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| Section | Weight | Objectives |
|---|---|---|
| Asset Management Policy, Strategy & Planning | 17% | - Policy development and alignment - Tactical and operational planning - Alignment with organizational goals - Strategic asset management plans |
| Principles of Asset Management | 33% | - Value and objectives of asset management - Concepts and definitions - ISO 55000 series overview - Roles and responsibilities |
| Managing Asset Life Cycle Decisions and Activities | 17% | - Investment and replacement decisions - Life cycle stages and activities - Operation, maintenance and disposal - Performance monitoring and improvement |
| Assessing and Managing Asset Management Risks | 17% | - Risk concepts and framework - Risk reporting and review - Risk identification, analysis and evaluation - Risk treatment and control |
| Finance and Business Impact | 17% | - Business continuity and impact assessment - Costs, benefits and value creation - Budgeting and funding - Asset valuation and accounting |
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NEW QUESTION # 123
Which of the following statements is true !
Answer: A
NEW QUESTION # 124
The Asset Management Policy should be...
Answer: C
Explanation:
The correct answer is E. effectively communicated, regularly reviewed, supported by top management, consistent with stakeholder requirements and aligned with other organisational policies . This wording matches the IAM-aligned and ISO 55001-aligned definition of an Asset Management Policy. The GFMAM Asset Management Landscape states that the Asset Management Policy should be consistent with stakeholder requirements , aligned with and consistent with other organizational policies , and supported by top management, effectively communicated and regularly reviewed .
This is also reinforced by the Institute of Asset Management (IAM) Anatomy of Asset Management, Version 4 (2024) , which explains that the asset management policy must ensure consistency with stakeholder requirements, organizational objectives, and other policies , while requiring top management support, effective communication, and periodic reviews , together with a commitment to continual improvement.
Further IAM support comes from the IAM Competences Framework , which defines asset management policy as a statement of principles by which the organization applies asset management to achieve organizational objectives, and notes that it should be aligned to and demonstrate support for organizational objectives, while taking stakeholder requirements and other organizational policies into account.
Why the other options are incorrect:
* A is wrong because it says "never reviewed" , whereas IAM/GFMAM guidance clearly says the policy should be regularly reviewed .
* B is wrong because it says "supported by the risk teams" instead of top management . IAM
/GFMAM explicitly require top management support .
* C is wrong because it says the policy is "not aligned with any other organisational policies" , which directly contradicts IAM/GFMAM guidance that it should be aligned with other organizational policies.
* D is wrong because it says the policy should be "kept confidential" , whereas IAM states it should be effectively communicated and made available appropriately.
NEW QUESTION # 125
Asset Management is important because it can help organisations to, except .....?
Answer: A
Explanation:
Asset Management promotes safer, more efficient, and more sustainable operations. Increasing negative health impacts contradicts IAM goals.
* Option A is valid-effective asset management reduces CAPEX through optimized planning.
* Option C aligns with environmental sustainability principles.
* Option D refers to compliance, a key governance and risk management objective.
Extract from IAM Document - Asset Management: An Anatomy (v4):
"It enables organizations to manage risk, improve safety and reliability, reduce costs, and enhance environmental and regulatory compliance." (Section 2.2 - The Benefits of Asset Management)
NEW QUESTION # 126
You have been asked to optimise asset investment planning. What is the best source of information for this?
Answer: D
Explanation:
The correct answer is B . IAM's Anatomy of Asset Management Version 4 states that asset management provides a whole-life / whole-cost perspective and a structured approach to investment appraisal . The IAM Competences Framework also explicitly includes the need to identify and evaluate appropriate whole life costing models , specify costs across lifecycle stages, and update whole-life cost calculations when cost inputs change.
For optimizing asset investment planning, whole-life cost models are superior to tendered costs, single engineering estimates, supplier quotations, or generic published data because they support decisions across the full asset lifecycle and align with IAM's life-cycle value realization principles.
NEW QUESTION # 127
Which of the following is best described as an Asset Management Objective?
Answer: A
Explanation:
AnAsset Management Objectiveis typically astrategic-level goal, not overly detailed or time-bound. It focuses on intent, such as adopting a methodology or aligning with a principle. Option B and C are performance targets or KPIs. D is grammatically incorrect.
Exact Extract from ISO 55001:2014, Clause 6.2 - Asset Management Objectives:
"Objectives shall be consistent with the asset management policy, measurable (if practicable), and aligned with achieving value from assets."
NEW QUESTION # 128
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