The Institute of Asset Management Certificate (IAM-Certificate) Free Practice Test

Question 1

A significant risk of asset failure that will impact service to customers is identified by an asset operator and reported to his line manager. When is the right time to add the risk to the risk register?

A. Before the next scheduled risk review meeting

B. When the risk is identified to the line manager

C. After the asset has failed and the cause has been investigated

D. When budget has been allocated to mitigate the risk

E. When the owner of the risk register asks for emerging risks

Correct Answer: B

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Question 2

The contents of an asset management policy can include:

A. Mandated requirements, AM principles, roles and responsibilities, strategy framework, and commitment to continuous improvement

B. Mandated requirements, AM principles, roles and responsibilities, key risks, and review frequency

C. The mandated requirements, roles and responsibilities, key departments, framework for strategy, and review frequency

D. Mandated requirements, roles and responsibilities, AM principles, strategy framework, and AMP details

E. The requirements of key stakeholders, roles and responsibilities, AM principles, framework for strategy and objectives, and review frequency

Correct Answer: A

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Question 3

FMECA stands for:

A. Failure Mode Effects and Criticality Analysis

B. Failure Mitigation Effect and Consequence Analysis

C. Failure Mode Effect and Consequences Analysis

D. Fault Mitigation Effect and Criticality Analysis

E. Fault Mode Effect and Cost Analysis

Correct Answer: A

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Question 4

The following things are taken into consideration in developing an asset management strategy, except :

A. Asset requirements

B. Consistency

C. Life cycle approach

D. Management needs

Correct Answer: D

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Question 5

What are the main cost elements of a whole-life cost approach?

A. Maintenance, associated financing costs, refurbishment, and disposal costs

B. Installation, failure and refurbishment costs

C. Asset deterioration and reliability costs

D. Installation, maintenance and operations, and disposal costs

Correct Answer: D

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Question 6

Which of the following is the LEAST important factor when considering the decommissioning of assets?

A. New technology in the market place

B. Changes to legislation

C. Obsolescence and lack of spare parts

D. Reduction in demand

E. Changes in performance levels to deliver the objectives for the organization

Correct Answer: E

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Question 7

Which of the following would you consider to be a strategic asset management requirement?

A. The cost of consultants to support the creation of strategies

B. The implications of current and forecast asset condition

C. The number of capital projects

D. The location of capital projects

E. The cost of tools and equipment to deliver the maintenance regime

Correct Answer: B

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IAM The Institute of Asset Management Certificate (IAM-Certificate) Free Practice Test