Quizzes

Question 1

“Which of the following should a maintenance team be most familiar with?
A. Asset procurement & procedure.
B. Asset disposal strategy.
C. Computerised maintenance management system
D. Asset information strategy
E. Capital Investment Plan.”

Answer 1

C. Computerised maintenance management system

Question 2

“Which of the following most closely describes the requirements of an asset management plan.
A. A long-term plan, covering 5 to 10 years, showing the strategic objectives of the asset management system and regulatory demands.
B. Be limited to the business plan time horizon, detailing capital and operational expenditures and head count.
C. A long-term plan, covering 5 to 25 years, detailing share price, capital and operational expenditures and head count.
D. A short-term plan, covering 1 year, detailing maintenance work volumes and risk costs.
E. The intended activities for managing an asset or asset system over its whole life cycle to optimize costs, risks and performance.”

Answer 2

E. The intended activities for managing an asset or asset system over its whole life cycle to optimize costs, risks and performance.

Question 3

“Which management functions will make the LEASTinput to decisions about asset rationalisation?
A. Information Management.
B. Operations.
C. Engineering.
D. Finance.
E. Maintenance.”

Answer 3

A. Information Management.

Question 4

“Which of the following is NOTnormally associated with end of life strategy?
A. Life extension.
B. Design.
C. Procurement
D. Obsolescence.
E. Disposal.”

Answer 4

B. Design

Question 5

“Which of the following is the LEAST important when considering end-of-life options for an asset?
A. Cost of ownership.
B. Predicted remaining useful life
C. Cost of recent renovation
D. Changes to legislation.
E. Low availability of spares and maintenance engineering skills.”

Answer 5

C. Cost of recent renovation

Question 6

“When a decision to decommission an asset has been taken, which of the following is NOT a decommissioning activity?
A. Performing a whole-life cost analysis.
B. Removing chemical contamination.
C. Making safe residual structures.
D. Changes to asset inventory and documentation.
E. Selection of safe demolition processes.”

Answer 6

A. Performing a whole-life cost analysis.

Question 7

“How is the need for evident coherence between Asset Management strategy and planning documents in a best practice approach typically described?
A. Transparency.
B. Equivalence.
C. Joined up thinking.
D. Governance.
E. Alignment”

Answer 7

E. Alignment

Question 8

“Which of the following is NOT a quality measure of asset data?
A. Accuracy.
B. Volume
C. Consistency.
D. Correctness.
E. Timeliness”

Answer 8

B. Volume

Question 9

“Choose the most appropriate answer to the following statement: ‘A CMMS system (Computerised Maintenance Management System) usually…’
A. Evaluates optimal inspection intervals.
B. Calculates optimal life cycles.
C. Stores and retrieves records, and issues and controls planned maintenance instructions
D. Estimates optimal refurbishment timing.
E. Identifies optimal protective device testing intervals.”

Answer 9

C. Stores and retrieves records, and issues and controls planned maintenance instructions

Question 10

“Sensitivity analysis can be used to
A. Determine the precise outcome of each option under evaluation.
B. Create detailed analytical models.
C. Test the effect of fluctuations in share price on the value of the asset base.
D. Predict the rate of asset deterioration over time.
E. Make an informed investment decision where there is uncertainty in the input data.”

Answer 10

E. Make an informed investment decision where there is uncertainty in the input data.

Question 11

“Which of the following is an example of measure of the effectiveness of the asset management system?
A. Delivery of asset management objectives.
B. Number of customer interruptions.
C. A company’s asset management maturity score.
D. Cost against budget.
E. Number of audits completed.”

Answer 11

A. Delivery of asset management objectives.

Question 12

“Which of the following would you LEAST associate with an ageing infrastructure?
A. Increased maintenance costs
B. Increased failures.
C. Increased inspections.
D. Increased asset value.
E. Increased insurance premiums.”

Answer 12

D. Increased asset value.

Question 13

“Which of the following statements is correct?
A. The Asset Management System defines the asset management capabilities an organisation needs to deliver its Asset Management Plan.
B. The Strategic Asset Management Plan describes the long term approach for managing assets and asset management capabilities.
C. An organisation’s current asset management capabilities are the constraints within which an Asset Management Strategy must be developed.
D. An organisation’s asset management capabilities cannot be defined until the Asset Management Strategy has been written.
E. Development of the Asset Management Strategy does not need to take account of asset management capabilities.”

Answer 13

B. The Strategic Asset Management Plan describes the long term approach for managing assets and asset management capabilities.

Question 14

“Whole life cost analysis can enable an organisation to…
A. Reduce service failure rates by ensuring adequate capital to achieve maximum return on investment.
B. Maximise asset performance in perpetuity.
C. Minimise maintenance and operational and capital investment costs.
D. Deliver lowest price to customers in the short term.
E. Assess the cost of providing the required service over the lifecycle of the asset.”

Answer 14

E. Assess the cost of providing the required service over the lifecycle of the asset.

Question 15

“Which event would have the most immediate effect on operational asset management performance?
A. Pandemic.
B. Climate change.
C. System failure.
D. Supply chain disruption.
E. Disruption to financial markets.”

Answer 15

C. System failure.

Question 16

“Which of the following is the most important to the quality of maintenance delivery?
A. Competence of maintenance staff.
B. Outsourcing strategy.
C. Completion of planned preventive maintenance schedule.
D. Procurement policy.
E. Reduction of maintenance budget.”

Answer 16

A. Competence of maintenance staff.

Question 17

“According to ISO 55000:2014, Top Management is defined as
A. Representatives from all stakeholder management teams that contribute to the asset management system.
B. The Director of Asset Management.
C. The Operations and Maintenance Management Team.
D. Those who direct and controls an organisation at the highest level with power to delegate authority and provide resources within the organisation.
E. The organisations regulatory body.”

Answer 17

D. Those who direct and controls an organisation at the highest level with power to delegate authority and provide resources within the organisation.

Question 18

“Which of the following is NOT a dimension of data quality?
A. Completeness.
B. Accuracy.
C. Validity.
D. Consistency.
E. Translatability.”

Answer 18

E. Translatability.

Question 19

“Which of the following represents a good practice approach to acquiring asset information from asset installation projects?
A. Asset information should be entered directly into the asset register by installation contractors.
B. Asset information is gathered using defined data formats during asset design.
C. Asset information is gathered as a managed process throughout the life of the project.
D. Asset information should be gathered by maintainers using defined data formats on asset handover.
E. Asset information should be exported directly from the corporate project management system to the asset register.”

Answer 19

C. Asset information is gathered as a managed process throughout the life of the project.

Question 20

“Which of the following is the most effective procurement strategy to support good asset management?
A. Procurement of the least expensive assets available.
B. Procurement of the most durable assets with the longest life cycles.
C. Procurement of the solution offering the lowest whole life cost of ownership.
D. Procurement of assets with the fewest likely operational interruptions.
E. Procurement of assets from tried and tested supply chain.”

Answer 20

C. Procurement of the solution offering the lowest whole life cost of ownership.

Question 21

“When contracting out asset management services, what should always form the basis of supplier selection?
A. A supplier that quotes the lowest purchase price
B. A supplier who can provide scoped services that provide the best value
C. A supplier that is willing to take on all of the risk.
D. A supplier that is willing to sign a framework contract.
E. A supplier that agrees to a list of agreed penalty clauses.”

Answer 21

B. A supplier who can provide scoped services that provide the best value

Question 22

“Verifying the quality of asset information collected during maintenance and inspection activities is best achieved by:
A. Assessing the quality of shift reporting from the operations department.
B. Checking the completeness of records returned from maintenance and inspection
C. Ensuring maintenance reports on failure rates and planned maintenance backlogs are correct.
D. Sample auditing of maintenance and inspection records for comparison with physical condition of assets
E. Assessing incident reports for the previous six months with respect to predicted performance.”

Answer 22

D. Sample auditing of maintenance and inspection records for comparison with physical condition of assets

Question 23

“Recording asset defects and failures is MOSTeffective when?
A. Information validation checks are included at the point of collection.
B. There is a broad range of defect and failure codes covering all possible types of failure.
C. There is free text entry of defect and failure details.
D. There is a broad range of failure codes and a small number of defect codes.
E. There is a broad range of defect codes and a small number of failure codes.”

