IAM Certificate Study Guide questions with ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
accurate detailed solutions ||\\//|| ||\\//||
How is an asset most accurately described in an Asset Management System? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔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? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔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? - correct answer✔✔Asset system ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
In financial terms, how is the 'value' of an asset best described? - correct answer✔✔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? -
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
correct answer✔✔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? - correct answer✔✔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? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔The coordinated activities of an organization to realize value from assets ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
,ISO55000 sets out which of the following? - correct answer✔✔An overview of AM, the core ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
principle and terminology ||\\//|| ||\\//||
Which of the following best describes an asset's criticality to an organisation? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔It's impact on organisational objectives ||\\//|| ||\\//|| ||\\//|| ||\\//||
How is Risk typically calculated? It is the product of: - correct answer✔✔The likely hood of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
failure and consequence of failure ||\\//|| ||\\//|| ||\\//|| ||\\//||
When referring to asset management objectives, what does the 'M' stand for in 'SMART'? -
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
correct answer✔✔Measurable ||\\//||
three of the following must be explicitly aligned with and derived from the organisational
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
strategic plan? - correct answer✔✔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. - correct answer✔✔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: - correct answer✔✔-Design Cost
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
-Operation and maintenance cost ||\\//|| ||\\//|| ||\\//|| ||\\//||
-Disposal or end-of-life cost ||\\//|| ||\\//|| ||\\//||
,Which of the following most effectively drives good asset management? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔Strong Leadership ||\\//||
Asset information requirements are defined by: - correct answer✔✔Analyzing what data is
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
needed to manage the asset ||\\//|| ||\\//|| ||\\//|| ||\\//||
Which three of the following are part of the ISO 55000 family of standards? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔- 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? - correct answer✔✔-
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
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: - correct answer✔✔- Improved Investment decisions ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
- Improved organization sustainability
||\\//|| ||\\//|| ||\\//||
, - Managed risk
||\\//|| ||\\//||
The ISO 55000 family of standards place what at the heart of an organisation's creation of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
value? - correct answer✔✔Assets ||\\//|| ||\\//|| ||\\//||
Which four of the following are main external influencers that asset managers should
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
understand and remain aware of? - correct answer✔✔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? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔SAMP (Strategic AM plan) ||\\//|| ||\\//|| ||\\//||
According to ISO55001, who is accountable authorising the SAMP and ensuring alignment of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
asset management policy, strategy, objectives and plans. - correct answer✔✔Senior
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Management
Risk management requirements are less detailed in ISO 55001, as these are defined in which
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
separate, specific standard on risk management. - correct answer✔✔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? - correct ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔All AM processes require appropriate support ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What is one of the key uses of an asset management policy according to ISO55000? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔It is used to stimulate increased levels of awareness of AM
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
accurate detailed solutions ||\\//|| ||\\//||
How is an asset most accurately described in an Asset Management System? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔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? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔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? - correct answer✔✔Asset system ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
In financial terms, how is the 'value' of an asset best described? - correct answer✔✔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? -
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
correct answer✔✔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? - correct answer✔✔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? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔The coordinated activities of an organization to realize value from assets ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
,ISO55000 sets out which of the following? - correct answer✔✔An overview of AM, the core ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
principle and terminology ||\\//|| ||\\//||
Which of the following best describes an asset's criticality to an organisation? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔It's impact on organisational objectives ||\\//|| ||\\//|| ||\\//|| ||\\//||
How is Risk typically calculated? It is the product of: - correct answer✔✔The likely hood of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
failure and consequence of failure ||\\//|| ||\\//|| ||\\//|| ||\\//||
When referring to asset management objectives, what does the 'M' stand for in 'SMART'? -
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
correct answer✔✔Measurable ||\\//||
three of the following must be explicitly aligned with and derived from the organisational
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
strategic plan? - correct answer✔✔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. - correct answer✔✔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: - correct answer✔✔-Design Cost
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
-Operation and maintenance cost ||\\//|| ||\\//|| ||\\//|| ||\\//||
-Disposal or end-of-life cost ||\\//|| ||\\//|| ||\\//||
,Which of the following most effectively drives good asset management? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔Strong Leadership ||\\//||
Asset information requirements are defined by: - correct answer✔✔Analyzing what data is
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
needed to manage the asset ||\\//|| ||\\//|| ||\\//|| ||\\//||
Which three of the following are part of the ISO 55000 family of standards? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔- 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? - correct answer✔✔-
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
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: - correct answer✔✔- Improved Investment decisions ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
- Improved organization sustainability
||\\//|| ||\\//|| ||\\//||
, - Managed risk
||\\//|| ||\\//||
The ISO 55000 family of standards place what at the heart of an organisation's creation of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
value? - correct answer✔✔Assets ||\\//|| ||\\//|| ||\\//||
Which four of the following are main external influencers that asset managers should
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
understand and remain aware of? - correct answer✔✔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? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔SAMP (Strategic AM plan) ||\\//|| ||\\//|| ||\\//||
According to ISO55001, who is accountable authorising the SAMP and ensuring alignment of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
asset management policy, strategy, objectives and plans. - correct answer✔✔Senior
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Management
Risk management requirements are less detailed in ISO 55001, as these are defined in which
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
separate, specific standard on risk management. - correct answer✔✔ISO31000 ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Providing the right level of support for delivering asset management is a requirement of
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ISO55001; which of the following best describes the scope of that support? - correct ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔All AM processes require appropriate support ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What is one of the key uses of an asset management policy according to ISO55000? - correct
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answer✔✔It is used to stimulate increased levels of awareness of AM
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