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IAM The Institute of Asset Management Certificate Sample Questions:

1. A public transportation company has a fleet of 150 trams. Type A (25 years old), Type B (19 years), Type C (2 years). Expected lifetime is 30 years. Type A and B perform sufficiently but suffer obsolescence and spare parts issues.
What would be a feasible action now?

A) Replace type A and B with 80 new type C trams to standardize fleet
B) Prepare to phase out type A as they are near the end of life
C) Modify type A and B to maintain service and solve obsolescence
D) Start an asset rationalisation study on type A (and maybe B) to determine the possible end-of-life options
E) Prepare an overhaul for type A and B

2. An ISO 55000 asset management system provides the structure, methodology and mechanism to helping asset- intensive organizations deliver on their objectives.

A) True
B) False

3. Successful delivery of the asset management plan(s) relies on integration with other organisational plans in both the development and delivery phases.

A) True
B) False

4. Which of the following statements is true:

A) Corporate objectives are derived from the Asset Management strategy
B) Corporate objectives drive the activities within the Asset Management system
C) Corporate objectives should be set by comparing the organisation's performance to its most closest associated peer

5. Asset Management is important because it can help organisations to,except.....?

A) Reduce the capital costs of investing in the asset base
B) Increase the potential health impacts of operating the assets
C) Improve the regulatory performance of the organisation
D) Minimize the environmental impact of operating the assets

Solutions: