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IAM The Institute of Asset Management Certificate Sample Questions (Q69-Q74):
NEW QUESTION # 69
When developing a new Strategic Asset Management Plan, which of the following pieces of information will be most relevant?
- A. Availability of finance, demand forecasts, maintenance schedules
- B. Cost of capital, demand forecasts, competitor analysis
- C. Availability of capital, service performance requirements, historic demand
- D. Availability of finance, demand forecasts, risk appetite
- E. Historic cost trends, demand forecasts, cost of capital
Answer: D
Explanation:
AStrategic Asset Management Plan (SAMP)aligns long-term organizational objectives with asset strategy.
Key inputs includeavailable financial resources,demand forecasts, and theorganization's risk appetite- which determines how aggressively or conservatively assets will be managed.
Exact Extract from ISO 55002:2018, Clause 5.1 - Strategic Planning:
"Inputs to the strategic asset management plan include: demand forecasts, financial constraints, and organizational risk management approach."
NEW QUESTION # 70
Which of the following best describes the 'useful life' of an asset?
- A. Period for which the asset can economically perform a required function
- B. Time until the asset is fully depreciated
- C. Time until the asset is physically non-functioning
- D. Time specified by OEM
- E. Time until maintenance costs exceed stakeholder thresholds
Answer: A
Explanation:
Useful lifeis determined not by age, cost, or accounting rules-but by theeconomic abilityof the asset to deliver required service. This includes operational efficiency, cost-effectiveness, and supportability.
Exact Extract from ISO 55000:2014, Clause 3.2.10 - Useful Life:
"The period over which an asset is expected to be usable for its intended purpose and deliver value economically."
NEW QUESTION # 71
Which statement is INCORRECT?
- A. The Asset Management Policy should be consistent and aligned with the corporate objectives and strategy
- B. The Asset Management Policy should be derived from all other relevant organisational policies
- C. All above true
- D. The Asset Management Policy should be consistent and aligned with all other relevant organisational policies
Answer: B
NEW QUESTION # 72
ISO 55001 sets out requirements for an asset management policy which fall into five categories:
- A. Consistency, A priori, Commitment, Balancing, Communication
- B. Consistency, Appropriateness, Maintenance, A framework, Communication
- C. Consistency, Appropriateness, Commitment, A framework, Communication
- D. Consistency, A priori, Commitment, A framework, Communication
Answer: C
NEW QUESTION # 73
Which of the following is NOT a key requirement with regard to an asset management policy?
- A. It is consistent with the organizational strategic plan
- B. It is fully detailed on every aspect
- C. It commits the organization to compliance with relevant laws
- D. It provides for continual improvement
- E. It is appropriate for the type of organization
Answer: B
Explanation:
Theasset management policyis a high-level document, and thereforenot meant to be fully detailed. It outlines intent and framework, not implementation specifics.
Exact Extract from ISO 55001:2014, Clause 5.2:
"Shall be appropriate to the organization and provide a framework for objectives. It does not include detailed implementation plans."
NEW QUESTION # 74
......
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