ISO 55001 Quiz
ISO 55001 Quiz
ISO 55001 Asset Management Quiz
Test your knowledge of asset management with our comprehensive quiz focused on ISO 55001. Discover key principles, definitions, and processes essential to effective asset management within organizations.
- 35 Engaging Questions
- Multiple Choice Format
- Enhance your understanding of asset management
1.1 Which one of the following statements best describes asset management?
The coordinated activities undertaken to avoid asset failure
The maintenance of built assets to realize value to an organization
The coordinated activity of an organization to realize value from assets
The strategy, planning and maintenance of built assets and environment
1.2 How many primary groups of activities are there within the field of asset management?
4
39
6
38
1.3 Consider the following descriptions below. What is the most correct definition of a physical asset?
Largely built infrastructure but also financial items of value to an organization
An item or thing that brings value to an organization (tangible items)
An item or thing that brings value to an organization (tangible or intangible)
An item of value that appears on an organization’s accounting or balance sheet
1.4 A key principle of asset management involves translating corporate objectives into effective management, financial or technical decisions / activities. What is this principle known as?
Creating alignment or “line of sight”
Bottom Up decision making
Top Down decision making
Benefits realization
1.5 A structured set of activities are needed to support the delivery of asset management. Reflect on the descriptions below. Which is the most accurate definition of an Asset Management System?
A group or system of inter-connected physical assets
An IT system or technology enabling assets to be managed effectively
A management system for asset management
A group of assets that need to be managed systematically
1.6 Asset Management as a discipline requires delivering a shared vision or common set of goals within an organization. Which of the following is the most appropriate statement about Asset Management?
Asset management is chiefly the role of the strategy & planning department
Asset management is a disciple led mostly by finance teams
Asset management is achieved mostly by engineering/operational teams
Asset management is an integrated discipline requiring a range of teams
1.7 Which term is best used to describe the actions involved in managing assets from their acquisition, commissioning, maintenance, through to their disposal?
Project activities
Lifecycle activities
Continuous improvement activities
Delivery activities
1.8 A key principle of Asset Management includes bringing confidence to an organization that its assets are achieving their purpose. What is this principle known as?
Continuous Improvement
Leadership
Assurance
Governance
2.1 Why is having an asset management policy a key foundation to asset management?
It is a core document that give confidence that best practice is being undertaken
Because it is best practice requirement of the asset management landscape
It provides visibility to Top Management that approaches are being well documented
It is a key component of driving alignment and a commitment by Top Management
2.2 An organization needs to have robust processes in place for establishing asset management objectives and the asset management strategy. What is this process referred to?
Asset planning
Strategic planning
Decision-making
Governance
2.3 During strategy & planning, a demand analysis should be carried out before asset management objectives, strategies and more detailed plans can be developed. What is the main reason for carrying out a demand analysis?
To understand the leadership teams desire for asset management
To understand the regulatory requirements that drive ISO55000
To assess level of service needs and requirements of the asset portfolio
To assess asset exposure to hazards so that mitigation measures are put in place
3.1 As part of asset management Decision Making, it is normally desirable to plan to replace assets prior to their fun
For low value, low criticality assets
For high value assets or if the failure impact is tolerably high
For low value, high criticality assets
It is never appropriate to take a ‘fix-on-fail’ approach
3.2 There are a number of steps in asset management decision-making. One of which involves operations & maintenance decisions. Which techniques are most relevant to supporting operations & maintenance decision-making?
Failure Models and Effects Analysis (FMEA) and Risk Based Inspection (RBI)
P3M3 or applied project management approaches
Cost Benefit Analysis (CBA) for capital investment decisions
A combination of P3M3 / PRINCEII, Lean Six Sigma or Agile approaches
3.3 During the asset management decision making process, which is the main reason for why an organization would undertake a lifecycle cost analysis?
To fully understand the costs of managing a program of activity
To fully understand the cost of operating and maintaining an asset
To understand the value obtained from assets over a period of responsibility
To understand the cost of installing an asset as part of capital investment
4.1 As part of the lifecycle delivery part of asset management, asset creation / acquisition is typically divided into phases separated by governance gateways. Which of the following best describes these phases?
Investigation, analysis, findings, results and conclusion
Design and implementation
Concept, definition, development, delivery and handover and close-out
Start up, investigation, analysis, findings and results
4.2 Reliability engineering involves evaluating the reliability of potential designs, calculating allowable system failures and ensuring all design components behave as anticipated. At what stage of lifecycle delivery are these undertaken?
