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A key role of asset management is to assure the delivery of value, in line with, except :
A. Required residual risk profile
B. Company Profile
C. agreed performance / levels of service
D. Return on Investment (ROI) and/or Return on Net Assets (RONA
Answer: B
NEW QUESTION # 57
In conducting a demand analysis, there are several elements to consider:
A. Historical demand
B. All above true
C. Drivers for demand and the change in demand over time
D. Changes in required levels of service and/or products
Answer: B
NEW QUESTION # 58
The contents of an asset management policy can include:
A. Mandated requirements, AM principles, roles and responsibilities, strategy framework, and commitment to continuous improvement
B. Mandated requirements, roles and responsibilities, AM principles, strategy framework, and AMP details
C. The mandated requirements, roles and responsibilities, key departments, framework for strategy, and review frequency
D. Mandated requirements, AM principles, roles and responsibilities, key risks, and review frequency
E. The requirements of key stakeholders, roles and responsibilities, AM principles, framework for strategy and objectives, and review frequency
Answer: A
Explanation:
Option D covers all key elements described in ISO 55001: compliance, alignment, clarity of roles, continuous improvement, and a basis for strategic and tactical planning.
Exact Extract from ISO 55001:2014, Clause 5.2:
"The policy should include: appropriateness, commitment to compliance and improvement, framework for setting objectives, and alignment with strategy."
NEW QUESTION # 59
What is the correct top-down hierarchy order for the following PAS 55 defined documents?
A. Asset Management Policy, Plans, Strategy and Objectives
B. Asset Management Strategy, Policy, Objectives and Plans
C. Asset Management Policy, Strategy, Objectives and Plans
D. Asset Management Policy, Objectives, Strategy and Plans
Answer: C
NEW QUESTION # 60
Two widely used approaches to conceptualising value in an organisation are:
A. The Value Net and Delivery
B. The Value Stream and Delivery
C. The Value Net and Chain
D. The Value Stream and Chain
Answer: D
Explanation:
Organizations often use theValue StreamandValue Chainmodels to understand and maximize how value is created and delivered across asset-related activities:
* TheValue Chainfocuses on high-level stages in business processes.
* TheValue Streamprovides a more detailed view of flow through specific processes, identifying non- value-adding steps.
These models support performance optimization, resource allocation, and investment planning in asset- intensive environments.
Exact Extract from IAM - Asset Management: An Anatomy (v4), Section 2.1 - Value in Asset Management:
"Value Stream and Value Chain models are common frameworks to analyze how value is created, delivered, and sustained in asset management systems."
NEW QUESTION # 61
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