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Actual IAM-Certificate : The Institute of Asset Management Certificate Exam Dumps Questions Is Easy to Understand - ExamsReviews

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IAM The Institute of Asset Management Certificate Sample Questions (Q37-Q42):

NEW QUESTION # 37
Which of the following statements is true:

A. Corporate objectives are derived from the Asset Management strategy
B. Corporate objectives drive the activities within the Asset Management system
C. Corporate objectives should be set by comparing the organisation's performance to its most closest associated peer

Answer: B

NEW QUESTION # 38
Which of the following statements isnota management asset?

A. A recognition that assets have a life cycle
B. An approach that looks to get the best out of the assets for the benefit of the organisation and/or its stakeholders
C. A substitute for quality management
D. Understanding and managing the risk associated with owning assets

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
In the context of asset management, a "management asset" refers to the frameworks, processes, and practices that enable an organization to manage its physical assets effectively.
* Option A:Recognizing that assets have a life cycle is fundamental to asset management. It involves understanding the stages an asset goes through-from acquisition to disposal-and managing each stage to optimize performance and value.
* Option B:Adopting an approach that seeks to maximize asset value for the organization and its stakeholders aligns with the core objective of asset management, which is to realize value from assets in achieving organizational goals.
* Option C:Understanding and managing risks associated with asset ownership is a critical component of asset management. It ensures that potential adverse effects on asset performance and organizational objectives are identified and mitigated.
* Option D:Viewing asset management as a substitute for quality management is a misconception. While both disciplines aim to improve organizational performance, they focus on different aspects. Quality management concentrates on the quality of products and services, whereas asset management focuses on the optimalmanagement of physical assets. Therefore, asset management should complement, not replace, quality management.
Exact Extract from IAM's Official Documents:
From the IAM's publicationAsset Management - An Anatomy:
"Asset management is not a substitute for quality management; rather, it complements and integrates with quality management systems to enhance organizational performance." (Source: Asset Management - An Anatomy, Version 4, Section 1.3)

NEW QUESTION # 39
The term optimizing describes:

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

Answer: B

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 # 40
What are the main cost elements of a whole-life cost approach?

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

Answer: D

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 # 41
There are many factors that can drive the decommissioning of assets, expect:

A. cost of retaining in service
B. compliance with changes in legislation
C. excess of service capacity
D. obsolete technology

Answer: B

NEW QUESTION # 42
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