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IAM The Institute of Asset Management Certificate Sample Questions (Q29-Q34):

NEW QUESTION # 29
What is the purpose of the asset management policy?

A. To describe the long-term approach to the management of physical assets and how organisational objectives are converted into asset management objectives.
B. To set a framework of principles for translating the organisation's strategic objectives into asset management objectives and guiding development of the asset management strategy.
C. To balance the costs and benefits of different renewal maintenance overhaul and disposal interventions in support of the asset management objectives.
D. To determine the asset management objectives including costs, risks and performance, aligned with the organisational objectives.
E. To address the approach of the asset management organisation to realise the (strategic) asset management plans.

Answer: B

Explanation:
Theasset management policyis a high-level document that provides direction and a framework for developing asset management strategies and objectives. It does not include specific activities, financials, or operational details.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"The policy provides a framework for the setting of asset management objectives and alignment with the strategic plan."

NEW QUESTION # 30
A definition of asset management is:

A. A grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations
B. A clear understanding of the linkages between each stage in the asset lifecycle
C. The optimal life cycle management of physical assets to sustainably achieve the stated business objectives
D. The optimal maintenance an organisation undertakes on its assets

Answer: C

Explanation:
Thecorrect and widely accepted definition of asset management-particularly as defined by ISO 55000- is thecoordinated activityto realizevalue from assetsthroughlifecycle managementaligned with strategic goals.
Exact Extract from ISO 55000:2014, Clause 3.3.1 - Asset Management:
"The coordinated activity of an organization to realize value from assets."

NEW QUESTION # 31
Asset Management is explicitly focussed on helping organisations to achieve their defined objectives and to determine the optimal blend of activities based on these objectives.

A. True
B. False

Answer: A

NEW QUESTION # 32
Which of these is NOT a key principle of asset management?

A. Reducing the costs of investments
B. Applying a whole-life perspective
C. All of above false
D. Linking decisions to the overall business objectives

Answer: A

NEW QUESTION # 33
Successful delivery of the asset management plan(s) relies on integration with other organisational plans in both the development and delivery phases.

A. True
B. False

Answer: A

Explanation:
Asset management planning must beintegrated with financial planning, risk management, HR planning, and operational strategies. Failure to align these will result in fragmentation, inefficiencies, and potential non-delivery of objectives.
* ISO 55001 requires this cross-functional integration.
* IAM identifies this as a foundational success factor.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.4 - Asset Management Planning:
"Integration with other business planning processes-financial, risk, operations-is essential for effective delivery of asset management plans."

NEW QUESTION # 34
......

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The private interfaces to the concrete pair classes, Related IAM-Certificate Exams As you learned in the previous lesson, `.` matches any one character as does anyliteral character) In the final example in that IAM-Certificate lesson, `.a` was used to match both `na` and `sa`, `.` matched both the `n` and `s`.

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