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IAM The Institute of Asset Management Certificate Sample Questions (Q78-Q83):
NEW QUESTION # 78
Holding equipment spare parts can be expensive. What is the best justification for holding spares?
- A. When the original equipment manufacturer recommends spares should be held
- B. When cost of downtime or service losses exceeds cost of holding spares
- C. The organization has always held spares
- D. The Maintenance Manager wants to hold spares
- E. When maintenance is outsourced to a maintainer who doesn't hold spares
Answer: B
Explanation:
Spares strategyshould be based onrisk and cost trade-off. Holding spares is justified when theimpact of unavailability(downtime, penalties, service interruption)exceeds the cost of stockingthe parts.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4.3 - Operate and Maintain:
"Decisions about spare parts should consider the risk of failure, lead time, and cost of downtime in relation to the cost of storage and obsolescence."
NEW QUESTION # 79
The asset management strategy will:
- A. Focus on historical customer requirements for forecasting
- B. Consider what customers want and how to limit change
- C. Consider how to encourage customer demand
- D. Consider how and why current and future customer requirements are assessed
- E. Consider how to discourage future demand growth
Answer: D
Explanation:
A sound strategy evaluatesfuture customer needsto ensureasset capability and investment planningis aligned. Backward-looking or restrictive approaches do not align with proactive asset management.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.3 - Demand Analysis:
"Asset strategies must reflect an understanding of both current and future customer requirements, including external drivers of demand."
NEW QUESTION # 80
An ISO 55000 asset management system provides the structure, methodology and mechanism to helping asset- intensive organizations deliver on their objectives.
Answer: A
Explanation:
This statement reflects the foundational objective of ISO 55000: to offer asystematic approachto asset management. This includes the integration of leadership, planning, support, operation, performance evaluation, and continual improvement-all contributing to the achievement of organizational objectives through optimized asset performance.
Exact Extract from ISO 55000:2014, Clause 0.2:
"An asset management system provides a structured approach for developing and implementing asset management activities that deliver the organizational objectives."
NEW QUESTION # 81
Characteristics of organisational context that affect what is achievable and worthwhile in asset management fall into three categories:
- A. Volatility of the business environment
- B. All above true
- C. Scale and complexity of the asset portfolio
- D. Asset systems criticality
Answer: B
Explanation:
Theorganizational contextdetermines how asset management strategies and objectivesare tailored. It includes internal and external factors such as asset complexity, environmental volatility, and the criticality of systems to business continuity.
Exact Extract from ISO 55001:2014, Clause 4.1 - Understanding the Organization and its Context:
"The organization shall determine external and internal issues relevant to its purpose and that affect its ability to achieve the intended outcomes of its asset management system."
NEW QUESTION # 82
Which of the following statements is true:
- A. Corporate objectives are derived from the Asset Management strategy
- B. Corporate objectives should be set by comparing the organisation's performance to its most closest associated peer
- C. Corporate objectives drive the activities within the Asset Management system
Answer: C
NEW QUESTION # 83
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