Institute of Asset Management (IAM) Certificate ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Exam with accurate detailed solutions ||\\//|| ||\\//|| ||\\//|| ||\\//||
Asset - correct answer✔✔An item, thing or entity that has potential or actual value to an
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
organisation
Asset Management - correct answer✔✔The coordinated activity of an organisation to realise
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
value from assets. ||\\//|| ||\\//||
- Realisation of value will normally involve a balancing of costs, risks, opportunities and
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
performance benefits. ||\\//||
- The term activity has a broad meaning and can include, for example, the approach, the
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
planning, the plans and their implementation. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What year was PAS55 launched (and updated)? - correct answer✔✔2004 (2008)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What year was ISO55000 launched? - correct answer✔✔2014
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Six fundamentals of asset management according to ISO55000 - correct answer✔✔Value
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Alignment
Leadership
Assurance
Life Cycle activities ||\\//|| ||\\//||
Asset management decision-making ||\\//|| ||\\//||
, Optimise - correct answer✔✔Achieve by a quantitative or qualitative method (as ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
appropriate) the best value compromise between conflicting factors such as performance, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
costs and retained risk within any non-negotiable constraints.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Inputs to IAM's conceptual AM model (grey) - correct answer✔✔Customers, legislation,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
investors, commercial environment ||\\//|| ||\\//|| ||\\//||
Input to: ||\\//||
Organisational strategic plan ||\\//|| ||\\//||
Value chain - correct answer✔✔The set of activities that an organisation carries out to create
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
value for its customers.
||\\//|| ||\\//|| ||\\//|| ||\\//||
- focus is value proposition to the customer
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
- value to the organisation is either 'profit' or 'cost of service' for non-profit orgs
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
- assets are aligned through the value chain to support the customer value proposition
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Alignment (line of sight) - correct answer✔✔Clear connectivity between an organisations ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
strategic plan and the asset management activities delivered by staff. This enables everybody
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
to understand how they contribute to achieving success.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Assurance - correct answer✔✔Combination of monitoring and auditing of processes and ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
outcomes to confirm the assets systems and processes are operating as intended. Includes ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
policies plans business processes and information systems, along with competent people to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
monitor and demonstrate assurance to the appropriate management levels. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Asset lifecycle & phases - correct answer✔✔The period from asset creation to asset end of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
life
Phases: ||\\//||
Identify need ||\\//|| ||\\//||
Design / Create / acquire / select ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Exam with accurate detailed solutions ||\\//|| ||\\//|| ||\\//|| ||\\//||
Asset - correct answer✔✔An item, thing or entity that has potential or actual value to an
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
organisation
Asset Management - correct answer✔✔The coordinated activity of an organisation to realise
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
value from assets. ||\\//|| ||\\//||
- Realisation of value will normally involve a balancing of costs, risks, opportunities and
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
performance benefits. ||\\//||
- The term activity has a broad meaning and can include, for example, the approach, the
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
planning, the plans and their implementation. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What year was PAS55 launched (and updated)? - correct answer✔✔2004 (2008)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What year was ISO55000 launched? - correct answer✔✔2014
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Six fundamentals of asset management according to ISO55000 - correct answer✔✔Value
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Alignment
Leadership
Assurance
Life Cycle activities ||\\//|| ||\\//||
Asset management decision-making ||\\//|| ||\\//||
, Optimise - correct answer✔✔Achieve by a quantitative or qualitative method (as ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
appropriate) the best value compromise between conflicting factors such as performance, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
costs and retained risk within any non-negotiable constraints.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Inputs to IAM's conceptual AM model (grey) - correct answer✔✔Customers, legislation,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
investors, commercial environment ||\\//|| ||\\//|| ||\\//||
Input to: ||\\//||
Organisational strategic plan ||\\//|| ||\\//||
Value chain - correct answer✔✔The set of activities that an organisation carries out to create
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
value for its customers.
||\\//|| ||\\//|| ||\\//|| ||\\//||
- focus is value proposition to the customer
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
- value to the organisation is either 'profit' or 'cost of service' for non-profit orgs
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
- assets are aligned through the value chain to support the customer value proposition
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Alignment (line of sight) - correct answer✔✔Clear connectivity between an organisations ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
strategic plan and the asset management activities delivered by staff. This enables everybody
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
to understand how they contribute to achieving success.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Assurance - correct answer✔✔Combination of monitoring and auditing of processes and ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
outcomes to confirm the assets systems and processes are operating as intended. Includes ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
policies plans business processes and information systems, along with competent people to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
monitor and demonstrate assurance to the appropriate management levels. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Asset lifecycle & phases - correct answer✔✔The period from asset creation to asset end of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
life
Phases: ||\\//||
Identify need ||\\//|| ||\\//||
Design / Create / acquire / select ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
