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IAM IAM-Certificate Exam Syllabus Topics:

TopicDetails
Topic 1
  • Finance and Business Impact: This domain examines the financial aspects of asset management, including cost analysis, investment appraisal, and understanding how asset management decisions affect broader business performance and value delivery.
Topic 2
  • Principles of Asset Management: This domain covers the foundational concepts and frameworks that underpin asset management, including the purpose, definitions, and core principles that guide how organisations manage assets to deliver value.
Topic 3
  • Managing Asset Life Cycle Decisions and Activities: This domain addresses the full spectrum of an asset's life from acquisition and operation through to maintenance and disposal and how decisions are made and managed at each stage to optimize performance and value.
Topic 4
  • Assessing and Managing Asset Management Risks: This domain covers the identification, assessment, and treatment of risks associated with assets and asset management activities, ensuring that risk is systematically managed to support safe and effective outcomes.
Topic 5
  • Asset Management Policy, Strategy & Planning: This domain focuses on how organisations establish direction through policy, translate that into asset management strategy, and develop structured plans that align asset decisions with organisational objectives.

Reference: https://theiam.org/professional-development/qualifications/iam-certificate/

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IAM The Institute of Asset Management Certificate Sample Questions:

A significant risk of asset failure that will impact service to customers is identified by an asset operator and reported to his line manager. When is the right time to add the risk to the risk register?

  • A. Before the next scheduled risk review meeting
  • B. After the asset has failed and the cause has been investigated
  • C. When the risk is identified to the line manager
  • D. When the owner of the risk register asks for emerging risks
  • E. When budget has been allocated to mitigate the risk
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Explanation: Only visible for PrepAwayExam members. You can sign-up / login (it's free).

The concept of 'line of sight' means .....

  • A. Stakeholders involved in asset management
  • B. Everyone who touches or influences what happens to an asset is involved in asset management
  • C. Top Management involved in asset management
  • D. Asset Manager involved in asset management
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Explanation: Only visible for PrepAwayExam members. You can sign-up / login (it's free).

During the design phase the predicted life of an asset was determined to be 50 years. This life was applied as the asset's depreciation life in the Fixed Asset Register. You have just completed an investment post project review and found the benefits have not been fully delivered, and never will be. You now believe asset's useful life will be 30 years, what will you do with this information?

  • A. Feedback the new information for future modelling, project design, and build phases. Update the Asset Management Plan. Inform Finance so they can make any necessary adjustments to the asset's value
  • B. Feedback the new information for future modelling, project design, and build phases. Update the Asset Management Plan. Inform Asset Management colleagues to start planning for a replacement
  • C. Feedback the new information for future modelling, project design, and build phases. Update the Asset Management Plan. Tell the maintenance team to reduce maintenance to help recover some of the costs
  • D. Feedback the new information for future modelling, project design, and build phases. Update the Asset Management Plan. Inform nobody else as this information will have no short to medium term effect
  • E. Feedback the new information for future modelling, project design, and build phases. Update the Asset Management Plan. Tell Top Management so they can start an investigation to find who was at fault
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Explanation: Only visible for PrepAwayExam members. You can sign-up / login (it's free).

What are the three fundamental considerations of life cycle decision making which enable asset optimisation?

  • A. Criticality, risk and reliability
  • B. Reliability, performance and cost
  • C. Specifications, cost and functionality
  • D. Performance, cost, risk
  • E. Asset life, age and costs
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Explanation: Only visible for PrepAwayExam members. You can sign-up / login (it's free).

There are 4 fundamentals in asset management, including ....

  • A. Value, Alignment, Leadership and Assurance
  • B. Value, Alignment, Proggresive and Assurance
  • C. Value, Competitif, Leadership and Assurance
  • D. Value, Alignment, Leadership and Insurance
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Explanation: Only visible for PrepAwayExam members. You can sign-up / login (it's free).

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