EXAM PREP
IAM Certificate Study
Guide
Complete Chapters Solutions Manual
are Included
** Final Exam Questions With 100%
Correct Answers | Grade A+
** Guaranteed Pass
** Updated | New Version
,How is an asset most accurately described in an Asset Anything that has, or has potential to add value to the Organisation
Management System?
When an organisation has gained certification against It has been through a formal asset management review against ISO55001 and
the requirements in ISO55001, which one of the provided documents to show all requirements covered
following statements best describes what has been
achieved?
Which of the following terms describes a group of assets Asset system
which work collectively for a particular purpose?
In financial terms, how is the 'value' of an asset best it is the monetized level of benefit the asset delivers
described?
Which three of the following are examples of the a) The asset improves the reputation of the organisation
'intangible value' an asset can provide? 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 It ensures all the organization's day-to-day activities deliver the organization's
ISO55001? objectives
Which of the following aligns best with the ISO definition The coordinated activities of an organization to realize value from assets
of asset management?
ISO55000 sets out which of the following? An overview of AM, the core principle and terminology
Which of the following best describes an asset's It's impact on organisational objectives
criticality to an organisation?
How is Risk typically calculated? It is the product of: The likely hood of failure and consequence of failure
When referring to asset management objectives, what Measurable
does the 'M' stand for in 'SMART'?
three of the following must be explicitly aligned with and Asset life cycle activities
derived from the organisational strategic plan? Asset management objectives
Asset management plans
What are the 4 likely stages of the asset life cycle. Place 1. Design
the key four stages in order from one to four with one 2. Create or acquire
being the first stage and four being the last. 3. Operate and maintain
4. Renew or Dispose
Key factors in decision making for determining the asset -Design Cost
lifecycle cost of an asset are which three of the following: -Operation and maintenance cost
-Disposal or end-of-life cost
Which of the following most effectively drives good asset Strong Leadership
management?
Asset information requirements are defined by: Analyzing what data is needed to manage the asset
, Which three of the following are part of the ISO 55000 - ISO 55001: Asset management - Management systems -
family of standards? 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 - ISO 55000 can be applied to any assets of an organisation, not just its physical
are correct? 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 - Improved Investment decisions
ISO55000, are which three of the following: - Improved organization sustainability
- Managed risk
The ISO 55000 family of standards place what at the Assets
heart of an organisation's creation of value?
Which four of the following are main external influencers Technology changes
that asset managers should understand and remain Legislation changes
aware of? Social trends
Environmental factors
What key asset management document defines the SAMP (Strategic AM plan)
overall, long term strategic approach and methodologies
by which the organisation's objectives will be delivered?
According to ISO55001, who is accountable authorising Senior Management
the SAMP and ensuring alignment of asset management
policy, strategy, objectives and plans.
Risk management requirements are less detailed in ISO ISO31000
55001, as these are defined in which separate, specific
standard on risk management.
Providing the right level of support for delivering asset All AM processes require appropriate support
management is a requirement of ISO55001; which of the
following best describes the scope of that support?
What is one of the key uses of an asset management It is used to stimulate increased levels of awareness of AM
policy according to ISO55000?
Which three of the following information sources can be a) Information about asset performance and condition
used to support good asset management? b) Information about stakeholder expectations
c) Information on current and future demand
The ISO 55001 standard specifies: The requirements for a Management system for AM
Which three of the following statements are correct about - Determine what is required by the stakeholders and relevant laws and
what asset managers should do in evaluating the regulations
performance of assets? -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 An IAM Endorsed assessor or consultant
support the evaluation your organisation's asset
management maturity?
IAM Certificate Study
Guide
Complete Chapters Solutions Manual
are Included
** Final Exam Questions With 100%
Correct Answers | Grade A+
** Guaranteed Pass
** Updated | New Version
,How is an asset most accurately described in an Asset Anything that has, or has potential to add value to the Organisation
Management System?
When an organisation has gained certification against It has been through a formal asset management review against ISO55001 and
the requirements in ISO55001, which one of the provided documents to show all requirements covered
following statements best describes what has been
achieved?
Which of the following terms describes a group of assets Asset system
which work collectively for a particular purpose?
In financial terms, how is the 'value' of an asset best it is the monetized level of benefit the asset delivers
described?
Which three of the following are examples of the a) The asset improves the reputation of the organisation
'intangible value' an asset can provide? 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 It ensures all the organization's day-to-day activities deliver the organization's
ISO55001? objectives
Which of the following aligns best with the ISO definition The coordinated activities of an organization to realize value from assets
of asset management?
ISO55000 sets out which of the following? An overview of AM, the core principle and terminology
Which of the following best describes an asset's It's impact on organisational objectives
criticality to an organisation?
How is Risk typically calculated? It is the product of: The likely hood of failure and consequence of failure
When referring to asset management objectives, what Measurable
does the 'M' stand for in 'SMART'?
three of the following must be explicitly aligned with and Asset life cycle activities
derived from the organisational strategic plan? Asset management objectives
Asset management plans
What are the 4 likely stages of the asset life cycle. Place 1. Design
the key four stages in order from one to four with one 2. Create or acquire
being the first stage and four being the last. 3. Operate and maintain
4. Renew or Dispose
Key factors in decision making for determining the asset -Design Cost
lifecycle cost of an asset are which three of the following: -Operation and maintenance cost
-Disposal or end-of-life cost
Which of the following most effectively drives good asset Strong Leadership
management?
Asset information requirements are defined by: Analyzing what data is needed to manage the asset
, Which three of the following are part of the ISO 55000 - ISO 55001: Asset management - Management systems -
family of standards? 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 - ISO 55000 can be applied to any assets of an organisation, not just its physical
are correct? 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 - Improved Investment decisions
ISO55000, are which three of the following: - Improved organization sustainability
- Managed risk
The ISO 55000 family of standards place what at the Assets
heart of an organisation's creation of value?
Which four of the following are main external influencers Technology changes
that asset managers should understand and remain Legislation changes
aware of? Social trends
Environmental factors
What key asset management document defines the SAMP (Strategic AM plan)
overall, long term strategic approach and methodologies
by which the organisation's objectives will be delivered?
According to ISO55001, who is accountable authorising Senior Management
the SAMP and ensuring alignment of asset management
policy, strategy, objectives and plans.
Risk management requirements are less detailed in ISO ISO31000
55001, as these are defined in which separate, specific
standard on risk management.
Providing the right level of support for delivering asset All AM processes require appropriate support
management is a requirement of ISO55001; which of the
following best describes the scope of that support?
What is one of the key uses of an asset management It is used to stimulate increased levels of awareness of AM
policy according to ISO55000?
Which three of the following information sources can be a) Information about asset performance and condition
used to support good asset management? b) Information about stakeholder expectations
c) Information on current and future demand
The ISO 55001 standard specifies: The requirements for a Management system for AM
Which three of the following statements are correct about - Determine what is required by the stakeholders and relevant laws and
what asset managers should do in evaluating the regulations
performance of assets? -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 An IAM Endorsed assessor or consultant
support the evaluation your organisation's asset
management maturity?
