MAINTENANCE RELIABILITY (SMRP EXAM
PREP) Exam Questions and Answers
(Solved Papers)
What is asset management? - Correct Answers
✅Coordinated planning, selection, utilization, and disposal of
assets.
What does good asset management aim to do? - Correct
Answers ✅Maximize value-for-money and stakeholder
satisfaction.
What are the components of asset management? - Correct
Answers ✅Planning, selection, acquisition/development,
utilization, care, disposal/renewal.
How does asset management help with risk management? -
Correct Answers ✅By adopting comprehensive audit
histories of maintenance and inspections.
What is the purpose of asset management? - Correct
Answers ✅To maximize the value realized from assets.
What is ISO 55000? - Correct Answers ✅Standard for asset
management system
What are the elements of ISO 55000? - Correct Answers
✅Context of the Organization, Leadership, Planning, Support,
Operation, Performance Evaluation, Improvement
,MAINTENANCE RELIABILITY (SMRP EXAM
PREP) Exam Questions and Answers
(Solved Papers)
What is Triple Bottom Line assessment? - Correct Answers
✅Integrating social, environmental, and economic factors
into decision-making
What are the benefits of an optimized asset management
system? - Correct Answers ✅Alignment of processes,
transparent audit trail, better understanding and usage of
data, improved planning, consistent risk management,
alignment and coordination of initiatives, greater workforce
engagement
What are the four components of the asset management
system? - Correct Answers ✅Asset management policy,
asset management objectives, strategic asset management
plan, asset management plans
What does ISO 55001 specify? - Correct Answers
✅Requirements for an asset management system
What does ISO 55002 provide? - Correct Answers
✅Guidance for the application of an asset management
system
What is the asset portfolio in ISO 55000? - Correct Answers
✅Assets within the scope of the asset management system
, MAINTENANCE RELIABILITY (SMRP EXAM
PREP) Exam Questions and Answers
(Solved Papers)
What is the asset management system in ISO 55000? -
Correct Answers ✅A set of interrelated or interacting
elements
What is asset management in ISO 55000? - Correct
Answers ✅Organized activities to realize the value from the
assets
What is continuous improvement? - Correct Answers
✅Improving the suitability, adequacy, and effectiveness of
asset management.
What is the scope of an asset management system? -
Correct Answers ✅Defining the boundaries and
establishing the range, grouping, and functional connectivity
of assets.
How should the relevance of assets be addressed in the
scope? - Correct Answers ✅By considering their
appropriateness to the organization's context and purpose.
What should be included in the scope of an asset
management system? - Correct Answers ✅All significant
assets, organization's units, locations, and contractual
boundaries.
PREP) Exam Questions and Answers
(Solved Papers)
What is asset management? - Correct Answers
✅Coordinated planning, selection, utilization, and disposal of
assets.
What does good asset management aim to do? - Correct
Answers ✅Maximize value-for-money and stakeholder
satisfaction.
What are the components of asset management? - Correct
Answers ✅Planning, selection, acquisition/development,
utilization, care, disposal/renewal.
How does asset management help with risk management? -
Correct Answers ✅By adopting comprehensive audit
histories of maintenance and inspections.
What is the purpose of asset management? - Correct
Answers ✅To maximize the value realized from assets.
What is ISO 55000? - Correct Answers ✅Standard for asset
management system
What are the elements of ISO 55000? - Correct Answers
✅Context of the Organization, Leadership, Planning, Support,
Operation, Performance Evaluation, Improvement
,MAINTENANCE RELIABILITY (SMRP EXAM
PREP) Exam Questions and Answers
(Solved Papers)
What is Triple Bottom Line assessment? - Correct Answers
✅Integrating social, environmental, and economic factors
into decision-making
What are the benefits of an optimized asset management
system? - Correct Answers ✅Alignment of processes,
transparent audit trail, better understanding and usage of
data, improved planning, consistent risk management,
alignment and coordination of initiatives, greater workforce
engagement
What are the four components of the asset management
system? - Correct Answers ✅Asset management policy,
asset management objectives, strategic asset management
plan, asset management plans
What does ISO 55001 specify? - Correct Answers
✅Requirements for an asset management system
What does ISO 55002 provide? - Correct Answers
✅Guidance for the application of an asset management
system
What is the asset portfolio in ISO 55000? - Correct Answers
✅Assets within the scope of the asset management system
, MAINTENANCE RELIABILITY (SMRP EXAM
PREP) Exam Questions and Answers
(Solved Papers)
What is the asset management system in ISO 55000? -
Correct Answers ✅A set of interrelated or interacting
elements
What is asset management in ISO 55000? - Correct
Answers ✅Organized activities to realize the value from the
assets
What is continuous improvement? - Correct Answers
✅Improving the suitability, adequacy, and effectiveness of
asset management.
What is the scope of an asset management system? -
Correct Answers ✅Defining the boundaries and
establishing the range, grouping, and functional connectivity
of assets.
How should the relevance of assets be addressed in the
scope? - Correct Answers ✅By considering their
appropriateness to the organization's context and purpose.
What should be included in the scope of an asset
management system? - Correct Answers ✅All significant
assets, organization's units, locations, and contractual
boundaries.
