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Study IAM-Certificate Test - Latest IAM-Certificate Exam Preparation

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IAM The Institute of Asset Management Certificate Sample Questions (Q34-Q39):

NEW QUESTION # 34
In what year did the term "asset management" start to be used!

A. 0
B. 1
C. 2
D. 3

Answer: C

NEW QUESTION # 35
What is the Asset Life Cycle?

A. A substitute for quality management
B. A project management system
C. All False
D. A strategic and analytical approach to the management of a business's assets

Answer: D

Explanation:
TheAsset Life Cyclerefers to the complete sequence of phases an asset undergoes from its creation to final disposal. It includes stages such as planning, acquisition, commissioning, operation, maintenance, and disposal. It is not just a linear timeline but a framework for making optimized, value-driven decisions throughout the asset's existence.
* Option Ais correct: Asset management involves the strategic and analytical control of assets over their lifecycle.
* Option Bis incorrect: Project management is a tool used within specific lifecycle phases.
* Option Cis false: Asset management complements but does not replace quality management.
* Option Dis not applicable, as the premise of Option A is accurate.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4 - The Asset Lifecycle:
"The asset lifecycle is a concept used to describe the phases of activity over the life of an asset...
Organizations need to understand how asset decisions and activities interrelate across these phases and manage them in an integrated manner."

NEW QUESTION # 36
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 # 37
ISO 55001 sets out requirements for an asset management policy which fall into five categories:

A. Consistency, Appropriateness, Maintenance, A framework, Communication
B. Consistency, Appropriateness, Commitment, A framework, Communication
C. Consistency, A priori, Commitment, Balancing, Communication
D. Consistency, A priori, Commitment, A framework, Communication

Answer: B

NEW QUESTION # 38
Which of these statements is true:

A. Asset information should be collected on all measurable aspects of an asset's function and performance
B. Asset information requirements should be derived according to the requirements set out in the IT department's procurement specification
C. Asset information should be guided by the relevance of the information to the asset management decisions that need to be made about the asset

Answer: B

NEW QUESTION # 39
......

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