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The Institute of Asset Management IAM-Certificate Exam - Topic 2 Question 11 Discussion

A new set of performance metrics are being developed for part of the asset portfolio. Which of the following documents should be referred to when checking alignment with the Asset Management and Organizational objectives?
A) The Asset Management Strategy
B) The Asset Management Policy
C) The Asset Maintenance Strategy
D) Standard Operating Procedures
E) Annual Departmental Objectives

The Institute of Asset Management IAM-Certificate Exam - Topic 2 Question 11 Discussion

Actual exam question for The Institute of Asset Management's IAM-Certificate exam
Question #: 11
Topic #: 2
[All IAM-Certificate Questions]

A new set of performance metrics are being developed for part of the asset portfolio. Which of the following documents should be referred to when checking alignment with the Asset Management and Organizational objectives?

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Suggested Answer: A

The correct answer isA. IAM'sAnatomy of Asset Management Version 4states that theStrategic Asset Management Plan (SAMP)specifies the organization's long-term and life-cycle approach to managing assets anddetails the asset management strategy, asset management objectives, and the levels of service and performance needed to satisfy objectives. It also says the strategy and objectives are the second stage of the organization'sline of sight, translating policy principles into guidance for asset-management decisions.

Because the question is about developingperformance metricsand checking their alignment withAsset Management and Organizational objectives, the most appropriate reference is theAsset Management Strategyin the SAMP, since that is where those objectives and required performance levels are explicitly translated and structured. TheAsset Management Policyprovides principles and a framework, but it is the strategy that turns those principles into objectives, service levels, and performance requirements.


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