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IAM The Institute of Asset Management Certificate Sample Questions (Q46-Q51):

NEW QUESTION # 46
The comparison between Lean and Asset Management, are ......

A. All about Value, Risk, Maintenance
B. All about Asset, People, System
C. All about Purpose, Process, People
D. All about Security System

Answer: C

Explanation:
The philosophical alignment betweenLean ThinkingandAsset Managementis grounded in their mutual emphasis onpurpose, process, and people.
* Purpose: Both aim to achieve strategic goals and deliver value.
* Process: They emphasize efficient, repeatable, value-driven processes.
* People: Success in both depends on cultural engagement and workforce empowerment.
This concept is reinforced in IAM guidance where asset management is described as a holistic discipline that integrates strategy, execution, and people involvement.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 5.2 - Organisational Context and Culture:
"Asset management is not only about systems and procedures but requires the active engagement of people at all levels. It shares with Lean a focus on aligning Purpose, Process, and People."

NEW QUESTION # 47
When undertaking whole-life cost analysis it is important to remember that:

A. The analysis should be completed without reference to other organisational functions to ensure independence
B. As many costs as possible should be included in the analysis ensuring these are consistently derived between analyses
C. It is impossible to get the right answer unless all the data and information are understood

Answer: C

NEW QUESTION # 48
ISO 55001 defines seven sets of requirements for a management system for asset management, except ...

A. Multi-level Planning for assets and asset management
B. Support for effective management
C. Defining the Organisational Context
D. Controlling

Answer: D

NEW QUESTION # 49
What are the main cost elements of a whole-life cost approach?

A. Asset deterioration and reliability costs
B. Installation, maintenance and operations, and disposal costs
C. maintenance, associated financing costs refurbishment, and disposal costs
D. Installation, failure and refurbishment costs

Answer: B

NEW QUESTION # 50
The concept of 'line of sight' means .....

A. Everyone who touches or influences what happens to an asset is involved in asset management
B. Stakeholders involved in asset management
C. Top Management involved in asset management
D. Asset Manager involved in asset management

Answer: A

Explanation:
'Line of sight' is a key concept in IAM, referring to how all actions-regardless of position or role-are visibly and logically aligned to the organization's asset management objectives.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 1.5 - Line of Sight:
"Line of sight is achieved when everyone in the organization understands how their activities contribute to delivering value from assets."

NEW QUESTION # 51
......

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Jim Adams Jim Adams

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