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NEW QUESTION # 15
When undertaking whole-life cost analysis it is important to remember that:
- A. The analysis should be completed without reference to other organisational functions to ensure independence
- B. As many costs as possible should be included in the analysis ensuring these are consistently derived between analyses
- C. It is impossible to get the right answer unless all the data and information are understood
Answer: C
NEW QUESTION # 16
According to ISO 55000, assets is .....
- A. A type of investment that represents an ownership share in a company
- B. Refers to all the materials available in our environment
- C. Item, thing or entity that has potential or actual value to an organization.
- D. Processed, organized and structured data
Answer: C
NEW QUESTION # 17
What is the correct top-down hierarchy order for the following PAS 55 defined documents?
- A. Asset Management Strategy, Policy, Objectives and Plans
- B. Asset Management Policy, Objectives, Strategy and Plans
- C. Asset Management Policy, Plans, Strategy and Objectives
- D. Asset Management Policy, Strategy, Objectives and Plans
Answer: D
NEW QUESTION # 18
ISO 55001 sets out requirements for an asset management policy which fall into five categories:
- A. Consistency, A priori, Commitment, A framework, Communication
- B. Consistency, Appropriateness, Commitment, A framework, Communication
- C. Consistency, A priori, Commitment, Balancing, Communication
- D. Consistency, Appropriateness, Maintenance, A framework, Communication
Answer: B
NEW QUESTION # 19
Capital Investment Decision-Making comprises the processes to .....
- A. All false
- B. evaluate and analyse options for the creation of new assets
- C. The replacement of modal at the end of their useful life
- D. Decreasing the capability of assets
Answer: B
NEW QUESTION # 20
Asset Management is explicitly focussed on helping organisations to achieve their defined objectives and to determine the optimal blend of activities based on these objectives.
- A. False
- B. True
Answer: B
NEW QUESTION # 21
Based on ISO 55000 regarding asset management system, which of the following statements is false!
- A. Is application agnostic
- B. Is not a software
- C. Is a regulation to help the organization
- D. Provides a documented foundation for the asset management operation
Answer: C
NEW QUESTION # 22
How many elements does the IAM Asset Management Conceptual Model contain?
- A. Six
- B. Seven
- C. Five
- D. Four
Answer: D
NEW QUESTION # 23
(Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility, is the definition of .......
- A. Risk
- B. Asset
- C. Value
- D. Cost
Answer: A
NEW QUESTION # 24
Which of the following phrases describes best the key advantage of asset management over traditional approaches?
- A. Asset management ensures all asset interventions (for example maintenance or renewal intervals) are optimised with respect to risk
- B. Asset management is primarily concerned with ensuring that resources are optimally used by putting into place effective planning regimes and processes to continually improve staff competence
- C. Asset management takes an optimised whole-life view of the work required on the asset portfolio to ensure current and future required levels of service are delivered
Answer: B
NEW QUESTION # 25
The term optimizing describes.
- A. The process of establishing the best value compromise between a set of competing factors, in order to support asset management decision-making
- B. The process of Maintenance the best value compromise between a set of competing factors, in order to support asset management decision-making
- C. The process of review the best value compromise between a set of competing factors, in order to support asset management decision-making
- D. The process of control the best value compromise between a set of competing factors, in order to support asset management decision-making
Answer: A
NEW QUESTION # 26
ISO 55001 defines seven sets of requirements for a management system for asset management, except ...
- A. Support for effective management
- B. Controlling
- C. Multi-level Planning for assets and asset management
- D. Defining the Organisational Context
Answer: B
NEW QUESTION # 27
Which of the following statements is not a management asset?
- A. an approach that looks to get the best out of the assets for the benefit of the organisation and/or its stakeholders
- B. a recognition that assets have a life cycle
- C. a substitute for quality management
- D. understanding and managing the risk associated with owning assets
Answer: C
NEW QUESTION # 28
What is the purpose of whole-life cost analysis?
- A. To determine the renewal costs at the end of an asset's life
- B. To determine the most important costs associated with an asset
- C. To determine the option for a particular decision which has the lowest costs over the life of the asset
Answer: C
NEW QUESTION # 29
Characteristics of organisational context that affect what is achievable and worthwhile in asset management fall into three categories:
- A. All above true
- B. Volatility of the business environment
- C. Asset systems criticality
- D. Scale and complexity of the asset portfolio
Answer: A
NEW QUESTION # 30
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