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IAM IAM-Certificate Dumps - Try Free IAM-Certificate Exam Questions and Answer

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IAM The Institute of Asset Management Certificate Sample Questions (Q59-Q64):

NEW QUESTION # 59
A definition of asset management is:

A. A grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations
B. A clear understanding of the linkages between each stage in the asset lifecycle
C. The optimal life cycle management of physical assets to sustainably achieve the stated business objectives
D. The optimal maintenance an organisation undertakes on its assets

Answer: C

Explanation:
Thecorrect and widely accepted definition of asset management-particularly as defined by ISO 55000- is thecoordinated activityto realizevalue from assetsthroughlifecycle managementaligned with strategic goals.
Exact Extract from ISO 55000:2014, Clause 3.3.1 - Asset Management:
"The coordinated activity of an organization to realize value from assets."

NEW QUESTION # 60
Which of the following is NOT normally an input to an asset management plan?

A. Organizational objectives
B. Asset Management Objectives
C. Maintenance schedules
D. Demand forecast
E. Asset knowledge

Answer: C

Explanation:
Maintenance schedulesare theoutputof planning rather than a prerequisite input. The other options are critical drivers in determining what actions should be planned.
Exact Extract from ISO 55002:2018, Clause 6.2 - Planning for AM Objectives:
"Inputs include asset information, demand forecasts, AM objectives, organizational priorities, and risk assessments."

NEW QUESTION # 61
Procurement and delivery of the solution to time, cost and quality targets. What phase is it?

A. Handover and closeout phase
B. Definition phase
C. Implementation phase
D. Concept phase

Answer: C

Explanation:
TheImplementation Phaseinvolves translating approved asset plans into physical or system outputs. It encompassesprocurement, execution, and deliveryto specification and budget constraints.
* Concept and definition phasesprecede this stage.
* Handoverfollows this phase and deals with asset operational readiness.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4.2 - Life Cycle Stage:
Implementation:
"This phase includes procurement, construction, installation, testing, and commissioning of the asset or solution. It is where time, cost, and quality performance is most closely monitored."

NEW QUESTION # 62
What are the main cost elements of a whole-life cost approach?

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

Answer: D

NEW QUESTION # 63
Which of the following is typically NOT a capital investment?

A. Asset renewal
B. Replacement assets
C. Safety inspections
D. Asset creation
E. Property acquisition

Answer: C

Explanation:
Capital investmentrefers to spending on assets that will deliver value over the long term, typically involving creation, acquisition, renewal, or enhancementof assets.Safety inspections, however, are anoperational expense (Opex)and part of regular maintenance and compliance activities.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.3.3 - Capital Investment Decision-Making:
"Capital investment includes asset creation, acquisition, or major renewal. Routine inspections and maintenance activities are operational expenditures."

NEW QUESTION # 64
......

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