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IAM The Institute of Asset Management Certificate Sample Questions (Q87-Q92):

NEW QUESTION # 87
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 review 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 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 # 88
What is one of the most important elements of asset management?

A. The control of management risk
B. None of above
C. The role of organisational culture
D. Company profile

Answer: C

Explanation:
Organizationalculturesignificantly impacts how asset management systems are implemented and sustained.
Engagement, collaboration, and shared values influence decision-making, risk tolerance, and accountability.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 5.2 - Organizational Culture:
"Organizational culture defines how people behave within asset management systems. It is essential for effective delivery of policy and strategic intent."

NEW QUESTION # 89
What is an Asset Management System as defined by PAS 55?

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

Answer: B

NEW QUESTION # 90
ISO 55001 defines seven sets of requirements for a management system for asset management,except...

A. Multi-level Planning for assets and asset management
B. Support for effective management
C. Controlling
D. Defining the Organisational Context

Answer: C

Explanation:
ISO 55001 outlinesseven requirements:
* Organizational context
* Leadership
* Planning
* Support
* Operation
* Performance evaluation
* Improvement
"Controlling" is not one of the defined system requirements.
Exact Extract from ISO 55001:2014 - Section Headings:
"The standard specifies requirements under seven core sections: Context, Leadership, Planning, Support, Operation, Performance Evaluation, and Improvement."

NEW QUESTION # 91
Which of the following is NOT a key requirement with regard to an asset management policy?

A. It is fully detailed on every aspect
B. It commits the organization to compliance with relevant laws
C. It provides for continual improvement
D. It is consistent with the organizational strategic plan
E. It is appropriate for the type of organization

Answer: A

Explanation:
Theasset management policyis a high-level document, and thereforenot meant to be fully detailed. It outlines intent and framework, not implementation specifics.
Exact Extract from ISO 55001:2014, Clause 5.2:
"Shall be appropriate to the organization and provide a framework for objectives. It does not include detailed implementation plans."

NEW QUESTION # 92
......

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Pass Guaranteed Quiz 2025 IAM Marvelous Valid IAM-Certificate Cram Materials

Exam IAM-Certificate Practice | IAM-Certificate Exam PDF

IAM The Institute of Asset Management Certificate Sample Questions (Q87-Q92):

ExamsReviews Actual and Updated IAM IAM-Certificate PDF Questions

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