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IAM The Institute of Asset Management Certificate Sample Questions:

1. For investment, it is important that the risk management processes adequately identify, assess and manage asset-related risks:

A) That are fixed in time
B) That match investment periods
C) That do not consider time
D) That align with historic events
E) That vary with time

2. What is the most effective measure when determining the current health of your assets?

A) Historical maintenance cost
B) Condition assessment
C) Demand forecast
D) Maintenance reports
E) Asset age

3. What is the correct top-down hierarchy order for the following PAS 55 defined documents?

A) Asset Management Policy, Strategy, Objectives and Plans
B) Asset Management Policy, Plans, Strategy and Objectives
C) Asset Management Policy, Objectives, Strategy and Plans
D) Asset Management Strategy, Policy, Objectives and Plans

4. The contents of an asset management policy can include:

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

5. There are many factors that can drive the decommissioning of assets,except:

A) Obsolete technology
B) Cost of retaining in service
C) Compliance with changes in legislation
D) Excess of service capacity

Solutions: