The Institute of Asset Management Certificate Questions and Answers
Question 13
Which of the following statements is true?
Options:
A.
Strategic planning is describes how the organisation will develop and improve its asset management capabilities
B.
Strategic planning is the process for establishing asset management objectives and developing the asset management strategy
C.
Strategic planning is usually undertaken as part of the overall organisational management
D.
Strategic planning explicitly considers the life cycle of the assets and the interdependencies between each of the life cycle stages
Answer:
B
Explanation:
Strategic asset management planningis the process of translating the organization’s high-level objectives intotangible asset management strategiesand performance targets.
Option Arefers to capability development (partially true but incomplete).
Option Bis correct as per ISO 55001 and IAM guidance.
Option Cis general and non-specific.
Option Dis relevant, but more operational in scope.
Exact Extract from IAM – Asset Management: An Anatomy (v4), Section 4.3.2 – Strategic Planning:
“Strategic planning links the organization’s objectives to asset management objectives, setting out how the organization intends to manage its assets in alignment with these broader goals.”
Question 14
Which statement is INCORRECT?
Options:
A.
The Asset Management Policy should be consistent and aligned with all other relevant organisational policies
B.
The Asset Management Policy should be consistent and aligned with the corporate objectives and strategy
C.
The Asset Management Policy should be derived from all other relevant organisationalpolicies
D.
All above true
Answer:
C
Explanation:
TheAsset Management Policyis notderived fromother policies—it isaligned withthem. It expresses high-level intent and governs other plans and strategies, not the reverse.
Exact Extract from ISO 55001:2014, Clause 5.2 – Asset Management Policy:
“The asset management policy shall be consistent with other relevant organizational policies and aligned with the organization’s strategic plan.”
Question 15
ISO 55000 is ......
Options:
A.
The international reference standard to sets out the criteria for a quality management system
B.
The international reference standard for the optimal management of physical assets.
C.
The international reference standard that provides the overview of information security management systems
D.
The international reference standard to sets out the criteria for an environmental management system
Answer:
B
Explanation:
ISO 55000 is a part of the ISO 55000 series (including ISO 55001 and ISO 55002), which serves as theinternational standard for asset management. It outlines the principles, terminology, and benefits of implementing an asset management system. It is not related to quality, environmental, or information security management systems, which are governed by ISO 9001, ISO 14001, and ISO 27001 respectively.
Exact Extract from ISO 55000 – Asset Management — Overview, Principles and Terminology:
"This International Standard provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management."
(ISO 55000:2014, Clause 1 – Scope)
Question 16
Which of the following is NOT normally an input to an asset management plan?
Options:
A.
Maintenance schedules
B.
Asset knowledge
C.
Demand forecast
D.
Organizational objectives
E.
Asset Management Objectives
Answer:
A
Explanation:
Maintenance schedulesare theoutputof planning rather than a prerequisite input. The other options are critical drivers in determining what actions should be planned.
Exact Extract from ISO 55002:2018, Clause 6.2 – Planning for AM Objectives:
“Inputs include asset information, demand forecasts, AM objectives, organizational priorities, and risk assessments.”
