Institute of Asset Management (IAM) Certificate – Asset Management Fundamentals Study
Guide and Exam Preparation Notes
Asset - ANS ✔✔An item, thing or entity that has potential or actual value to an organization
Asset Management - ANS ✔✔The coordinated activity of an organization to realize value from
assets.
- Realization of value will normally involve a balancing of costs, risks, opportunities and
performance benefits.
- The term activity has a broad meaning and can include, for example, the approach, the
planning, the plans and their implementation.
What year was PAS55 launched (and updated)? - ANS ✔✔2004 (2008)
What year was ISO55000 launched? - ANS ✔✔2014
Six fundamentals of asset management according to ISO55000 - ANS ✔✔Value
Alignment
Leadership
Assurance
Life Cycle activities
Asset management decision-making
Optimise - ANS ✔✔Achieve by a quantitative or qualitative method (as appropriate) the best
value compromise between conflicting factors such as performance, costs and retained risk
within any non-negotiable constraints.
, Inputs to IAM's conceptual AM model (grey) - ANS ✔✔Customers, legislation, investors,
commercial environment
Input to:
Organisational strategic plan
Value chain - ANS ✔✔The set of activities that an organisation carries out to create value for its
customers.
- focus is value proposition to the customer
- value to the organisation is either 'profit' or 'cost of service' for non-profit orgs
- assets are aligned through the value chain to support the customer value proposition
Alignment (line of sight) - ANS ✔✔Clear connectivity between an organisations strategic plan
and the asset management activities delivered by staff. This enables everybody to understand
how they contribute to achieving success.
Assurance - ANS ✔✔Combination of monitoring and auditing of processes and outcomes to
confirm the assets systems and processes are operating as intended. Includes policies plans
business processes and information systems, along with competent people to monitor and
demonstrate assurance to the appropriate management levels.
Asset lifecycle & phases - ANS ✔✔The period from asset creation to asset end of life
Phases:
Identify need
Design / Create / acquire / select
Construct / purchase
Commission / install / configure
Operate & maintain
Decommission
Guide and Exam Preparation Notes
Asset - ANS ✔✔An item, thing or entity that has potential or actual value to an organization
Asset Management - ANS ✔✔The coordinated activity of an organization to realize value from
assets.
- Realization of value will normally involve a balancing of costs, risks, opportunities and
performance benefits.
- The term activity has a broad meaning and can include, for example, the approach, the
planning, the plans and their implementation.
What year was PAS55 launched (and updated)? - ANS ✔✔2004 (2008)
What year was ISO55000 launched? - ANS ✔✔2014
Six fundamentals of asset management according to ISO55000 - ANS ✔✔Value
Alignment
Leadership
Assurance
Life Cycle activities
Asset management decision-making
Optimise - ANS ✔✔Achieve by a quantitative or qualitative method (as appropriate) the best
value compromise between conflicting factors such as performance, costs and retained risk
within any non-negotiable constraints.
, Inputs to IAM's conceptual AM model (grey) - ANS ✔✔Customers, legislation, investors,
commercial environment
Input to:
Organisational strategic plan
Value chain - ANS ✔✔The set of activities that an organisation carries out to create value for its
customers.
- focus is value proposition to the customer
- value to the organisation is either 'profit' or 'cost of service' for non-profit orgs
- assets are aligned through the value chain to support the customer value proposition
Alignment (line of sight) - ANS ✔✔Clear connectivity between an organisations strategic plan
and the asset management activities delivered by staff. This enables everybody to understand
how they contribute to achieving success.
Assurance - ANS ✔✔Combination of monitoring and auditing of processes and outcomes to
confirm the assets systems and processes are operating as intended. Includes policies plans
business processes and information systems, along with competent people to monitor and
demonstrate assurance to the appropriate management levels.
Asset lifecycle & phases - ANS ✔✔The period from asset creation to asset end of life
Phases:
Identify need
Design / Create / acquire / select
Construct / purchase
Commission / install / configure
Operate & maintain
Decommission
