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IAM-Certificate Exam
IAM.IAM-Certificate.v2026-07-31.q65 Dumps

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Question 16

Holding equipment spare parts can be expensive. What is the best justification for holding spares?

A.When the original equipment manufacturer recommends spares should be held
B.When cost of downtime or service losses exceeds cost of holding spares
C.When maintenance is outsourced to a maintainer who doesn't hold spares
D.The organization has always held spares
E.The Maintenance Manager wants to hold spares

Correct Answer: B

Spares strategyshould be based onrisk and cost trade-off. Holding spares is justified when theimpact of unavailability(downtime, penalties, service interruption)exceeds the cost of stockingthe parts.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 3.4.3 - Operate and Maintain:
"Decisions about spare parts should consider the risk of failure, lead time, and cost of downtime in relation to the cost of storage and obsolescence."

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Question 17

Which of the following statements best describes the difference between an Asset Management Policy and an Asset Management Strategy?

A.Policy defines objectives and time; strategy defines principles
B.Policy defines principles; strategy certifies condition
C.Policy defines objectives and time; strategy summarizes work plans
D.Policy defines principles; strategy defines objectives and time
E.Policy defines financial trade-offs; strategy summarizes planning

Correct Answer: D

Thepolicydefines the guiding principles, while thestrategytranslates these into organizational objectives and the approach to achieve them.
Exact Extract from ISO 55001:2014, Clause 5.2 and Clause 6.2:
"The policy provides the framework for objectives. The strategy identifies how to achieve them through organizational planning and resource alignment."

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Question 18

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

Correct Answer: B

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Question 19

The following things are taken into consideration in developing an asset management strategy,except:

A.Consistency
B.Life cycle approach
C.Asset requirements
D.Management needs

Correct Answer: D

When developing anasset management strategy, key elements include:
* Consistencywith the organizational context and policy.
* Alife cycle approach, covering all asset phases.
* Clear understanding ofasset requirementsto meet future demand and performance expectations.
Management needs, while important for operational support, are not a core component of strategic development and are therefore the correct exclusion.
Exact Extract from ISO 55001:2014, Clause 6.2 - Asset Management Objectives and Planning:
"The strategy must consider the asset lifecycle, ensure consistency with organizational objectives, and define asset requirements."

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Question 20

What is a cost-effective maintenance task for a failure mode which is considered by the business as 'low risk'?

A.A 'scheduled discard' task (scheduled replacement)
B.A 'fix-on-failure' task
C.A 'redesign' task
D.A 'scheduled discard' task (scheduled replacement) in combination with predictive maintenance strategies
E.A 'scheduled restoration' task (scheduled overhaul)

Correct Answer: B

The correct answer is B . For a failure mode that the business considers low risk , the most cost-effective maintenance task is often fix-on-failure (also called run to failure ). The IAM-aligned GFMAM Maintenance Framework states that for very low criticality assets , a "Run to Failure" maintenance strategy may be perfectly reasonable, meaning the asset is allowed to operate without maintenance until a fault becomes apparent or it fails to serve the organization functionally.
This aligns with IAM maintenance principles more broadly: maintenance regimes should be selected on a risk-based basis, and the level of maintenance should be balanced against cost to achieve maximum life- cycle value . For low-risk failure modes, a proactive scheduled replacement or overhaul is usually not economically justified unless there is some separate regulatory, safety, or operational reason.
Why the other options are incorrect:
* A and E impose scheduled interventions that are usually unnecessary for low-risk failure modes.
* C redesign is too strong and too costly for a low-risk issue.
* D combines even more cost-intensive proactive methods without justification. So the IAM-aligned answer is B .

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