Answer 23

A. Information validation checks are included at the point of collection

Question 24

“Which of the following would NOT be typically found in an Asset Management Strategy?
A. Asset Management system processes
B. An overview of the risks associated with the asset portfolio.
C. An overview of the asset portfolio.
D. The strategic context and business drivers for Asset Management.
E. Detailed work plans including resources and timescales”

Answer 24

E. Detailed work plans including resources and timescales

Question 25

“What should be the MOST significant consideration before deploying complex life-cycle decision-making methodologies?
A. Age of the assets and amount of spend involved.
B. Whether the asset management maturity of the organisation enables the benefits to be realised.
C. Size of the organisation and number of assets.
D. The requirements of third party stakeholders.
E. The requirements of the shareholders.”

Answer 25

B. Whether the asset management maturity of the organisation enables the benefits to be realised.

Question 26

“Which of the following is not relevant when you are considering whether to repair or replace a defective asset?
A. Future demand for the assets operation.
B. Defect history.
C. Cost of repair versus cost of replacement.
D. Cost of recent refurbishment
E. Asset Management Objectives.”

Answer 26

D. Cost of recent refurbishment

Question 27

“A best practice Strategic Asset Management Plan (SAMP) should cover which of the following time periods?
A. The current regulatory control period (or political cycle).
B. The next financial year of operational expenditure, and at least 10 years for capital expenditure.
C. The time needed to deliver life cycle value of assets and sustainable maturity improvement in the asset management system
D. The average remaining life of the asset portfolio.
E. The average period over which the value of the asset portfolio is depreciated.”

Answer 27

C. The time needed to deliver life cycle value of assets and sustainable maturity improvement in the asset management system

Question 28

“Which of the following is NOT normally an input to a Strategic Asset Management Plan?
A. Corporate objectives
B. Knowledge of current assets condition
C. Demand forecasts
D. Maintenance schedules.
E. AM Policy”

Answer 28

D. Maintenance schedules.

Question 29

“Which of the following describes the concept of ‘line of sight’ most accurately?
A. The alignment of policy, strategy, plans and work delivery.
B. The ability of senior managers to monitor the work of front line staff.
C. The consistency of roles and responsibilities at all levels.
D. The procedures that govern the planning and management of work.
E. The alignment of senior management with the strategy.”

Answer 29

A. The alignment of policy, strategy, plans and work delivery.

Question 30

“Which of the following best describes how an Asset Management Strategy should be developed?
A. It should refer only to the most important Asset Management activities.
B. It should treat all Asset Management activities equally.
C. It should cover all Asset Management activities over the business plan period and beyond and focus on those the organisation gives highest priority.
D. The strategy should describe what asset management activities might be relevant to the organisation in future.
E. The strategy should define the origins of its asset management activities.”

Answer 30

C. It should cover all Asset Management activities over the business plan period and beyond and focus on those the organisation gives highest priority.

Question 31

“An asset management plan is best described as the essential basis for?
A. Describing the way in which organisational objectives are converted into asset management objectives.
B. Enabling stakeholder engagement.
C. Showing senior management commitment.
D. Demonstrating compliance with relevant standards.
E. Specifying activities, timings and resources necessary to deliver certain AM objectives”

Answer 31

E. Specifying activities, timings and resources necessary to deliver certain AM objectives

Question 32

“Considering the needs of stakeholders is a key aspect of asset management planning. Which of the following would be least likely to be helpful in this process?
A. Setting of performance standards
B. Current profit margins
C. Developing investment strategies
D. Available budgets
E. Forecast demand”

Answer 32

B. Current profit margins

Question 33

“Which of the following is most important when developing a strategic asset management plan?
A. Changes in the commercial environment.
B. Information about customers.
C. Requirements of the management system.
D. Investor expectations on returns.
E. Legal Requirements”

Answer 33

E. Legal Requirements

Question 34

“Incorporation of which one of the following activities is good practice when undertaking asset management planning?
A. Development of asset management policy.
B. Evaluation of the performance of the asset management system.
C. Setting of corporate goals.
D. Outsourcing of asset management training.
E. Implementation of a new Enterprise Asset Management System.”

