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IAM The Institute of Asset Management Certificate Sample Questions (Q80-Q85):
NEW QUESTION # 80
Which of the following is most likely to reduce a company's income?
- A. Interest rates
- B. Capital investment in new assets
- C. Poor asset condition
- D. Increased number of asset failures that affect service levels
- E. Ageing assets
Answer: D
Explanation:
Frequent asset failures result indisruption, penalties, customer dissatisfaction, andlost revenue. This has a direct impact on incomemore than long-term financial or condition-based issues.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 2.2 - Business Impact of AM:
"Poor reliability or failure of assets directly affects service levels and revenues, leading to reputational and financial consequences."
NEW QUESTION # 81
How many roles are there in the IAM Competences Framework?
- A. Three
- B. Five
- C. Seven
- D. Six
Answer: C
Explanation:
The IAMCompetences Frameworkdefinesseven rolesthat encompass strategic, tactical, and operational functions across asset management. These are intended to cover a range of responsibilities and skills across an organization.
Exact Extract from IAM - Competences Framework (v3):
"The IAM Competences Framework defines seven generic roles: Asset Manager, Strategic Planner, Life Cycle Delivery, Risk Manager, Resource Manager, Information Manager, and Stakeholder Engagement Lead."
NEW QUESTION # 82
What is the purpose of the asset management policy?
- A. To determine the asset management objectives including costs, risks and performance, aligned with the organisational objectives.
- B. To balance the costs and benefits of different renewal maintenance overhaul and disposal interventions in support of the asset management objectives.
- C. To address the approach of the asset management organisation to realise the (strategic) asset management plans.
- D. To set a framework of principles for translating the organisation's strategic objectives into asset management objectives and guiding development of the asset management strategy.
- E. To describe the long-term approach to the management of physical assets and how organisational objectives are converted into asset management objectives.
Answer: D
Explanation:
Theasset management policyis a high-level document that provides direction and a framework for developing asset management strategies and objectives. It does not include specific activities, financials, or operational details.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"The policy provides a framework for the setting of asset management objectives and alignment with the strategic plan."
NEW QUESTION # 83
The term optimizing describes.
- A. The process of Maintenance the best value compromise between a set of competing factors, in order to support asset management decision-making
- B. The process of establishing the best value compromise between a set of competing factors, in order to support asset management decision-making
- C. The process of control the best value compromise between a set of competing factors, in order to support asset management decision-making
- D. The process of review the best value compromise between a set of competing factors, in order to support asset management decision-making
Answer: B
NEW QUESTION # 84
A key role of asset management is to assure the delivery of value, in line with,except:
- A. Return on Investment (ROI) and/or Return on Net Assets (RONA)
- B. Company Profile
- C. Agreed performance / levels of service
- D. Required residual risk profile
Answer: B
Explanation:
TheCompany Profileis a static representation and not a performance or risk-based metric. Asset management aims to deliver value through:
* Meeting service expectations
* Managing risk profiles
* Achieving financial performance measures
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 2.1 - Value:
"The value delivered by asset management is measured through outcomes such as levels of service, risk exposure, and financial returns."
NEW QUESTION # 85
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