FREE PDF IAM-CERTIFICATE - THE INSTITUTE OF ASSET MANAGEMENT CERTIFICATE FANTASTIC FREE UPDATES

Free PDF IAM-Certificate - The Institute of Asset Management Certificate Fantastic Free Updates

Free PDF IAM-Certificate - The Institute of Asset Management Certificate Fantastic Free Updates

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IAM The Institute of Asset Management Certificate Sample Questions (Q13-Q18):

NEW QUESTION # 13
What is the purpose of whole-life cost analysis?

  • A. To determine the most important costs associated with an asset
  • B. To determine the option for a particular decision which has the lowest costs over the life of the asset
  • C. To determine the renewal costs at the end of an asset's life

Answer: B

Explanation:
Whole-life cost analysis (WLCA)is a key technique in asset management used to identify themost cost- effective optionover the lifespan of an asset. It includes capital costs, operational costs, maintenance, and disposal costs.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5.1 - Whole-Life Costing:
"Whole-life costing is used to support decision-making by comparing alternative options based on the total cost of ownership over the asset's life."


NEW QUESTION # 14
Which of the following would you normally expect to include as key components of the Asset Management Strategy?

  • A. Maintenance schedules, stakeholder lists, annual financial reports, asset forecasts
  • B. Improvement objectives, strategic risks and opportunities,statutory/environmental/financial constraints, asset forecasts
  • C. Risk registers, statutory/environmental/financial constraints, O&M manuals, detailed work plans
  • D. Strategic risks, constraints, O&M manuals, As-Built drawings
  • E. Improvement objectives, maintenance schedules, asset forecasts, As-Built drawings

Answer: B

Explanation:
AnAsset Management Strategyshould link strategic goals to asset activities, addressing risks, constraints, future demands, and organizational improvements. Manuals and drawings belong more appropriately in asset management plans.
Exact Extract from ISO 55002:2018, Annex A - Asset Management Strategy Guidance:
"Should include: strategic objectives, long-term risks and opportunities, compliance constraints, demand forecasts."


NEW QUESTION # 15
The term optimizing describes.

  • A. The process of Maintenance the best value compromise between a set of competing factors, in order to support asset management decision-making
  • B. The process of review the best value compromise between a set of competing factors, in order to support asset management decision-making
  • C. The process of control the best value compromise between a set of competing factors, in order to support asset management decision-making
  • D. The process of establishing the best value compromise between a set of competing factors, in order to support asset management decision-making

Answer: D


NEW QUESTION # 16
The concept of 'line of sight' means .....

  • A. Stakeholders involved in asset management
  • B. Asset Manager involved in asset management
  • C. Everyone who touches or influences what happens to an asset is involved in asset management
  • D. Top Management involved in asset management

Answer: C

Explanation:
'Line of sight' is a key concept in IAM, referring to how all actions-regardless of position or role-are visibly and logically aligned to the organization's asset management objectives.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 1.5 - Line of Sight:
"Line of sight is achieved when everyone in the organization understands how their activities contribute to delivering value from assets."


NEW QUESTION # 17
Which of the following requirements would you expect to find included within an Asset Management Strategy?

  • A. Maintenance special tools
  • B. Project handback to operations
  • C. Asset data configuration
  • D. Asset register
  • E. Future demand

Answer: E

Explanation:
Future demandis essential in the strategy, influencing asset lifecycle plans, performance targets, and investment. The other options are implementation-level details, not strategic.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.2.1 - Demand Analysis in Strategy:
"Understanding future demand is essential for developing a resilient and aligned asset management strategy."


NEW QUESTION # 18
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