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Reference: https://theiam.org/professional-development/qualifications/iam-certificate/
IAM The Institute of Asset Management Certificate Sample Questions:
Risk is best described as:
- A. The effect of meeting an organisation's objectives
- B. An organisation's tolerance to uncertainty
- C. The effect of uncertainty on an organisation's objectives
- D. An organisation's appetite to uncertainty
- E. The impact of uncertainty
Correct Answer: C 🗳️
In the context of Asset Management, and the 'line of sight' through the organisation, it is important that a project business case and evaluation process connect with:
- A. The Risk Management Strategy
- B. The Operational Budget
- C. The Resourcing Strategy
- D. The Capital Budget
- E. The Asset Management Objectives
Correct Answer: E 🗳️
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What are the main cost elements of a whole-life cost approach?
- A. Asset deterioration and reliability costs
- B. Maintenance, associated financing costs, refurbishment, and disposal costs
- C. Installation, maintenance and operations, and disposal costs
- D. Installation, failure and refurbishment costs
Correct Answer: C 🗳️
Explanation: Only visible for Pass4Leader members. You can sign-up / login (it's free).
Which of the following is the LEAST important factor when considering the decommissioning of assets?
- A. Changes to legislation
- B. Changes in performance levels to deliver the objectives for the organization
- C. Reduction in demand
- D. Obsolescence and lack of spare parts
- E. New technology in the market place
Correct Answer: B 🗳️
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Which of the following describes the most appropriate maintenance regime?
- A. A risk based regime where manufacturers' maintenance recommendations are followed
- B. A risk based regime where every asset has a planned preventive programme
- C. A condition based regime where maintenance procedures are based on failure data
- D. A risk based regime that combines preventive, predictive and corrective techniques
- E. A condition based regime where all assets are fitted with remote condition monitoring
Correct Answer: D 🗳️
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