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IAM The Institute of Asset Management Certificate Sample Questions:

1. To successfully establish, operate and improve asset management within an organisation, it is essential that leadership, and commitment, is demonstrated by all levels of management - from senior executives to supervisors.

A) True
B) False

2. There are 4 fundamentals in asset management, including ....

A) Value, Alignment, Proggresive and Assurance
B) Value, Competitif, Leadership and Assurance
C) Value, Alignment, Leadership and Insurance
D) Value, Alignment, Leadership and Assurance

3. Which of the following statements best describes the difference between an Asset Management Policy and an Asset Management Strategy?

A) Policy defines objectives and time; strategy defines principles
B) Policy defines principles; strategy defines objectives and time
C) Policy defines principles; strategy certifies condition
D) Policy defines objectives and time; strategy summarizes work plans
E) Policy defines financial trade-offs; strategy summarizes planning

4. Assurance is the combination of monitoring and control (of processes and outcomes) to confirm the assets, systems and processes are operating as intended.

A) True
B) False

5. What is the Asset Life Cycle?

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

Solutions: