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