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| Section | Objectives |
|---|
| Organizational Context and Improvement | - Asset Management Governance - Continuous Improvement and Performance Evaluation
|
| Asset Information and Data Management | - Asset Information Systems - Data Quality and Governance
|
| Asset Management Strategy and Planning | - Organizational Objectives and Alignment - Asset Management Planning and Policy
|
| Asset Management Decision-Making | - Risk-Based Decision Processes - Lifecycle Costing and Optimization
|
| Asset Management Fundamentals | - Value, Risk, and Cost Concepts - Introduction to Asset Management Principles
|
| Asset Lifecycle Management | - Operation, Maintenance, and Renewal - Asset Creation and Acquisition - Disposal and Decommissioning
|
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IAM-Certificate Exam Learning | IAM-Certificate Simulation Questions
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IAM The Institute of Asset Management Certificate Sample Questions (Q91-Q96):
NEW QUESTION # 91
What does the "D" in EBITDA stand for?
- A. Distinction
- B. Disinvestment
- C. Disincentive
- D. Depreciation
- E. Discounts
Answer: D
Explanation:
The correct answer is A . EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization . In asset-intensive organizations, depreciation is especially relevant because IAM recognizes depreciation and asset valuation as important elements of asset costing, valuation, and financial decision support. The IAM Anatomy discusses depreciation in the context of asset valuation and remaining life.
So the "D" in EBITDA is Depreciation .
NEW QUESTION # 92
Where would you expect an organisation to set out its intentions with regard to delivering a sustainable capital investment plan?
- A. Sustainability statements
- B. Asset management communications plan
- C. Asset management audit reports
- D. Strategic Asset Management Plan (SAMP)
- E. Sustainability benchmarks
Answer: D
Explanation:
The correct answer is A . IAM guidance on the SAMP explains that it is the document used to set out the organization's strategic intentions for assets and their management, including the optimal whole life cycle , strategic planning process, and the delivery of asset management objectives. The IAM publication on Developing and Maintaining a Strategic Asset Management Plan (SAMP) states that the SAMP provides practical guidance on strategic planning as it applies to assets and their optimal whole life cycle and to management improvement.
A sustainable capital investment plan is therefore exactly the sort of long-term intent that belongs in the SAMP , not in communications plans, audit reports, or benchmark statements.
NEW QUESTION # 93
Which of the following is NOT a key requirement with regard to an asset management policy?
- A. It is fully detailed on every aspect
- 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 appropriate for the type of organization
Answer: A
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 # 94
For investment, it is important that the risk management processes adequately identify, assess and manage asset-related risks:
- A. That match investment periods
- B. That vary with time
- C. That align with historic events
- D. That are fixed in time
- E. That do not consider time
Answer: B
Explanation:
Asset-related risks evolve over time , due to condition changes, usage patterns, environmental factors, and technological obsolescence. Therefore, risk assessments must account for dynamic, time-varying risk profiles , especially in investment planning and forecasting.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5.2 - Risk-Based Decision- Making:
"Risks are not static. Their likelihood and consequence change over time and should be continuously assessed in line with asset lifecycle and investment horizons."
NEW QUESTION # 95
Where can a standardised Risk Matrix be found for use within Asset Management Systems aligned to the ISO
55000 series of standards?
- A. Standard Risk Matrices for assets are widely available via internet search engines
- B. Each organization's risk appetite and asset portfolio are unique, so no standard Risk Matrix applies
- C. A standard Risk Matrix is available in ISO 55002.
- D. A standard Risk Matrix exists in the GFMAM's Asset Management Landscape
- E. A standard Risk Matrix is available in ISO 31000
Answer: B
Explanation:
The correct answer is B . There is no single standard risk matrix prescribed by the ISO 55000 series for all organizations. ISO 55002 guidance indicates that when addressing risk in asset management, the organization should determine its risk assessment criteria and decision-making criteria in light of stakeholder input, policy, and the organization's own risk attitude. That means the matrix, scales, and thresholds are organization-specific, not universal.
This is fully consistent with IAM/GFMAM practice, because asset management decisions are made within the organization's own context, objectives, risk tolerability, asset portfolio, and stakeholder requirements. A generic matrix found online may be useful as an example, but it is not an ISO 55000 standard matrix. Neither ISO 55002 nor the GFMAM Landscape provides a single mandatory matrix for all asset-management systems.
NEW QUESTION # 96
......
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