer ✔✔- Plan, Do, Check, Act
, What does RAMS stand for? - Answer ✔✔- Reliability, Availability, Maintenance, Safety
What does RBM stand for? - Answer ✔✔- Risk based maintenance
What does RCM stand for? - Answer ✔✔- Reliability Centred Maintenance
What does ROI stand for? - Answer ✔✔- return on investment
What does SMART stand for? - Answer ✔✔- Specific, Measurable, Attainable, Realistic,
Time-based
What does SWOT stand for? - Answer ✔✔- strengths, weaknesses, opportunities,
threats
What does Asset management mean? - Answer ✔✔- Coordinated activities of a
organisation to realise value from its assets
What is in the 6 box IAM conceptual model? - Answer ✔✔- Organisation and people,
strategy and planning, Asset management decision making, asset information, lifecycle
delivery, risk and review
What are the 4 'Layers' of asset management - Answer ✔✔- Managing the organisation,
asset management, asset management system, asset portfolio
What is an asset Management System - Answer ✔✔- Set of interrelated or interacting
elements to establish AM Policy, AM Objectives and processes to achieve those
objectives.
What is the organisational strategic plan driven by? - Answer ✔✔- Stakeholders
What are the 4 key stakeholders? - Answer ✔✔- Customers, legislation, investors,
commercial environment
What is the role of the Asset Manager? - Answer ✔✔- To work out how to best meet the
demandsand objectives set my top management for the organisation - now and in the
future
How does the asset manager meet the objectives/demands set out by management? -
Answer ✔✔- Understand that the stakeholder expectations and requirements may
change over time
How does the Asset manager find out how stakeholder requirements may change? -
Answer ✔✔- Talk with people who work on demand forecasts, regulators, people who
liaise with customers
Graded A+
What does EBIT stand for? - Answer ✔✔- Earnings before interest and taxes
What does EBITDA stand for? - Answer ✔✔- Earnings before interest, taxes,
depreciation, and amortization
What does EFNMS stand for? - Answer ✔✔- European federation of national
maintenance societies
What does ETA stand for? - Answer ✔✔- Event Tree Analysis
What does FMEA stand for - Answer ✔✔- Failure Modes & Effects Analysis
What does FMECA stand for? - Answer ✔✔- Failure Modes, Effects and Criticality
Analysis
What does FRACAS stand for? - Answer ✔✔- Failure Reporting, Analysis & Corrective
Action System
What does FTA mean? - Answer ✔✔- Fault tree analysis
What does GIS stand for? - Answer ✔✔- Geographic Information System
What does GFMAM stand for? - Answer ✔✔- Global forum of maintenance & asset
management
What does HAZID stand for? - Answer ✔✔- Hazard identification
What does HAZOP stand for? - Answer ✔✔- Hazard and Operability Study
What does MRA stand for? - Answer ✔✔- Maintenance requirement analysis
What does MTBF stand for? - Answer ✔✔- Mean Time Between Failures
What does MTTR stand for? - Answer ✔✔- mean time to repair
What does NPV stand for? - Answer ✔✔- net present value
What does PDCA stand for? - Answer ✔✔- Plan, Do, Check, Act
, What does RAMS stand for? - Answer ✔✔- Reliability, Availability, Maintenance, Safety
What does RBM stand for? - Answer ✔✔- Risk based maintenance
What does RCM stand for? - Answer ✔✔- Reliability Centred Maintenance
What does ROI stand for? - Answer ✔✔- return on investment
What does SMART stand for? - Answer ✔✔- Specific, Measurable, Attainable, Realistic,
Time-based
What does SWOT stand for? - Answer ✔✔- strengths, weaknesses, opportunities,
threats
What does Asset management mean? - Answer ✔✔- Coordinated activities of a
organisation to realise value from its assets
What is in the 6 box IAM conceptual model? - Answer ✔✔- Organisation and people,
strategy and planning, Asset management decision making, asset information, lifecycle
delivery, risk and review
What are the 4 'Layers' of asset management - Answer ✔✔- Managing the organisation,
asset management, asset management system, asset portfolio
What is an asset Management System - Answer ✔✔- Set of interrelated or interacting
elements to establish AM Policy, AM Objectives and processes to achieve those
objectives.
What is the organisational strategic plan driven by? - Answer ✔✔- Stakeholders
What are the 4 key stakeholders? - Answer ✔✔- Customers, legislation, investors,
commercial environment
What is the role of the Asset Manager? - Answer ✔✔- To work out how to best meet the
demandsand objectives set my top management for the organisation - now and in the
future
How does the asset manager meet the objectives/demands set out by management? -
Answer ✔✔- Understand that the stakeholder expectations and requirements may
change over time
How does the Asset manager find out how stakeholder requirements may change? -
Answer ✔✔- Talk with people who work on demand forecasts, regulators, people who
liaise with customers