Answer 34

B. Evaluation of the performance of the asset management system.

Question 35

“Which one of the following would you most expect to be fully aware of when developing a long-term Strategic Asset Management Plan?
A. How it will align with the organisation’s strategic plan.
B. The total cost of all assets.
C. The specific volumes of assets.
D. Timing of asset intervention.
E. Condition and performance of assets.”

Answer 35

A. How it will align with the organisation’s strategic plan.

Question 36

“Which of the following statements correctly describes the function of the asset management policy?
A. Provides the starting point for an organisation’s strategic plan.
B. Measures the organisation’s delivery of its strategic plan.
C. Reviews the organisation’s performance against its strategic plan.
D. Defines the principles and non-negotiable commitments relevant to asset management
E. Meets the requirements of stakeholders for effective communications.”

Answer 36

D. Defines the principles and non-negotiable commitments relevant to asset management

Question 37

“Which of the following is LEAST likely to be a stakeholder in an organisations Asset Management Plan?
A. Supply Chain.
B. Asset Owner.
C. Customers.
D. Professional Bodies
E. Outsourced maintenance staff.”

Answer 37

D. Professional Bodies

Question 38

“When developing a new Strategic Asset Management Plan, which of the following pieces of information will be most relevant?
A. Cost of capital, demand forecasts and competitor analysis.
B. Availability of finance, demand forecasts and last version of the plan
C. Availability of finance, service performance requirements and historic demand.
D. Historic cost trends, demand forecasts and cost of capital.
E. Availability of finance, demand forecasts and service performance requirements.”

Answer 38

E. Availability of finance, demand forecasts and service performance requirements.

Question 39

“A governance system of roles, responsibilities, authorities and controls is needed to deliver the asset management strategy and plans. Which of the following best describes how stakeholders should be involved?
A. They are consulted on the mechanisms of the governance process.
B. Their needs and concerns are taken into account when developing the governance process.
C. They are informed of the structure of the governance process.
D. They are engaged in the documentation of the governance process.
E. They are kept up to date with changes of personnel involved in the governance process.”

Answer 39

B. Their needs and concerns are taken into account when developing the governance process.

Question 40

“Which of these inputs is most important to asset life cycle decision making?
A. Asset database.
B. Regulatory context.
C. Asset Management objectives
D. Stakeholder communications.
E. Sustainability strategy.”

Answer 40

C. Asset Management objectives

Question 41

“What best describes the approach needed to assessing risk and uncertainty when making asset life cycle decisions?
A. Business case assessment.
B. Compliance assessment.
C. Risk appetite.
D. Management validation.
E. Sensitivity testing and iterative assessments”

Answer 41

E. Sensitivity testing and iterative assessments

Question 42

“With regard to asset management decision-making, which of the following best describes the key outcome of analysing competing interests of performance, cost and risk?
A. Compliance delivery.
B. Reduced costs.
C. Increased asset performance.
D. Optimised decisions
E. Procurement targets.”

Answer 42

D. Optimised decisions

Question 43

“Which of the following is LEAST likely to be the basis for a good practice asset renewal strategy?
A. Asset age
B. Asset failure
C. Asset condition or performance
D. Asset utilisation
E. Asset obsolescence”

Answer 43

A. Asset age

Question 44

“Asset reliability is most likely to be affected by which of the following?
A. Design issues.
B. Increasing age.
C. Deteriorating condition.
D. Procurement changes.
E. Inspection data.”

Answer 44

C. Deteriorating condition.

Question 45

“The range of potential asset interventions includes such actions as planned and reactive maintenance, function testing, refurbishment and condition assessment. What approach can best be used to ensure these various options are integrated into an optimum maintenance strategy?
A. Failure modes and effects analysis.
B. Reliability-centred maintenance.
C. Reliability engineering.
D. Monte Carlo simulation.
E. Weibull modelling.”

Answer 45

B. Reliability-centred maintenance.

Question 46

“In optimising asset maintenance strategy, which of the following is the LEAST important information to take into account?
A. Asset criticality
B. Asset location and accessibility
C. Demand forecasts or service level requirements
D. Manufacturer’s maintenance recommendations.
E. Failure modes and effects.”

