IAM-CERTIFICATE PRACTICE TESTS | IAM-CERTIFICATE EXAM REFERENCE

IAM-Certificate Practice Tests | IAM-Certificate Exam Reference

IAM-Certificate Practice Tests | IAM-Certificate Exam Reference

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IAM-Certificate Exam Reference, IAM-Certificate Visual Cert Test

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IAM The Institute of Asset Management Certificate Sample Questions (Q33-Q38):

NEW QUESTION # 33
The term optimizing describes:

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

Answer: B

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 # 34
Which of the following statements best describes the difference between an Asset Management Policy and an Asset Management Strategy?

  • A. Policy defines principles; strategy certifies condition
  • B. Policy defines objectives and time; strategy summarizes work plans
  • C. Policy defines principles; strategy defines objectives and time
  • D. Policy defines financial trade-offs; strategy summarizes planning
  • E. Policy defines objectives and time; strategy defines principles

Answer: C

Explanation:
Thepolicydefines the guiding principles, while thestrategytranslates these into organizational objectives and the approach to achieve them.
Exact Extract from ISO 55001:2014, Clause 5.2 and Clause 6.2:
"The policy provides the framework for objectives. The strategy identifies how to achieve them through organizational planning and resource alignment."


NEW QUESTION # 35
When assessing risks, which of the following is a valid statement?

  • A. Risks can be assessed by calculating the product of their possibility and Mean Time Between Failure
  • B. Risks can be assessed by calculating the product of their probability and consequences
  • C. Risks can be assessed by calculating the product of their probability and frequency
  • D. Risks can be assessed by calculating the product of their consequences and occurrence
  • E. Risks can be assessed by calculating the product of their Mean Time Between Failure and Mean Time To Repair

Answer: B

Explanation:
Again, the recognized method for risk evaluation aligns with ISO 31000 and ISO 55000:
Risk = Probability × Consequence
This is used across risk matrices, risk registers, and decision frameworks.
Exact Extract from IAM - Risk Management in Asset Management:
"The basic formula for quantifying risk is: Risk = Likelihood × Consequence."


NEW QUESTION # 36
Effective asset management can enhance an organization's reputation and its ability to .......?

  • A. Meet its regulatory and statutory obligations
  • B. Operate safely.
  • C. All true
  • D. Reduce the cost of managing assets over their lives.

Answer: C


NEW QUESTION # 37
Which of the following best describes the 'useful life' of an asset?

  • A. Period for which the asset can economically perform a required function
  • B. Time until the asset is physically non-functioning
  • C. Time until the asset is fully depreciated
  • D. Time until maintenance costs exceed stakeholder thresholds
  • E. Time specified by OEM

Answer: A

Explanation:
Useful lifeis determined not by age, cost, or accounting rules-but by theeconomic abilityof the asset to deliver required service. This includes operational efficiency, cost-effectiveness, and supportability.
Exact Extract from ISO 55000:2014, Clause 3.2.10 - Useful Life:
"The period over which an asset is expected to be usable for its intended purpose and deliver value economically."


NEW QUESTION # 38
......

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