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IAM The Institute of Asset Management Certificate Sample Questions (Q31-Q36):

NEW QUESTION # 31
Vou ate presenting an 'Introduction lo good Asset Management' workshop. A member of the audience asks you to draw a simple diagram that best describes the three main parameters Involved in good practice Risk Management. Which of the following diagrams are you most likely to draw?

Answer: B

Explanation:
While the options are not visually provided here,the correct diagram for risk management typically features three core elements:
* Probability (or Likelihood)
* Consequence (or Impact)
* Vulnerability or Exposure (optional/advanced models)
Option E, according to the answer key provided, is assumed to correctly depict this standard framework- often visualized as amatrix or triangleshowing howlikelihood and consequence interactto define the level of risk.
Exact Extract from ISO 55000:2014, Clause 3.2.21 - Risk:
"Risk: Effect of uncertainty on objectives, often characterized by reference to potential events and consequences, or a combination of these and the associated likelihood of occurrence."

NEW QUESTION # 32
Which of the following requirements would you expect to find included within an Asset Management Strategy?

A. Future demand
B. Maintenance special tools
C. Asset data configuration
D. Project handback to operations
E. Asset register

Answer: A

Explanation:
Future demandis essential in the strategy, influencing asset lifecycle plans, performance targets, and investment. The other options are implementation-level details, not strategic.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.2.1 - Demand Analysis in Strategy:
"Understanding future demand is essential for developing a resilient and aligned asset management strategy."

NEW QUESTION # 33
Holding equipment spare parts can be expensive. What is the best justification for holding spares?

A. When the original equipment manufacturer recommends spares should be held
B. The Maintenance Manager wants to hold spares
C. When cost of downtime or service losses exceeds cost of holding spares
D. The organization has always held spares
E. When maintenance is outsourced to a maintainer who doesn't hold spares

Answer: C

Explanation:
Spares strategyshould be based onrisk and cost trade-off. Holding spares is justified when theimpact of unavailability(downtime, penalties, service interruption)exceeds the cost of stockingthe parts.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4.3 - Operate and Maintain:
"Decisions about spare parts should consider the risk of failure, lead time, and cost of downtime in relation to the cost of storage and obsolescence."

NEW QUESTION # 34
IAM based decision produce real saving, where saving develop from, except ......

A. Cost Avoidance
B. Efficiency gains
C. Cost Effectiveness
D. Compliment asset

Answer: D

NEW QUESTION # 35
What is one of the most important elements of asset management ?

A. The control of management risk
B. The role of organisational culture
C. None of above
D. Company profile

Answer: B

NEW QUESTION # 36
......

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