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IAM IAM-Certificate Exam Syllabus Topics:

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

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IAM The Institute of Asset Management Certificate Sample Questions (Q90-Q95):

NEW QUESTION # 90
Which of the following is best described as an Asset Management Objective?

A. Risk-based maintenance will be introduced at Depot A in September 2011 with the following work volumes
B. Risk based provide direction for Asset and Non-Asset Class Plannin
C. Risk-based maintenance will deliver an improvement in the failure rate of assets of 10% for no increase in cost by September 2011
D. A risk-based approach to renewal and maintenance will be adopted

Answer: D

NEW QUESTION # 91
Effective asset management can enhance an organization's reputation and its ability to .......?

A. Reduce the cost of managing assets over their lives.
B. Operate safely.
C. Meet its regulatory and statutory obligations
D. All true

Answer: D

NEW QUESTION # 92
Risk is best described as:

A. An organisation's appetite to uncertainty
B. The effect of meeting an organisation's objectives
C. The impact of uncertainty
D. An organisation's tolerance to uncertainty
E. The effect of uncertainty on an organisation's objectives

Answer: E

Explanation:
This is the ISO 31000 and ISO 55000 definition of risk . Risk encompasses both threats and opportunities
-any uncertainty that may affect objectives.
Exact Extract from ISO 55000:2014, Clause 3.2.21 - Risk:
"Risk: Effect of uncertainty on objectives."

NEW QUESTION # 93
A vital element underpinning successful asset management, are .....

A. A-B-C True
B. Competent
C. Consistent
D. Optimal decision-making

Answer: A

NEW QUESTION # 94
When assessing risks, which of the following is a valid statement?

A. Risks can be assessed by calculating the product of their Mean Time Between Failure and Mean Time To Repair
B. Risks can be assessed by calculating the product of their consequences and occurrence
C. Risks can be assessed by calculating the product of their possibility and Mean Time Between Failure
D. Risks can be assessed by calculating the product of their probability and frequency
E. Risks can be assessed by calculating the product of their probability and consequences

Answer: E

Explanation:
Again, the recognized method for risk evaluation aligns with ISO 31000 and ISO 55000:
Risk = Probability × Consequence
This is used across risk matrices, risk registers, and decision frameworks.
Exact Extract from IAM - Risk Management in Asset Management:
"The basic formula for quantifying risk is: Risk = Likelihood × Consequence."

NEW QUESTION # 95
......

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