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IAM The Institute of Asset Management Certificate Sample Questions:
1. Which of these statements is UNTRUE?
A) Asset information has maintenance costs as well as collection costs
B) Asset information is always worth collecting regardless of cost
C) Asset information can be treated as an asset in its own right
2. There are 4 fundamentals in asset management, including ....
A) Value, Alignment, Leadership and Insurance
B) Value, Alignment, Leadership and Assurance
C) Value, Competitif, Leadership and Assurance
D) Value, Alignment, Proggresive and Assurance
3. How is risk best quantified within an ISO 55001 compliant Asset Management System?
A) Risk is quantified by multiplying event probability by event consequences
B) Risk identification processes quantify risk
C) It is not possible to quantify risk
D) Risk is quantified by defining boundaries of acceptable risk
E) Risk is quantified as a product of asset criticality and unavailability
4. Holding equipment spare parts can be expensive. What is the best justification for holding spares?
A) The Maintenance Manager wants to hold spares
B) When cost of downtime or service losses exceeds cost of holding spares
C) When the original equipment manufacturer recommends spares should be held
D) When maintenance is outsourced to a maintainer who doesn't hold spares
E) The organization has always held spares
5. The term optimizing describes:
A) The process of establishing 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 control the best value compromise between a set of competing factors, in order to support asset management decision-making
D) The process of review the best value compromise between a set of competing factors, in order to support asset management decision-making
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: A |
By Toby
