STUDY IAM-CERTIFICATE MATERIALS & IAM-CERTIFICATE ANSWERS REAL QUESTIONS

Study IAM-Certificate Materials & IAM-Certificate Answers Real Questions

Study IAM-Certificate Materials & IAM-Certificate Answers Real Questions

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IAM The Institute of Asset Management Certificate Sample Questions (Q50-Q55):

NEW QUESTION # 50
What is the Asset Life Cycle?

  • A. All False
  • B. A substitute for quality management
  • C. A project management system
  • 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 # 51
Which are included in the asset life cycle?

  • A. Acquire - Commission - Operate - Dispose
  • B. Acquire - Corporate - Operate - Dispose
  • C. Acquire - Commission - Performance - Dispose
  • D. Acquire - Commission - Operate - Diaspora

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation along with Exact Extract from IAM's five subject areas:
The asset lifecycle includes stages from planning and procurement (acquire), initial setup (commission), use (operate), and eventual retirement (dispose).
Extract from IAM Document - Asset Management: An Anatomy (v4):
"Asset life cycle stages typically include: Acquire, Commission, Operate, Maintain, and Dispose." (Section 3.4 - The Asset Life Cycle)


NEW QUESTION # 52
Which of these statements is UNTRUE?

  • A. Asset information is always worth collecting regardless of cost
  • B. Asset information has maintenance costs as well as collection costs
  • C. Asset information can be treated as an asset in its own right

Answer: A

Explanation:
Collectingall available asset datawithout consideration ofvalue, relevance, or costleads to waste and inefficiency. Asset data should bejustified by its use in decision-making.
Exact Extract from IAM - Asset Information: Strategy, Management and Governance:
"Information collection should be justified based on decision value. Over-collection can waste resources and impair decision-making clarity."


NEW QUESTION # 53
External stakeholders can influence asset management activities within an organisation by:

  • A. Influencing the Organisational Strategic Plan through structured engagement
  • B. Having the power of veto over what the organisation does
  • C. Defining the renewal and maintenance policies which govern the creation of the asset management plan

Answer: A

Explanation:
While stakeholders typically donot dictate policies, theyinfluence strategic planningthrough expectations, regulation, or partnership. Structured engagement ensures alignment with external needs.
Exact Extract from ISO 55000:2014, Clause 2.5 - Stakeholder Requirements:
"Organizations must engage with stakeholders to ensure that their expectations are considered in the development of asset management objectives and strategies."


NEW QUESTION # 54
What is an Asset Management System as defined by PAS 55?

  • A. The asset system which organises all data management activities
  • B. The system by which organisations can manage and influence stakeholder requirements
  • C. The management system which organises and drives all asset management activities
  • D. The asset information technology system used for collating and analysing asset data

Answer: C


NEW QUESTION # 55
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