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IAM The Institute of Asset Management Certificate Sample Questions (Q18-Q23):

NEW QUESTION # 18
Which statement is INCORRECT?

A. All above true
B. The Asset Management Policy should be consistent and aligned with the corporate objectives and strategy
C. The Asset Management Policy should be derived from all other relevant organisationalpolicies
D. The Asset Management Policy should be consistent and aligned with all other relevant organisational policies

Answer: C

Explanation:
TheAsset Management Policyis notderived fromother policies-it isaligned withthem. It expresses high- level intent and governs other plans and strategies, not the reverse.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"The asset management policy shall be consistent with other relevant organizational policies and aligned with the organization's strategic plan."

NEW QUESTION # 19
What is the correct top-down hierarchy order for the following PAS 55 defined documents?

A. Asset Management Strategy, Policy, Objectives and Plans
B. Asset Management Policy, Strategy, Objectives and Plans
C. Asset Management Policy, Plans, Strategy and Objectives
D. Asset Management Policy, Objectives, Strategy and Plans

Answer: B

Explanation:
According toPAS 55 and ISO 55001, the hierarchy flows fromhigh-level principles and intent (policy)to detailed tactical execution (plans):
* Policy- Organizational intent and principles
* Strategy- Long-term approach for achieving objectives
* Objectives- Specific performance and capability targets
* Plans- Scheduled actions to meet objectives
Exact Extract from PAS 55-1:2008, Section 4.2.1:
"The asset management policy leads into the asset management strategy, from which objectives and corresponding plans are derived."

NEW QUESTION # 20
What are the main cost elements of a whole-life cost approach?

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

Answer: D

Explanation:
Whole-life cost elementsinclude costs incurred from the point of asset creation to its final disposal. This covers:
* Installation
* Operations & Maintenance
* Disposal or decommissioning
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5.1:
"Key cost elements include initial acquisition, installation, maintenance, operation, and final disposal costs."

NEW QUESTION # 21
ISO 55000 is ......

A. The international reference standard that provides the overview of information security management systems
B. The international reference standard for the optimal management of physical assets.
C. The international reference standard to sets out the criteria for an environmental management system
D. The international reference standard to sets out the criteria for a quality management system

Answer: B

Explanation:
ISO 55000 is a part of the ISO 55000 series (including ISO 55001 and ISO 55002), which serves as the international standard for asset management. It outlines the principles, terminology, and benefits of implementing an asset management system. It is not related to quality, environmental, or information security management systems, which are governed by ISO 9001, ISO 14001, and ISO 27001 respectively.
Exact Extract from ISO 55000 - Asset Management - Overview, Principles and Terminology:
"This International Standard provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management." (ISO 55000:2014, Clause 1 - Scope)

NEW QUESTION # 22
Which of the following statements is true:

A. Corporate objectives drive the activities within the Asset Management system
B. Corporate objectives should be set by comparing the organisation's performance to its most closest associated peer
C. Corporate objectives are derived from the Asset Management strategy

Answer: A

NEW QUESTION # 23
......

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IAM IAM-Certificate Test Simulator & Training IAM-Certificate For Exam

Reliable IAM-Certificate Test Simulator - Win Your IAM Certificate with Top Score

IAM The Institute of Asset Management Certificate Sample Questions (Q18-Q23):

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