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IAM The Institute of Asset Management Certificate Sample Questions (Q48-Q53):

NEW QUESTION # 48
The term optimizing describes:

A. The process of Maintenance the best value compromise between a set of competing factors, in order to support asset management decision-making
B. The process of control 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 establishing the best value compromise between a set of competing factors, in order to support asset management decision-making

Answer: D

Explanation:
Optimizingis a core concept in asset management. It refers to establishing a compromise between performance, cost, and risk-across the asset lifecycle. This balancing act is based on data-informed decision- making and scenario analysis.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5 - Decision-Making:
"Optimization is the process of determining the best value compromise between conflicting priorities such as cost, risk, and performance."

NEW QUESTION # 49
Which of the following statements is true !

A. Strategic planning is describes how the organisation will develop and improve its asset management capabilities
B. Strategic planning is the process for establishing asset management objectives and developing the asset management strategy
C. Strategic planning is usually undertaken as part of the overall organisational management
D. Strategic planning explicitly considers the life cycle of the assets and the interdependencies between each of the life cycle stages

Answer: B

NEW QUESTION # 50
What is an Asset Management System as defined by PAS 55?

A. The asset information technology system used for collating and analysing asset data
B. The management system which organises and drives all asset management activities
C. The system by which organisations can manage and influence stakeholder requirements
D. The asset system which organises all data management activities

Answer: B

Explanation:
TheAsset Management Systemrefers to themanagement frameworkof policies, processes, and tools that collectively enable the achievement of asset-related objectives-not just IT or data systems.
Exact Extract from PAS 55-1:2008, Clause 3.3.1:
"Asset management system: The integrated set of processes, plans, and tools that collectively define and drive the asset management activities within the organization."

NEW QUESTION # 51
There are 7 principles of asset management :

A. Lifecycle
B. All true
C. Probability
D. Value added

Answer: B

NEW QUESTION # 52
A key role of asset management is to assure the delivery of value, in line with, except :

A. Return on Investment (ROI) and/or Return on Net Assets (RONA
B. Required residual risk profile
C. agreed performance / levels of service
D. Company Profile

Answer: D

NEW QUESTION # 53
......

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