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IAM The Institute of Asset Management Certificate Sample Questions (Q68-Q73):
NEW QUESTION # 68
Assurance is the combination of monitoring and control (of processes and outcomes) to confirm the assets, systems and processes are operating as intended.
- A. True
- B. False
Answer: B
Explanation:
The correct concept ofassuranceis that it combinesmonitoring and auditing(not control). Monitoring checks operational conformity, and auditing provides an independent review. Control is a broader management concept and not the specific second component of assurance.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 1.4.4 - Assurance:
"Assurance is provided through monitoring and auditing mechanisms that evaluate whether intended outcomes are being achieved."
ย
NEW QUESTION # 69
The purpose of an Asset Information Strategy is to:
- A. Calculating the lowest cost options for the entire commercial life of a building
- B. Collate the standards which define the collection, storage and use of asset information
- C. Provide the overall framework and plan for asset information which will deliver the organisation's asset information requirements
- D. Specify the requirements for procuring the organisation's asset information system
Answer: C
Explanation:
TheAsset Information Strategydefines how asset data is governed, managed, and utilized across its lifecycle.
It supports quality, accessibility, and traceability of information.
Exact Extract from IAM - Asset Information Strategy:
"The strategy provides the plan and framework that supports the effective management and use of asset information aligned to asset management objectives."
ย
NEW QUESTION # 70
The purpose of an Asset Information Strategy is to:
- A. Calculating the lowest cost options for the entire commercial life of a building
- B. Collate the standards which define the collection, storage and use of asset information
- C. Provide the overall framework and plan for asset information which will deliver the organisation's asset information requirements
- D. Specify the requirements for procuring the organisation's asset information system
Answer: B
ย
NEW QUESTION # 71
Which of the following types of information would NOT normally be required for the development of an asset management plan?
- A. Asset Register
- B. Organisation's share price
- C. Asset Criticality
- D. Asset Condition
Answer: B
Explanation:
Theasset management plan (AMP)focuses on technical and operational data. Financial market information like theorganization's share priceis not relevant to lifecycle planning or maintenance strategies.
Exact Extract from ISO 55002:2018, Annex A - AMP Inputs:
"Typical inputs to the asset management plan include asset condition, criticality, performance, risk, cost, and lifecycle activities."
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NEW QUESTION # 72
Which of the following is NOT normally an input to an asset management plan?
- A. Asset Management Objectives
- B. Organizational objectives
- C. Asset knowledge
- D. Maintenance schedules
- E. Demand forecast
Answer: D
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."
ย
NEW QUESTION # 73
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