3004068718196682

Asset Management
Andrew Crossley

Question block created by wizard

1.

In the Lloyd case study about Scottish Power the organization designed an Operational
Transformational Programme (OTP) integrating process safety and asset management. This
included a communications programme and a 'process safety' dashboard showing its key
performance indicators. As an Asset Management expert, select three of the following
outcomes that will be achieved from adopting OTP and the dashboard?

(a) Asset Management Systems will help improve health and safety because they can
direct focus onto asset criticality, risk, lifecycle and the consequence of failure - to 'life and limb'

(b) Condition based reporting and reliability centred maintenance builds a pro-active and
accident prevention culture.

(c) The new systems highlight the fact that 'old does not mean unsafe'

(d) People tend to do as they are told and so health and safety will become the main objective
for all asset management decisions.

(e) Because health and safety is a legislated activity for an organization, it is not really an item
of individual responsibility for employees. The management decides what to do on all health and
safety matters.
If choice a is selected add 1 to score and continue.
If choice b is selected add 1 to score and continue.
If choice c is selected add 1 to score and continue.
Anything else No score defined.

2.

In the Dublin Airport Case study, for what major reason might the introduction of asset management
be interpreted by people as a challenge to their professional standing?

o (a) Asset Management is a technical discipline, with its own professional association that is in
direct competition with other technical disciplines. People might feel challenged because they see
it a threat.
o

(b) People see it asset management something they do anyway, and it is just another
management fad which will eventually go away.

(c) The consequences of asset management are that it requires co-ordination of knowledge
bases and professional discipline across an organisation.

(d) It needs a culture change and new way of thinking, and people do not like change. It is not
about challenges to professional standing but more about challenges to peoples standing in an
organisation.

(e) Asset management challenges professional power bases in an organisation.

If choice c is selected set score to 3.

If choice d is selected set score to 1.

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Asset Management

3.

Andrew Crossley
What is wrong with deciding that assets need to be replaced because they have exceeded their
design life and there is a risk they will fail?

o (a) An assets life cycle has many different types of live spans design life, use life, economic
life. Consequently, all these different lives need to be considered and a trade-off analysis made
using risk analysis.
o

(b) Failure mode and criticality are different performance based information compared to design
life

(c) Design life assumptions might not be valid based on real life use.

(d) Design life is based on Codes of Practice that will have built in redundancy in them, which
might not hold anyway when in life.

(e) Design life assumes a pre-determined rate of user wear that translates this into a guarantee
replacement time, which is the most appropriate for asset decision making.

If choice b is selected set score to 1.

If choice a is selected set score to 3.

4.

According the the Institute of Asset Management's Anatomy 2014 what is the correct sequence for
classifying the quality of Asset Information?
(a) Wisdom

(b) Data

(c) Information

(d) Knowledge

If choice b matches "1" AND choice c matches "2" AND choice d matches "3" AND choice a matches "4" set
score to 2.
Anything else No score defined.

5.

According to the Institute of Asset Management its SAM (Self-Assessment Methodology) tool, that
you used in the computer labs, allows you to self assess your organization's competence up to a
maximum level of 'compliant with ISO 55000'.

(a) True

(b) False

If choice b is selected set score to 1.

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Asset Management

6.

Andrew Crossley
In the following diagram, Figure 1 from ISO 55000:2014, select the missing word from the drop down
list

(a) A

(i) Organisation

(ii) System

(iii) Realise

(iv) Value

(v) Scope

(b) B

(i) Organisation

(ii) System

(iii) Realise

(iv) Value

(v) Scope

(c) C

(i) Organisation

(ii) System

(iii) Realise

(iv) Value

(v) Scope

(d) D

(i) Organisation

(ii) System

(iii) Realise

(iv) Value

(v) Scope

(e) E

(i) Organisation

(ii) System

(iii) Realise

(iv) Value

(v) Scope

If choice a(i) is selected add 1 to score and continue.

If choice b(ii) is selected add 1 to score and continue.
If choice c(iii) is selected add 1 to score and continue.
If choice d(iv) is selected add 1 to score and continue.
If choice e(v) is selected add 1 to score and continue.

7.

ISO 55000:2014 defines Asset Management as: the (a)____________________ activity of an

organization to realize value from assets
(a) future official coordinated planned managed
If choice a matches "coordinated" set score to 1.
Anything else No score defined.

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Asset Management

8.

Andrew Crossley
ISO 55000:2014 defines an asset as an item, thing or entity that has (a)____________________ or
actual (b)____________________ to an organization.
If choice a matches "potential" ignoring case add 1 to score and continue.
If choice b matches "value" ignoring case add 1 to score and continue.
Always happens No score defined.

9.

A critical asset is an asset having potential to significantly (a)____________________ on the

achievement of the organization's (b)____________________.
If choice a matches "impact" ignoring case add 1 to score and continue.
If choice b matches "objectives" ignoring case add 1 to score and continue.
Always happens No score defined.

If assessment score is 0% to 100% Feedback

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