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IAM-Certificate Study Guides, IAM-Certificate Relevant Questions

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Both practice exams (web-based & desktop) give a IAM IAM-Certificate real exam feeling and identify your mistakes so you can overcome your weaknesses before the IAM-Certificate final test. The desktop IAM IAM-Certificate Practice Test software works on Windows after software installation. You can take the web-based The Institute of Asset Management Certificate IAM-Certificate practice exam via any operating system.

IAM The Institute of Asset Management Certificate Sample Questions (Q72-Q77):

NEW QUESTION # 72
According to ISO 55000, assets are .....

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

Answer: D

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 # 73
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

Explanation:
WhileOption Cis also valid practice,Option Ais more fundamental. Without complete and accurate data, whole-life cost models may lead to flawed conclusions, undermining decision-making.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5.2 - Cost Modelling:
"Accuracy and completeness of input data are critical to ensuring reliability in whole-life cost analysis."

NEW QUESTION # 74
What are the main cost elements of a whole-life cost approach?

A. Installation, failure and refurbishment costs
B. Maintenance, associated financing costs, refurbishment, and disposal costs
C. Installation, maintenance and operations, and disposal costs
D. Asset deterioration and reliability costs

Answer: C

Explanation:
Whole-life cost elementsinclude costs incurred from the point of asset creation to its final disposal. This covers:
* Installation
* Operations & Maintenance
* Disposal or decommissioning
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 4.5.1:
"Key cost elements include initial acquisition, installation, maintenance, operation, and final disposal costs."

NEW QUESTION # 75
The comparison between Lean and Asset Management, are ......

A. All about Purpose, Process, People
B. All about Security System
C. All about Asset, People, System
D. All about Value, Risk, Maintenance

Answer: A

Explanation:
The philosophical alignment betweenLean ThinkingandAsset Managementis grounded in their mutual emphasis onpurpose, process, and people.
* Purpose: Both aim to achieve strategic goals and deliver value.
* Process: They emphasize efficient, repeatable, value-driven processes.
* People: Success in both depends on cultural engagement and workforce empowerment.
This concept is reinforced in IAM guidance where asset management is described as a holistic discipline that integrates strategy, execution, and people involvement.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 5.2 - Organisational Context and Culture:
"Asset management is not only about systems and procedures but requires the active engagement of people at all levels. It shares with Lean a focus on aligning Purpose, Process, and People."

NEW QUESTION # 76
Which of the following statements is true?

A. Assurance is the combination of monitoring and auditing
B. Good asset management has clear connectivity between an organisation's strategic plan and the value core
C. Visible senior level leadership and commitment is insignificant in organisations
D. Assets is not a potential value to an organisation

Answer: A

Explanation:
* Option Ais poorly phrased; it is partially correct but vague in structure.
* Option Bis incorrect as assetsdorepresent potential or actual value.
* Option Cis accurate-assuranceinvolves ongoing monitoring and evaluation to verify systems, processes, and asset behavior meet expectations.
* Option Dcontradicts ISO 55001, which mandates top-level leadership commitment.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 1.4.4 - Assurance:
"Assurance is achieved through the combination of monitoring, review, and auditing processes that ensure assets, systems, and outcomes are operating as intended."

NEW QUESTION # 77
......

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