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IAM IAM-Certificate Exam Syllabus Topics:

Section	Objectives
Topic 1: Organizational Context and Improvement	- Continuous Improvement and Performance Evaluation - Asset Management Governance
Topic 2: Asset Management Decision-Making	- Risk-Based Decision Processes - Lifecycle Costing and Optimization
Topic 3: Asset Lifecycle Management	- Asset Creation and Acquisition - Disposal and Decommissioning - Operation, Maintenance, and Renewal
Topic 4: Asset Management Strategy and Planning	- Asset Management Planning and Policy - Organizational Objectives and Alignment
Topic 5: Asset Information and Data Management	- Asset Information Systems - Data Quality and Governance
Topic 6: Asset Management Fundamentals	- Introduction to Asset Management Principles - Value, Risk, and Cost Concepts

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IAM The Institute of Asset Management Certificate Sample Questions (Q91-Q96):

NEW QUESTION # 91
For investment, it is important that the risk management processes adequately identify, assess and manage asset-related risks:

A. That align with historic events
B. That are fixed in time
C. That match investment periods
D. That vary with time
E. That do not consider time

Answer: D

Explanation:
Asset-related risks evolve over time, due to condition changes, usage patterns, environmental factors, and technological obsolescence. Therefore, risk assessments must account fordynamic, 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 # 92
There are many factors that can drive the decommissioning of assets,except:

A. Excess of service capacity
B. Compliance with changes in legislation
C. Obsolete technology
D. Cost of retaining in service

Answer: B

Explanation:
Whilelegislative compliancetypically drives asset upgrades or operational adjustments, itdoes not directly trigger decommissioning. Instead, decommissioning is usually influenced by:
* Obsolescence(e.g., technology no longer supported)
* Overcapacity(asset redundancy)
* Operational cost(prohibitive maintenance or energy expense)
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4.5 - Life Cycle Stage:
Disposal/Decommissioning:
"Typical drivers include condition, cost of retention, obsolescence, redundancy, and safety concerns."

NEW QUESTION # 93
The benefits of an asset management system are...

A. Bring best practices into the organization
B. A-B-C are true
C. Formalizes asset management
D. Establish roles and responsiblities

Answer: B

NEW QUESTION # 94
The costs included in an outline business case for the purchase of new assets should include:

A. All costs for the design and creation phase of the asset
B. All known and estimated costs for the asset lifecycle
C. All costs quoted by potential suppliers excluding operation and maintenance costs
D. Only costs that are known and therefore accurate
E. All costs, including estimated asset disposal costs but excluding design costs

Answer: B

Explanation:
The correct answer is E . IAM's Anatomy of Asset Management Version 4 explicitly places emphasis on whole-life / whole-cost decision-making, including life cycle cost analysis , disposal, renewal, rationalisation, and other lifecycle considerations. For an outline business case, that means the cost base should include not only purchase or creation costs, but also known and estimated costs across the full asset lifecycle .
That is why the alternatives are weaker. Limiting costs only to what is already known, only to design and creation, or only to supplier quotations would ignore IAM's lifecycle-value approach. Excluding design costs is also wrong, because lifecycle costing starts before operation and extends through end-of-life.

NEW QUESTION # 95
Procurement and delivery of the solution to time, cost and quality targets. What phase is it?

A. Definition phase
B. Concept phase
C. Handover and closeout phase
D. Implementation phase

Answer: D

NEW QUESTION # 96
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