IAM-Certificate Visual Cert Test & Minimum IAM-Certificate Pass Score

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IAM The Institute of Asset Management Certificate Sample Questions (Q14-Q19):

NEW QUESTION # 14
The contents of an asset management policy can include:

A. Mandated requirements, AM principles, roles and responsibilities, key risks, and review frequency
B. The requirements of key stakeholders, roles and responsibilities, AM principles, framework for strategy and objectives, and review frequency
C. The mandated requirements, roles and responsibilities, key departments, framework for strategy, and review frequency
D. Mandated requirements, roles and responsibilities, AM principles, strategy framework, and AMP details
E. Mandated requirements, AM principles, roles and responsibilities, strategy framework, and commitment to continuous improvement

Answer: E

Explanation:
Option D covers all key elements described in ISO 55001: compliance, alignment, clarity of roles, continuous improvement, and a basis for strategic and tactical planning.
Exact Extract from ISO 55001:2014, Clause 5.2:
"The policy should include: appropriateness, commitment to compliance and improvement, framework for setting objectives, and alignment with strategy."

NEW QUESTION # 15
Risk is best described as:

A. The impact of uncertainty
B. An organisation's tolerance to uncertainty
C. The effect of meeting an organisation's objectives
D. The effect of uncertainty on an organisation's objectives
E. An organisation's appetite to uncertainty

Answer: D

Explanation:
This is theISO 31000 and ISO 55000 definition of risk. Risk encompassesboth threats and opportunities- any uncertainty that may affect objectives.
Exact Extract from ISO 55000:2014, Clause 3.2.21 - Risk:
"Risk: Effect of uncertainty on objectives."

NEW QUESTION # 16
When creating the asset management strategy, which of the following are the most relevant factors to consider and include?

A. Budgets, maintenance, historical demand, project plans
B. Criticality, demand forecasts, condition requirements, environmental factors
C. Criticality, maintenance regimes, condition requirements, project plans
D. Criticality, maintenance regimes, condition requirements, environmental factors
E. Budgets, maintenance regimes, condition requirements, project plans

Answer: B

Explanation:
An effective strategy integratesrisk (criticality), future demand, condition expectations, and environmental constraintsto guide lifecycle planning and investment.
Exact Extract from ISO 55002:2018, Clause 6.2 - Strategy Inputs:
"Factors influencing strategy include asset criticality, future demand, service requirements, and external environmental and regulatory considerations."

NEW QUESTION # 17
Which of the following types of information would NOT normally be required for the development of an asset management plan?

A. Asset Criticality
B. Asset Register
C. Organisation's share price
D. Asset Condition

Answer: C

Explanation:
Theasset management plan (AMP)focuses on technical and operational data. Financial market information like theorganization's share priceis not relevant to lifecycle planning or maintenance strategies.
Exact Extract from ISO 55002:2018, Annex A - AMP Inputs:
"Typical inputs to the asset management plan include asset condition, criticality, performance, risk, cost, and lifecycle activities."

NEW QUESTION # 18
What are the main cost elements of a whole-life cost approach?

A. Maintenance, associated financing costs, refurbishment, and disposal costs
B. Asset deterioration and reliability costs
C. Installation, failure and refurbishment costs
D. Installation, maintenance and operations, and disposal costs

Answer: D

Explanation:
Whole-life cost elementsinclude costs incurred from the point of asset creation to its final disposal. This covers:
* Installation
* Operations & Maintenance
* Disposal or decommissioning
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5.1:
"Key cost elements include initial acquisition, installation, maintenance, operation, and final disposal costs."

NEW QUESTION # 19
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IAM-Certificate Visual Cert Test & Minimum IAM-Certificate Pass Score

Authoritative IAM-Certificate Visual Cert Test | IAM-Certificate 100% Free Minimum Pass Score

IAM The Institute of Asset Management Certificate Sample Questions (Q14-Q19):

IAM IAM-Certificate Visual Cert Test - The Institute of Asset Management Certificate Realistic Minimum Pass Score Pass Guaranteed Quiz

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