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IAM The Institute of Asset Management Certificate Sample Questions (Q82-Q87):
NEW QUESTION # 82
What is the Asset Life Cycle?
Answer: B
Explanation:
TheAsset Life Cyclerefers to the complete sequence of phases an asset undergoes from its creation to final disposal. It includes stages such as planning, acquisition, commissioning, operation, maintenance, and disposal. It is not just a linear timeline but a framework for making optimized, value-driven decisions throughout the asset's existence.
* Option Ais correct: Asset management involves the strategic and analytical control of assets over their lifecycle.
* Option Bis incorrect: Project management is a tool used within specific lifecycle phases.
* Option Cis false: Asset management complements but does not replace quality management.
* Option Dis not applicable, as the premise of Option A is accurate.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4 - The Asset Lifecycle:
"The asset lifecycle is a concept used to describe the phases of activity over the life of an asset...
Organizations need to understand how asset decisions and activities interrelate across these phases and manage them in an integrated manner."
NEW QUESTION # 83
Procurement and delivery of the solution to time, cost and quality targets. What phase is it?
Answer: A
NEW QUESTION # 84
A policy is best defined as...
Answer: C
Explanation:
Apolicyis a formal statement of intent from senior leadership, expressing organizational direction, intent, and principles.
Exact Extract from ISO 55000:2014, Clause 3.1.7 - Definition of Policy:
"Policy: Intentions and direction of an organization, as formally expressed by its top management."
NEW QUESTION # 85
Which of the following is best described as an Asset Management Objective?
Answer: B
NEW QUESTION # 86
An ISO 55000 asset management system provides the structure, methodology and mechanism to helping asset-intensive organizations deliver on their objectives.
Answer: B
NEW QUESTION # 87
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