Answer 46

D. Manufacturer’s maintenance recommendations.

Question 47

“When should clients be involved in the planning and delivery of new services?
A. When service failures occur.
B. In the design stage.
C. Throughout the process.
D. In stakeholder forums.
E. In contract review meetings.”

Answer 47

C. Throughout the process.

Question 48

“During the operational phase of the life cycle, what is the best way to monitor the effectiveness of an asset management plan?
A. Regular review of the organisation’s risk register.
B. In the annual management system audit (e.g. ISO 55001)
C. At the monthly senior management operations meeting.
D. Through annual performance appraisal of responsible personnel.
E. Regularly review delivery of operations, maintenance and renewal activities and of asset performance”

Answer 48

E. Regularly review delivery of operations, maintenance and renewal activities and of asset performance

Question 49

“All information relating to the design of an asset should be:
A. Retained by the designer to prevent intellectual property issues developing.
B. Handed over to the manager responsible for operations and maintenance of the assets.
C. Placed in escrow (third party security) in case the supplier becomes insolvent.
D. Placed in secure long term storage to allow retrieval in case of major incidents.
E. Destroyed to prevent inappropriate usage or security issues.”

Answer 49

B. Handed over to the manager responsible for operations and maintenance of the assets.

Question 50

“Which of the following lists the main factors which affect asset condition?
A. Component wear, operational duty, ambient conditions and level of maintenance.
B. Component wear, operational duty, cost of repairs and level of maintenance.
C. Asset population, operational duty, ambient conditions and level of maintenance.
D. Component wear, operational duty, ambient conditions and cost of maintenance.
E. Component wear, availability of spares, ambient conditions and level of maintenance.”

Answer 50

A. Component wear, operational duty, ambient conditions and level of maintenance.

Question 51

“Which of the following would be considered as good practice when assessing the condition of an asset?
A. Relying on manufacturer-provided information.
B. Just using the age of the asset.
C. Relying on expert judgement and experience.
D. Use of scoring for condition attributes against agreed scales.
E. Use of the bathtub curve to estimate failure risks in relation to age.”

Answer 51

D. Use of scoring for condition attributes against agreed scales.

Question 52

“Which one of the following techniques or measures would most help you evaluate the merits of a refurbishment versus renewal?
A. Reliability Centred Maintenance
B. Asset balance sheet/’book’ value before and after the alternative intervention options
C. Risk-based life cycle costing, using Equivalent Annualized Cost (EAC)
D. Fault Tree Analysis
E. Depreciation calculation of Capex and Opex implications”

Answer 52

C. Risk-based life cycle costing, using Equivalent Annualized Cost (EAC)

Question 53

“When a population of the same asset type grows too big to be audited completely, which of these techniques should be used?
A. Averaging.
B. Sampling.
C. HAZOP.
D. Closed loop system.
E. Pareto analysis.”

Answer 53

B. Sampling.

Question 54

“Corrective actions identified at audit should be:
A. Completed and closed out in a controlled fashion.
B. Verified as complete by the same audit team
C. Used as the basis for disciplinary action.
D. Resolved before the audit results are released.
E. Noted as improvement opportunities”

Answer 54

A. Completed and closed out in a controlled fashion.

Question 55

“When a potential risk is identified, but no practicable and effective preventive treatment would control the risk - what should be done if the risk event occurs.
A. Do nothing - it is too late.
B. Share the risk with a third party.
C. Put insurance in place.
D. Apply the contingency plan.
E. Tolerate the risk.”

Answer 55

D. Apply the contingency plan.

Question 56

“Contingency planning is:
A. The process for upgrading assets over the long term.
B. The process for managing predictive inspections.
C. The process for defining asset refurbishment requirements.
D. The process for budgeting for asset replacements.
E. The process for ensuring an organisation can respond to events to reduce their consequences and ensure business continuity.”

Answer 56

E. The process for ensuring an organisation can respond to events to reduce their consequences and ensure business continuity.

