FREE PDF IAM - IAM-CERTIFICATE–HIGH PASS-RATE CERT

Free PDF IAM - IAM-Certificate–High Pass-Rate Cert

Free PDF IAM - IAM-Certificate–High Pass-Rate Cert

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IAM The Institute of Asset Management Certificate Sample Questions (Q21-Q26):

NEW QUESTION # 21
Based on ISO 55000 regarding asset management system, which of the following statements is false?

  • A. Provides a documented foundation for the asset management operation
  • B. Is application agnostic
  • C. Is not a software
  • D. Is a regulation to help the organization

Answer: D

Explanation:
AnAsset Management Systemunder ISO 55000 is not a software product or regulation; itis amanagement system-a structured framework of policies, processes, and responsibilities used to achieve asset management objectives.
* Ais correct: The standard explicitly states it isnotsoftware.
* Bis correct: ISO 55000 is industry and platform agnostic.
* Cis correct: The standard provides a documented foundation for good asset management practices.
* Dis incorrect: ISO 55000 is a voluntary standard, not a regulation.
Exact Extract from ISO 55000:2014, Clause 2.5:
"An asset management system is a set of interrelated or interacting elements of an organization, to establish asset management policy and objectives, and the processes to achieve those objectives. It is not a software system."


NEW QUESTION # 22
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 probability and consequences
  • C. Risks can be assessed by calculating the product of their probability and frequency
  • D. Risks can be assessed by calculating the product of their consequences and occurrence
  • E. Risks can be assessed by calculating the product of their possibility and Mean Time Between Failure

Answer: B

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 # 23
What is the correct top-down hierarchy order for the following PAS 55 defined documents?

  • A. Asset Management Policy, Plans, Strategy and Objectives
  • B. Asset Management Policy, Strategy, Objectives and Plans
  • C. Asset Management Policy, Objectives, Strategy and Plans
  • D. Asset Management Strategy, Policy, Objectives and Plans

Answer: B

Explanation:
According toPAS 55 and ISO 55001, the hierarchy flows fromhigh-level principles and intent (policy)to detailed tactical execution (plans):
* Policy- Organizational intent and principles
* Strategy- Long-term approach for achieving objectives
* Objectives- Specific performance and capability targets
* Plans- Scheduled actions to meet objectives
Exact Extract from PAS 55-1:2008, Section 4.2.1:
"The asset management policy leads into the asset management strategy, from which objectives and corresponding plans are derived."


NEW QUESTION # 24
The purpose of an Asset Information Strategy is to:

  • A. Calculating the lowest cost options for the entire commercial life of a building
  • B. Specify the requirements for procuring the organisation's asset information system
  • C. Collate the standards which define the collection, storage and use of asset information
  • D. Provide the overall framework and plan for asset information which will deliver the organisation's asset information requirements

Answer: C


NEW QUESTION # 25
What is the correct top-down hierarchy order for the following PAS 55 defined documents?

  • A. Asset Management Policy, Plans, Strategy and Objectives
  • B. Asset Management Policy, Strategy, Objectives and Plans
  • C. Asset Management Policy, Objectives, Strategy and Plans
  • D. Asset Management Strategy, Policy, Objectives and Plans

Answer: B


NEW QUESTION # 26
......

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