IAM-CERTIFICATE PDF EXAM DUMP - LATEST IAM-CERTIFICATE TEST CRAM

IAM-Certificate Pdf Exam Dump - Latest IAM-Certificate Test Cram

IAM-Certificate Pdf Exam Dump - Latest IAM-Certificate Test Cram

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IAM The Institute of Asset Management Certificate Sample Questions (Q14-Q19):

NEW QUESTION # 14
The following things are taken into consideration in developing an asset management strategy,except:

  • A. Asset requirements
  • B. Management needs
  • C. Life cycle approach
  • D. Consistency

Answer: B

Explanation:
When developing anasset management strategy, key elements include:
* Consistencywith the organizational context and policy.
* Alife cycle approach, covering all asset phases.
* Clear understanding ofasset requirementsto meet future demand and performance expectations.
Management needs, while important for operational support, are not a core component of strategic development and are therefore the correct exclusion.
Exact Extract from ISO 55001:2014, Clause 6.2 - Asset Management Objectives and Planning:
"The strategy must consider the asset lifecycle, ensure consistency with organizational objectives, and define asset requirements."


NEW QUESTION # 15
The term optimizing describes:

  • A. The process of review the best value compromise between a set of competing factors, in order to support asset management decision-making
  • B. The process of Maintenance the best value compromise between a set of competing factors, in order to support asset management decision-making
  • C. The process of establishing the best value compromise between a set of competing factors, in order to support asset management decision-making
  • D. The process of control the best value compromise between a set of competing factors, in order to support asset management decision-making

Answer: C

Explanation:
Optimizingis a core concept in asset management. It refers to establishing a compromise between performance, cost, and risk-across the asset lifecycle. This balancing act is based on data-informed decision- making and scenario analysis.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5 - Decision-Making:
"Optimization is the process of determining the best value compromise between conflicting priorities such as cost, risk, and performance."


NEW QUESTION # 16
Successful delivery of the asset management plan(s) relies on integration with other organisational plans in both the development and delivery phases

  • A. True
  • B. False

Answer: A


NEW QUESTION # 17
An asset management plan specifies...

  • A. Capability development, system design, and risk mitigation
  • B. Objectives, stakeholders, strategy alignment, and risk mitigation
  • C. Activities, resources, costs, timeframes, and responsibilities to meet AM objectives
  • D. Long-term asset management approach and conversion of organizational goals
  • E. Framework for translating strategy into AM objectives

Answer: C

Explanation:
Theasset management plan (AMP)outlines theactions and resourcesrequired to achieve the defined asset management objectives. It includeswhat will be done, by whom, when, and at what cost.
Exact Extract from ISO 55002:2018, Clause 6.2.2 - Asset Management Plans:
"Plans should describe the activities to achieve asset management objectives, identifying resources, timeframes, responsibilities, and associated risks."


NEW QUESTION # 18
There are 4 fundamentals in asset management, including ....

  • A. Value, Alignment, Leadership and Insurance
  • B. Value, Competitif, Leadership and Assurance
  • C. Value, Alignment, Proggresive and Assurance
  • D. Value, Alignment, Leadership and Assurance

Answer: D

Explanation:
Thefour fundamentals of asset management, as defined by the Institute of Asset Management, are:
* Value- Assets exist to provide value.
* Alignment- Asset management should align with organizational goals.
* Leadership- Strong governance and direction are essential.
* Assurance- Monitoring and evaluating performance for confidence in delivery.
This framework enables a structured approach to managing assets in a way that supports strategic and operational effectiveness.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 1.2 - Fundamentals of Asset Management:
"The four fundamentals of asset management are: Value, Alignment, Leadership, and Assurance."


NEW QUESTION # 19
......

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