Operations & Maintenance phase
Commissioning phase
Asset creation / acquisition phase
Handover, decommissioning or re-use phase
4.3 Why is an effective shutdown and outage strategy important in the Lifecycle Delivery of asset management?
Having a shutdown & outage strategy is a key part of ISO55000 certification
To minimize the costs of service disruption and reduce service downtime
To ensure that the planned functional requirements of an asset are met
To implement the asset management plan authorized by Top Management
4.4 During the lifecycle delivery part of asset management, scheduled maintenance tasks usually comprise 3 key activities. What are these three activities known as?
Unplanned, planned and reactive maintenance
Unplanned, preventative and corrective maintenance
Inspection, preventative and corrective maintenance
Strategic, tactical and operational maintenance
4.5 During Fault & Incident Response it is important to draw on lessons learned so that future incidents can be mitigated. What is the technique used to do this?
Vibration monitoring
Failure Modes, Effects and Criticality (FMCEA) Analysis
Root Cause Analysis (RCA)
HAZOP or HAZID Analysis
4.6 Asset decommissioning & disposal is a key part of lifecycle delivery. Which of these factors below are least likely to drive the decommissioning or disposal of an asset?
Non-compliance with legislation
The current technology becomes obsolete
Costs of retaining in service is too high
Change of asset ownership
4.7 The costs of asset decommissioning an asset can be considerable in some sectors and need to be planned for early on. Through which processes is it important to prepare ahead for such costs for effective life cycle delivery?
Operations & Maintenance Decision Making Processes
Capital Investment Decision Making Processes
Maintenance Decision Making Processes
5.1 Data and information is essential to effective asset management decision making. There can be times when there are gaps in data. When can it be acceptable not to gather missing data? Please select the most appropriate option.
When the data is difficult to collect or not easy to store
When it is very costly to do so
When costs of collection outweigh the benefits
Where data isn’t guaranteed to be100% accurate
When data collection tools aren’t available
5.2 Effective data quality management involves addressing 6 key principles which include Accuracy, Completeness, Consistency, Validity, Timeliness. What is the sixth key principle?
Comparability
Uniformity
Uniqueness
Conformity
5.3 To which element of asset management should an information strategy be primarily aligned?
The organizations asset management policy
The lifecycle delivery program or project plans
An organizations risk management policy
The strategic asset management plan & objectives
6.1 The most appropriate structure for an organization is likely to change over time. It is influenced by a number of factors such as size, cultural background, span of control of its services, industry and which other key consideration?
The built and natural environment
Business systems and processes
Ownership structure
The asset or asset system hierarchy
6.2 It is essential to facilitate a culture that is conducive to good asset management. What is the first most important step that an organization should take to do this?
Ensure that a Strategic Asset Management Plan (SAMP) is documented
Ensure leadership produce a clear vision for asset management
Ensure that an Asset Management Plan is documented
Undertake a benchmarking study or gap analysis
7.1 Which sentence most accurately describes risk in the context of asset management?
The impact of uncertain events on physical asset performance
The impact of uncertainty on objectives (which can be positive or negative)
The impact of uncertainty on objectives (which are negative)
The likelihood of pressures or threats impacting physical asset performance
7.2 It is essential to ‘measure’ the importance of an asset in meeting objectives. This is known as asset criticality. Why is this important?
It enables organizations to demonstrate compliance with regulations
It is an essential part of operations & maintenance
It enables the ranking of risk & prioritization of actions
It enables development of a risk management policy
7.3 A number of sub-activities make up the risk and review. How many ‘lines of defense’ would there typically be in an effective audit & assurance model or framework?
2
3
5
6
Who authorizes the organization’s asset management strategy?
Customers
Top Management
Auditors
Shareholders
When a population of the same asset type or activity is too large for complete audit coverage which technique can we use?
Sampling
Averaging
Close Loop System
Pareto Analysis
Which of the following is LEAST important when considering end-of-life options for an asset?
Changes to Legislation
Demand Analysis
Cost of Ownership
Design life of the asset
Which of the following corporate systems is the LEAST likely to support good asset management?
Customer database
Failure and defect management system
Asset Register
Work Management Systems
Which of these lists best describes factors which should be considered for achieving best value for money?
Purchase cost, installation cost, cost of consumables, warranty terms, cost of decommissioning and disposal
Purchase cost, installation cost, availability of spare parts, forecast of useful service life, cost of decommissioning and disposal
Purchase cost, installation cost, cost of consumables, forecast of useful service life, scrap value
Purchase cost, installation cost, cost of consumables, forecast of useful service life, cost of decommissioning and disposal
Which is a correct statement when describing the whole life value of an asset?
Whole value realization from assets refers to the methods used, to ensure value is obtained in asset acquisition, creation, utilization, maintenance, improvements, renewals and disposals to meet the organization’s objectives
Asset management focuses only on the asset with the value as a secondary factor
Value is determined by leadership alone
Whole value realization does not require consideration of the effects of trade-offs between costs, risk, performance, and sustainability over time
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