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IAM The Institute of Asset Management Certificate Sample Questions (Q70-Q75):

NEW QUESTION # 70
External stakeholders can influence asset management activities within an organisation by:

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

Answer: C

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 # 71
When creating the asset management strategy, which of the following are the most relevant factors to consider and include?

A. Criticality, demand forecasts, condition requirements, environmental factors
B. Criticality, maintenance regimes, condition requirements, environmental factors
C. Budgets, maintenance regimes, condition requirements, project plans
D. Budgets, maintenance, historical demand, project plans
E. Criticality, maintenance regimes, condition requirements, project plans

Answer: A

Explanation:
An effective strategy integratesrisk (criticality), future demand, condition expectations, and environmental constraintsto guide lifecycle planning and investment.
Exact Extract from ISO 55002:2018, Clause 6.2 - Strategy Inputs:
"Factors influencing strategy include asset criticality, future demand, service requirements, and external environmental and regulatory considerations."

NEW QUESTION # 72
For investment, it is important that the risk management processes adequately identify, assess and manage asset-related risks:

A. That align with historic events
B. That match investment periods
C. That vary with time
D. That do not consider time
E. That are fixed in time

Answer: C

Explanation:
Asset-related risks evolve over time, due to condition changes, usage patterns, environmental factors, and technological obsolescence. Therefore, risk assessments must account fordynamic, time-varying risk profiles
, especially in investment planning and forecasting.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5.2 - Risk-Based Decision- Making:
"Risks are not static. Their likelihood and consequence change over time and should be continuously assessed in line with asset lifecycle and investment horizons."

NEW QUESTION # 73
Where can a standardized Risk Matrix be found for use within Asset Management Systems aligned to ISO
55000?

A. A standard Risk Matrix exists in the GFMAM's Asset Management Landscape
B. A standard Risk Matrix is available in ISO 31000
C. A standard Risk Matrix is available in ISO 55002
D. Standard Risk Matrices for assets are widely available online
E. Each organization's risk appetite and asset portfolio are unique, so no standard Risk Matrix applies

Answer: E

Explanation:
There isno universally standardized risk matrixin ISO 55000 or ISO 55002. Risk appetite and operational context vary, so each organization must tailor its own framework.
Exact Extract from ISO 55002:2018, Annex D - Risk Matrix Use:
"There is no universal risk matrix provided. Organizations must develop a matrix that reflects their own risk criteria, tolerances, and operational realities."

NEW QUESTION # 74
What is the Asset Life Cycle?

A. A project management system
B. All False
C. A substitute for quality management
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 # 75
......

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