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IAM The Institute of Asset Management Certificate Sample Questions:

1. 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

2. Which of the following phrases describes best the key advantage of asset management over traditional approaches?

A) Asset management takes an optimised whole-life view of the work required on the asset portfolio to ensure current and future required levels of service are delivered
B) Asset management ensures all asset interventions (e.g., maintenance or renewal intervals) are optimised with respect to risk
C) Asset management is primarily concerned with ensuring that resources are optimally used by putting into place effective planning regimes and processes to continually improve staff competence

3. Which of the following would you normally expect to include as key components of the Asset Management Strategy?

A) Risk registers, statutory/environmental/financial constraints, O&M manuals, detailed work plans
B) Strategic risks, constraints, O&M manuals, As-Built drawings
C) Improvement objectives, maintenance schedules, asset forecasts, As-Built drawings
D) Improvement objectives, strategic risks and opportunities,statutory/environmental/financial constraints, asset forecasts
E) Maintenance schedules, stakeholder lists, annual financial reports, asset forecasts

4. An asset management plan specifies...

A) Long-term asset management approach and conversion of organizational goals
B) Capability development, system design, and risk mitigation
C) Objectives, stakeholders, strategy alignment, and risk mitigation
D) Activities, resources, costs, timeframes, and responsibilities to meet AM objectives
E) Framework for translating strategy into AM objectives

5. Procurement and delivery of the solution to time, cost and quality targets. What phase is it?

A) Implementation phase
B) Definition phase
C) Concept phase
D) Handover and closeout phase

Solutions: