IAM Exam QUESTIONS WITH ANSWERS

IAM Exam QUESTIONS WITH ANSWERS
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Which of the following is least likely to be in a cash flow cost
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model?
A. Depreciation costs
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B. Costs of spares and inventory
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C. Maintenance and operations costs
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D. Energy costs
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E. Disposal costs - CORRECT ANSWERS ✔✔A
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Which of the following is not relevant when you are considering
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whether to repair or replace a defective asset?
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A. Cost of repair versus cost of replacement
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B. Defect history
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C. Asset Management objectives
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D. Future demand for the assets operation
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E. Historic maintenance costs - CORRECT ANSWERS ✔✔C
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Which management functions will make least input to decisions
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about asset rationalisation?
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A. Human Resources
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B. Engineering
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C. Maintenance
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D. Finance
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,E. Operations - CORRECT ANSWERS ✔✔A
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Which of the following is the most effective procurement
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strategy?
A. Procurement of the most durable assets with the longest life
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cycles
B. Procurement of the least expensive assets available
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C. Procurement of the solution offering the lowest whole life cost
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of ownership
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D. Procurement of the assets with the fewest likely operational
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interruptions
E. Procurement of assets from the tried and tested supply chain -
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CORRECT ANSWERS ✔✔C
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What asset related risk might be the primary influence
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underpinning the business case for an asset rationalisation
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proposal?


A. Under-capacity
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B. Over-capacity
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C. Spares availability
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D. Obsolescence
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E. Poor condition - CORRECT ANSWERS ✔✔D
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What should be the most significant consideration before
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deploying life cycle decision-making methodologies?
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A. The requirements of third-party stakeholders
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,B. The requirements of the shareholders
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C. Whether the asset management maturity of the organization
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enables the benefits to be realised |\ |\ |\ |\ |\




D. Age of the assets and amount of spend involved
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E. Size of the organization and number of assets - CORRECT
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ANSWERS ✔✔C |\




The role of Data Steward (or Custodian) of the asset register
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should be |\




...?
A. Delegated to every Maintenance Manager in the organisation
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B. A defined responsibility assigned to relevant individuals
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without day-to-day responsibility for maintenance activities
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C. A delegated responsibility of all system users
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D. A defined responsibility assigned to the Head of IT / IT Director
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A defined responsibility assigned to the head of Finance / Finance
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Director - CORRECT ANSWERS ✔✔C
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Which of the following is an example of an asset management
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stewardship measure? |\




A. Number of audits completed
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B. A company's asset management maturity score
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C. Number of customer interruptions
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D. The average condition of a company's assets
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E. Costs against budget - CORRECT ANSWERS ✔✔A
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, An Asset Management Policy ...?
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A. States the guiding principles that the organization strategic
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objectives are developed from |\ |\ |\




B. Describes how the organization will deliver its asset
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management objectives |\




C. Is a short document describing how asset management
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activities will be implemented, with timescales?
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D. States SMART objectives as to what the asset management
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system will deliver over a period of 5-25 years.
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E. Is a statement to communicate the key asset management
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principles appropriate to the purpose of the organization, will be
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used to deliver the organisation plan, and provide a framework
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for setting asset management objectives - CORRECT ANSWERS
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✔✔E


Verifying that Asset Information systems capturing maintenance
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and inspection information are operating correctly is best
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achieved by ...? |\ |\




A. Assessing the quality of shift reporting from the operations
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department
B. Sample auditing of maintenance and inspection records and
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comparing with the physical condition of the assets |\ |\ |\ |\ |\ |\ |\




C. Assessing incident reports for the previous 6 months with
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respect to predicted performance |\ |\ |\




D. Reviewing monthly reporting of the inspection department
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E. Ensuring maintenance reports on failure rates and planned
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maintenance backlogs are correct - CORRECT ANSWERS ✔✔B |\ |\ |\ |\ |\ |\ |\