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IAM The Institute of Asset Management Certificate - IAM-Certificate Exam Questions

Page: 1 / 13
Total 124 questions

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QUESTION NO: 1
Risk is best described as:

A. An organisation's appetite to uncertainty B. An organisation's tolerance to uncertainty C. The effect of uncertainty on an organisation's objectives D. The impact of uncertainty E. The effect of meeting an organisation's objectives

Correct Answer: C

QUESTION NO: 2
For investment, it is important that the risk management processes adequately identify, assess and manage asset-related risks:

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

Correct Answer: B

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QUESTION NO: 3
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

Correct Answer: A

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QUESTION NO: 4
You have recently been hired by a large infrastructure organization that has a diverse range of assets and asset types. Which of the following statements is true when developing Asset Management Plans for an organization like this?

A. It is best to only have a single overarching Asset Management Plan that covers all asset types because having individual asset plans for each asset type will create misalignment and unnecessary confusion. B. It is best to have individual asset plans for each asset type with an overarching Asset Management Plan that outlines the overall asset management objectives of the organisation. C. The number and type of Asset Plans is not relevant as long as maintenance is carried out to the most critical asset groups. D. It is best to only have individual asset plans for each asset type. There is no need for an overarching Asset Management Plan as it will add unnecessary complexity. E. It is best to have only a single Asset Management Plan, because all asset management activities for each asset type need to be treated equally.

Correct Answer: B

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QUESTION NO: 5
(Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility, is the definition of .......

A. Cost B. Asset C. Value D. Risk

Correct Answer: D

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QUESTION NO: 6
When analysing the criticality of assets, what should be the most important consideration?

A. Impact on customers B. Impact of legislation C. Impact on costs D. Impact on operations E. Impact on organisational objectives

Correct Answer: E

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QUESTION NO: 7
Risk is best described as:

A. An organisation's appetite to uncertainty B. An organisation's tolerance to uncertainty C. The effect of uncertainty on an organisation's objectives D. The impact of uncertainty E. The effect of meeting an organisation's objectives

Correct Answer: C

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QUESTION NO: 8
The asset management strategy will:

A. consider what customers will want and how to limit rate of change to what they need B. consider how to encourage customers to increase demand in the future C. consider how to discourage customers from increasing demand in the future D. consider how and why current and future customer requirements are assessed E. consider how previous customer requirements were assessed and what this tells us about the future

Correct Answer: D

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QUESTION NO: 9
The costs included in an outline business case for the purchase of new assets should include:

A. All costs for the design and creation phase of the asset B. Only costs that are known and therefore accurate C. All known and estimated costs for the asset lifecycle D. All costs quoted by potential suppliers excluding operation and maintenance costs E. All costs, including estimated asset disposal costs but excluding design costs

Correct Answer: C

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QUESTION NO: 10
What is the purpose of the asset management policy?

A. To describe the long-term approach to the management of physical assets and how organisational objectives are converted into asset management objectives. B. 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. C. To determine the asset management objectives including costs, risks and performance, aligned with the organisational objectives. D. To balance the costs and benefits of different renewal maintenance overhaul and disposal interventions in support of the asset management objectives. E. To address the approach of the asset management organisation to realise the (strategic) asset management plans.

Correct Answer: B

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Page: 1 / 13
Total 124 questions

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