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IAM The Institute of Asset Management Certificate Sample Questions:

1. The comparison between Lean and Asset Management, are ......

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

2. Two widely used approaches to conceptualising value in an organisation are:

A) The Value Stream and Delivery
B) The Value Stream and Chain
C) The Value Net and Delivery
D) The Value Net and Chain

3. A change of maintenance contractor for an operational system is being proposed. Which of the following processes should be applied?

A) Maintenance Planning Process
B) Change Request Process
C) Spares Provisioning Process
D) Contingency Planning Process
E) Reliability Engineering Process

4. When undertaking whole-life cost analysis it is important to remember that:

A) As many costs as possible should be included in the analysis ensuring these are consistently derived between analyses
B) It is impossible to get the right answer unless all the data and information are understood
C) The analysis should be completed without reference to other organisational functions to ensure independence

5. 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 review the best value compromise between a set of competing factors, in order to support asset management decision-making
C) The process of establishing 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

Solutions: