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IAM The Institute of Asset Management Certificate Sample Questions (Q64-Q69):

NEW QUESTION # 64
This covers everything the goes into planning, designing and procuring an asset.

A. Acquire
B. Commission
C. Operate
D. Dispose

Answer: A

NEW QUESTION # 65
The concept of 'line of sight' means .....

A. Top Management involved in asset management
B. everyone who touches or influences what happens to an asset is involved in asset management
C. Stake holders involved in asset management
D. Asset Manager involved in asset management

Answer: B

NEW QUESTION # 66
When assessing risks, which of the following is a valid statement?

A. Risks can be assessed by calculating the product of their possibility and Mean Time Between Failure
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 Mean Time Between Failure and Mean Time To Repair

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 # 67
What is good practice to be included in an asset management policy?

A. A statement of commitment to comply with regulations, a commitment to continuous improvement, and principles guiding the development of the asset management strategy and objectives.
B. A statement of commitment to comply with regulations, a commitment to continuous improvement, a detailed plan of the work for the following year.
C. A statement of commitment to comply with regulations, a list of the top risks to the organisation, principles guiding the development of the asset management strategy and objectives.
D. A statement of commitment to comply with regulations, budget for the next five years, a commitment to continuous improvement, principles guiding the development of the asset management strategy and objectives.
E. A statement of commitment to comply with regulations, a commitment to continuous improvement, and the asset management strategy.

Answer: A

Explanation:
An effectiveAsset Management Policyoutlines the organization's high-level intent and principles regarding asset management. It doesnot include specific budgetary or operational detailslike annual plans.
Exact Extract from ISO 55001:2014, Clause 5.2 - Asset Management Policy:
"Shall include a commitment to satisfy applicable legal requirements, continual improvement, and provide a framework for setting asset management objectives and strategy."

NEW QUESTION # 68
According to ISO 55000, assets are .....

A. Processed, organized and structured data
B. Item, thing or entity that has potential or actual value to an organization
C. Refers to all the materials available in our environment
D. A type of investment that represents an ownership share in a company

Answer: B

Explanation:
ISO 55000 provides a clear and inclusive definition of anassetthat moves beyond the traditional financial concept. It includesanything that can deliver valueto an organization, either now or in the future. This may be physical, intangible, or financial.
* Arefers to equity investments-not the scope of ISO 55000.
* BandDare unrelated to asset management as defined in this standard.
* Cmatches the ISO definition verbatim.
Exact Extract from ISO 55000:2014, Clause 3.2.1 - Definition of Asset:
"An asset is an item, thing or entity that has potential or actual value to an organization."

NEW QUESTION # 69
......

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IAM IAM-Certificate Labs - Exam IAM-Certificate Torrent

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Exam IAM-Certificate Torrent | Free IAM-Certificate Learning Cram

IAM The Institute of Asset Management Certificate Sample Questions (Q64-Q69):

IAM-Certificate exam guide & IAM-Certificate Real dumps & IAM-Certificate free file

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