Question 1

Why is risk management included in asset management?

Options :

A : Asset management requires risks to be kept to a minimum

B : Risk management often enables cost cutting in the near term

C : If risks are not treated, there can be unplanned consequences

Answer: C

Question 2

Which of the following International Standards is used to form the basis of an asset hierarchy?

Options :

A : ISO 16224

B : ISO 15224

C : ISO 14224

Answer: C

Question 3

Which of the following phases of an assetâ€™s lifecycle is usually the best time to make decisions to address reliability?

Options :

A : Create Acquire Phase

B : Specify & Design Phase

C : Operations & Maintenance Phase

Answer: B

Question 4

Risks only exist in relation to:

Options :

A : asset management

B : objectives

C : health and safety

Answer: B

Question 5

Which of the following personnel does detailed knowledge of asset performance typically reside with?

Options :

A : Plant engineers

B : Maintenance technicians

C : Experienced operators

Answer: C