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IAM The Institute of Asset Management Certificate Sample Questions (Q89-Q94):

NEW QUESTION # 89
Characteristics of organisational context that affect what is achievable and worthwhile in asset management fall into three categories:

A. All above true
B. Scale and complexity of the asset portfolio
C. Asset systems criticality
D. Volatility of the business environment

Answer: A

NEW QUESTION # 90
Which of the following is NOT a key requirement with regard to an asset management policy?

A. It is appropriate for the type of organization
B. It provides for continual improvement
C. It is consistent with the organizational strategic plan
D. It commits the organization to compliance with relevant laws
E. It is fully detailed on every aspect

Answer: E

Explanation:
Theasset management policyis a high-level document, and thereforenot meant to be fully detailed. It outlines intent and framework, not implementation specifics.
Exact Extract from ISO 55001:2014, Clause 5.2:
"Shall be appropriate to the organization and provide a framework for objectives. It does not include detailed implementation plans."

NEW QUESTION # 91
What is an Asset Management System as defined by PAS 55?

A. The asset information technology system used for collating and analysing asset data
B. The management system which organises and drives all asset management activities
C. The system by which organisations can manage and influence stakeholder requirements
D. The asset system which organises all data management activities

Answer: B

Explanation:
TheAsset Management Systemrefers to themanagement frameworkof policies, processes, and tools that collectively enable the achievement of asset-related objectives-not just IT or data systems.
Exact Extract from PAS 55-1:2008, Clause 3.3.1:
"Asset management system: The integrated set of processes, plans, and tools that collectively define and drive the asset management activities within the organization."

NEW QUESTION # 92
Which of these is NOT a key principle of asset management?

A. Applying a whole-life perspective
B. Linking decisions to the overall business objectives
C. All of above false
D. Reducing the costs of investments

Answer: D

Explanation:
Reducing investment cost is atactical financial objective, not aprincipleof asset management. IAM's seven principles include value, alignment, leadership, assurance, lifecycle thinking, risk-based decision-making, and sustainability.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 1.4 - Principles of Asset Management:
"Key principles include alignment with business objectives and applying whole-life costing-not cost reduction as a goal in itself."

NEW QUESTION # 93
Which statement is INCORRECT?

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

Answer: B

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 # 94
......

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