IAM CERTIFICATION EXAM 2024 EXAM QUESTIONS WITH
CORRECT ANSWERS
Systems Engineering - CORRECT ANSWER✅✅✅- An interdisciplinary approach to derive, evolve, and
verify a life cycle balanced system solution that satisfies customer expectation and meets public
acceptability.
- It describes policies and processes for the requirements, analysis, design, and evolution of assets.
- Verification and validation execution is considered a part of asset creation and Aquisition.
IAM Conceptual AM Model (6 Subject Groups) - CORRECT ANSWER✅✅✅1. Strategy & Planning
2. AM Decision Making
3. Life Cycle Delivery
4. Asset Information
5. Organization & People
6. Risk & Review
Asset Life Cycle & Phases - CORRECT ANSWER✅✅✅What is it? Period of time from asset creation to
end of life.
Phases:
1. Identify Need
2. Design / Create / Acquire / Select
3. Construct / Purchase
4. Commision / Install / Configure
5. Operate / Maintain
6. Decommission
7. Dispose (Sell / Recycle)
8. Replace
, Assurance - CORRECT ANSWER✅✅✅- Combination of Auditing and Monitoring process and
outcome to confirm that the assets system and process are operating as intended.
- Includes policies, plans, business processes, and information systems as well as competent people.
Value Chain - CORRECT ANSWER✅✅✅- Set of Activates and organization carries out to create value
for its customers.
- Focus is value proposition to customers.
- Value to Organization is profit or cost or service (For Non-Profit).
- Assets are organized through the value chain to support customer value proposition.
Inputs to IAM's Conceptual (Grey) AM Model - CORRECT ANSWER✅✅✅- Customer
- Legislation
- Investors
- Commercial
- Environmental
ISO5501 - 6 Fundamentals of AM - CORRECT ANSWER✅✅✅1. Value
2. Alignment
3. Leadership
4. Assurance
5. Life Cycle Activities
6. Asset Managment Decision Making
What year was Pass55 Released / Updated; What is it? - CORRECT ANSWER✅✅✅Pass55 is the
previous AM standards before IISO5501
Released: 2004
Updated: 2008
ISO5501 Launch Date: 2014
CORRECT ANSWERS
Systems Engineering - CORRECT ANSWER✅✅✅- An interdisciplinary approach to derive, evolve, and
verify a life cycle balanced system solution that satisfies customer expectation and meets public
acceptability.
- It describes policies and processes for the requirements, analysis, design, and evolution of assets.
- Verification and validation execution is considered a part of asset creation and Aquisition.
IAM Conceptual AM Model (6 Subject Groups) - CORRECT ANSWER✅✅✅1. Strategy & Planning
2. AM Decision Making
3. Life Cycle Delivery
4. Asset Information
5. Organization & People
6. Risk & Review
Asset Life Cycle & Phases - CORRECT ANSWER✅✅✅What is it? Period of time from asset creation to
end of life.
Phases:
1. Identify Need
2. Design / Create / Acquire / Select
3. Construct / Purchase
4. Commision / Install / Configure
5. Operate / Maintain
6. Decommission
7. Dispose (Sell / Recycle)
8. Replace
, Assurance - CORRECT ANSWER✅✅✅- Combination of Auditing and Monitoring process and
outcome to confirm that the assets system and process are operating as intended.
- Includes policies, plans, business processes, and information systems as well as competent people.
Value Chain - CORRECT ANSWER✅✅✅- Set of Activates and organization carries out to create value
for its customers.
- Focus is value proposition to customers.
- Value to Organization is profit or cost or service (For Non-Profit).
- Assets are organized through the value chain to support customer value proposition.
Inputs to IAM's Conceptual (Grey) AM Model - CORRECT ANSWER✅✅✅- Customer
- Legislation
- Investors
- Commercial
- Environmental
ISO5501 - 6 Fundamentals of AM - CORRECT ANSWER✅✅✅1. Value
2. Alignment
3. Leadership
4. Assurance
5. Life Cycle Activities
6. Asset Managment Decision Making
What year was Pass55 Released / Updated; What is it? - CORRECT ANSWER✅✅✅Pass55 is the
previous AM standards before IISO5501
Released: 2004
Updated: 2008
ISO5501 Launch Date: 2014
