IAM Certificate Practice Exam Questions
and Answers
A best practice Asset Management Plan should cover which of the following time
periods?
a) The following financial year
b) The current regulatory control period
c) The time-frame needed to show that planned investments are sustainable over the
life of the assets
d) The average remaining life of the asset portfolio
e) The average period over which the value of the asset portfolio is depreciated -
ANSWER-c) The time-frame needed to show that planned investments are sustainable
over the life of the assets
A typical qualitative method for assessing and comparing risks uses what dimensions?
a) Probability and failure frequency
b) Failure frequency and severity
c) Severity and consequence
d) Probability and velocity
e) Velocity and consequence - ANSWER-b) Failure frequency and severity
An Asset Management Policy defines:
a) The principles that should underpin an organization's Asset Management approach
b) The Asset Management improvement objectives an organization has defined
c) The work plan of Asset Management activities an organization intends to undertake
d) The long-term time horizon that aligns Asset Management activities with the
organizational strategic plan
e) How Asset Management activities should shape the organizational strategic plan -
ANSWER-a) The principles that should underpin an organization's Asset Management
approach
An Asset Management Strategy includes:
a) The principles an organization should follow in its Asset Management approach
b) Details of how key external stakeholders are managed by the business
c) The work plan of Asset Management activities an organization intends to undertake
d) A detailed list of the assets that are deemed business or safety critical
e) The Asset Management improvement objectives an organization has defined -
ANSWER-e) The Asset Management improvement objectives an organization has
defined
Criticality analysis supports Asset Management decision making by:
a) Making sure Asset Management activities are only carried out on critical assets
b) Defining the critical activities that need doing to assets
c) Ranking all assets so that effort and activities can be consistently prioritised
, d) Defining a cut-off point where no further analysis is required
e) Highlighting those assets where work can be safely contracted out - ANSWER-c)
Ranking all assets so that effort and activities can be consistently prioritised
How is the hierarchy of Asset Management documents in a best practice approach
typically described?
a) Equivalence
b) Joined up thinking
c) Line of Sight
d) Governance
e) Transparency - ANSWER-c) Line of Sight
In Contingency Planning, the plan can be said to be ready when the three P's are fully
optimized.
They are?
a) Process, Plant and Performance
b) Plant, People and Performance
c) Policy, Performance and Plant
d) People, Plant and Process
e) People, Plant and Policy - ANSWER-d) People, Plant and Process
What is a good source of guidance for developing an Asset Management Policy?
a) ISO 9001
b) The International Infrastructure Management Manual
c) The organizational strategic plan
d) ISO 55001
e) The IAM Competences Framework - ANSWER-d) ISO 55001
What is the main purpose of Systems Engineering in asset creation?
a) To ensure that the system is maintained to manufacturers recommended standards
b) To test systems entering service ensuring reliability targets are met
c) To ensure that business requirements are translated into technical requirements in
system specifications
d) To be available to respond to faults and system failures
e) To train maintenance engineers and other technical specialists involved in supporting
the systems - ANSWER-c) To ensure that business requirements are translated into
technical requirements in system specifications
What is the main purpose of undertaking Demand Analysis?
a) To understand how demand has been met over the last 10 years
b) To ensure that the external pressures that drive demand are understood over a
defined time period
c) To ensure planned Asset Management activities meet required levels of service and
demand over a specified period
d) To ensure that stakeholder and customer demands for increases in capacity are
always met
and Answers
A best practice Asset Management Plan should cover which of the following time
periods?
a) The following financial year
b) The current regulatory control period
c) The time-frame needed to show that planned investments are sustainable over the
life of the assets
d) The average remaining life of the asset portfolio
e) The average period over which the value of the asset portfolio is depreciated -
ANSWER-c) The time-frame needed to show that planned investments are sustainable
over the life of the assets
A typical qualitative method for assessing and comparing risks uses what dimensions?
a) Probability and failure frequency
b) Failure frequency and severity
c) Severity and consequence
d) Probability and velocity
e) Velocity and consequence - ANSWER-b) Failure frequency and severity
An Asset Management Policy defines:
a) The principles that should underpin an organization's Asset Management approach
b) The Asset Management improvement objectives an organization has defined
c) The work plan of Asset Management activities an organization intends to undertake
d) The long-term time horizon that aligns Asset Management activities with the
organizational strategic plan
e) How Asset Management activities should shape the organizational strategic plan -
ANSWER-a) The principles that should underpin an organization's Asset Management
approach
An Asset Management Strategy includes:
a) The principles an organization should follow in its Asset Management approach
b) Details of how key external stakeholders are managed by the business
c) The work plan of Asset Management activities an organization intends to undertake
d) A detailed list of the assets that are deemed business or safety critical
e) The Asset Management improvement objectives an organization has defined -
ANSWER-e) The Asset Management improvement objectives an organization has
defined
Criticality analysis supports Asset Management decision making by:
a) Making sure Asset Management activities are only carried out on critical assets
b) Defining the critical activities that need doing to assets
c) Ranking all assets so that effort and activities can be consistently prioritised
, d) Defining a cut-off point where no further analysis is required
e) Highlighting those assets where work can be safely contracted out - ANSWER-c)
Ranking all assets so that effort and activities can be consistently prioritised
How is the hierarchy of Asset Management documents in a best practice approach
typically described?
a) Equivalence
b) Joined up thinking
c) Line of Sight
d) Governance
e) Transparency - ANSWER-c) Line of Sight
In Contingency Planning, the plan can be said to be ready when the three P's are fully
optimized.
They are?
a) Process, Plant and Performance
b) Plant, People and Performance
c) Policy, Performance and Plant
d) People, Plant and Process
e) People, Plant and Policy - ANSWER-d) People, Plant and Process
What is a good source of guidance for developing an Asset Management Policy?
a) ISO 9001
b) The International Infrastructure Management Manual
c) The organizational strategic plan
d) ISO 55001
e) The IAM Competences Framework - ANSWER-d) ISO 55001
What is the main purpose of Systems Engineering in asset creation?
a) To ensure that the system is maintained to manufacturers recommended standards
b) To test systems entering service ensuring reliability targets are met
c) To ensure that business requirements are translated into technical requirements in
system specifications
d) To be available to respond to faults and system failures
e) To train maintenance engineers and other technical specialists involved in supporting
the systems - ANSWER-c) To ensure that business requirements are translated into
technical requirements in system specifications
What is the main purpose of undertaking Demand Analysis?
a) To understand how demand has been met over the last 10 years
b) To ensure that the external pressures that drive demand are understood over a
defined time period
c) To ensure planned Asset Management activities meet required levels of service and
demand over a specified period
d) To ensure that stakeholder and customer demands for increases in capacity are
always met