Question 57

“Who is responsible for securing suitable resources to respond to identified incidents and emergencies?
A. Procurement.
B. Corporate Compliance Officer.
C. Auditor.
D. Personnel/HR team.
E. The person nominated and authorised in the relevant procedure”

Answer 57

E. The person nominated and authorised in the relevant procedure

Question 58

“Which of the following best describes the sequence in which the elements of risk assessment are carried out?
A. Risk analysis, Risk identification; risk evaluation; risk mitigation.
B. Risk identification; risk analysis; risk evaluation; risk mitigation.
C. Risk analysis; risk evaluation; risk mitigation; risk identification.
D. risk identification; risk analysis; Establishing the risk context; risk mitigation
E. Risk identification; establishing the risk context; risk analysis; risk mitigation.”

Answer 58

“Which of the following best describes the sequence in which the elements of risk assessment are carried out?
A. Risk analysis, Risk identification; risk evaluation; risk mitigation.
B. Risk identification; risk analysis; risk evaluation; risk mitigation.
C. Risk analysis; risk evaluation; risk mitigation; risk identification.
D. risk identification; risk analysis; Establishing the risk context; risk mitigation
E. Risk identification; establishing the risk context; risk analysis; risk mitigation.”

Question 59

“Which of the following is not required to ensure contingency plans are effective?
A. Regular rehearsals to test and review procedure
B. System to maintain details of responsible officers and relevant external party contacts
C. Regular update of risk registers.
D. Correct training of all involved with carrying out contingency plans
E. Well documented and communicated contingency procedure with clear roles and responsibilities”

Answer 59

C. Regular update of risk registers.

Question 60

“What additional information about asset-related risks is needed in decisions about intervention timing?
A. How risks will change with time
B. The age of the assets
C. Improved calculation methodology
D. Organisational changes
E. Maintenance history data.”

Answer 60

A. How risks will change with time

Question 61

“Which of the following is the LEAST valid method of rehearsing contingency plans?
A. Re-enactment exercise.
B. Role play exercise.
C. Table top exercise.
D. Review of events experienced by other organisations
E. Computer simulation.”

Answer 61

D. Review of events experienced by other organisations

Question 62

“Which one of the following statements describes the requirement to integrate asset-related risk management with corporate risk management?
A. Corporate and asset related risks should be managed using a single, centralised process and single risk register.
B. The organization shall ensure that the same assessment methodology, including asset registers and scales, is used for asset risk management and corporate risk management
C. Asset related risks should be viewed as a separate ‘layer’ of risks that lies below corporate risks, as clearly defined in the Asset Management strategy.
D. The organization should ensure that asset related risks are managed at departmental level. Corporate risk management is a separate, senior management process.
E. The organization shall ensure that asset-related risks are considered within the organization’s risk management approach, including contingency planning.”

Answer 62

E. The organization shall ensure that asset-related risks are considered within the organization’s risk management approach, including contingency planning.

Question 63

“In a contingency plan for an asset-related risk, which of the following would normally be included?
A. Record-keeping of essential information during response to emergencies. Demand forecasts for business recovery.Arrangements for internal and external communications.
B. Arrangements for internal and external communications.Provision of resources and maintenance of equipment to deal with disruptions.Contact details for relevant personnel and emergency services.
C. Provision of resources and maintenance of equipment to deal with disruptions. Arrangements for internal and external communications.Demand forecasts for business recovery.
D. Costs associated with contingency plan options.Provision of resources and maintenance of equipment to deal with disruptions.Arrangements for internal and external communications.
D. Contact details for relevant personnel and emergency services.Costs associated with contingency plan options.Provision of resources and maintenance of equipment to deal with disruptions.”

Answer 63

B. Arrangements for internal and external communications.Provision of resources and maintenance of equipment to deal with disruptions.Contact details for relevant personnel and emergency services.

Question 64

“When assessing asset performance, which of the following is the most useful?
A. GIS.
B. Financial management reports.
C. Asset register.
D. Overall Equipment Effectiveness
E. Work force management and scheduling.”

Answer 64

D. Overall Equipment Effectiveness

Question 65

“Which of the following is a LEADING indicator for asset performance monitoring?
A. Energy consumed.
B. Number of safety related events.
C. Number of asset failures.
D. Number of incidents.
E. Asset condition.”

Answer 65

E. Asset condition.