iam qualifications
TRANSCRIPT
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Guidance for Candidates – DiplomaVer2 Mar13
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The IAM Diploma
Guidance for CandidatesMarch 2013
Contents
Selecting your IAM QualificationMaking the choice
ExaminationsNext steps
Knowledge and understanding requirementsSelf-assessment guide
Practice questionsEnrolling as a Candidate
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The IAM Certificate and IAM Diploma
Choosing the qualification that’s best for you
The IAM Certificate and IAM Diploma are designed to appeal to two groups of people.
The IAM Certificate is intended primarily for new entrants and those with some experience in assetmanagement roles and seeking to achieve formal recognition of their knowledge, skills and experience.
The IAM Diploma is intended primarily, but not exclusively, for those with prior knowledge andexperience of physical asset management or being prepared for, or recently appointed to, specialist ormanagement roles.
In addition, the Certificate and Diploma address the challenges experienced by people in asset managementroles – that is, the type of work they do and the responsibilities they have:
Qualification Challenges
IAM Certificate
Achievement requires:
the ability to select/use relevant knowledge and understanding, methods and skills tocomplete tasks which are well-defined and routine but have some complexity; and
comprehension of best practice asset management principles, requirements andframeworks.
IAM Diploma
Achievement requires:
ability to identify/use relevant knowledge and understanding to complete tasks that are
well-defined but non-routine and have some complexity; ability to exercise autonomy or judgement within set parameters;
understanding of best practices and how these apply in context; and
awareness of different perspectives or approaches.
Choosing which IAM Qualification is for you involves determining what your current job role requires in termsof; knowledge and understanding, levels of responsibility, freedom and ability to act on your own judgement.You should also consider your career path – what aspirations do you have for the future?
Note that although there is a natural progression from the Certificate to the Diploma, you do not have toobtain the Certificate before attempting the Diploma examination. Each qualification stands alone in its own
right and each is valued for what it represents.
The following flow diagram will help you to decide which qualification is best for you. However, the outcomesare only recommendations. You should read the full specifications for each Qualification, find out theknowledge and understanding requirements for each one, as expressed in the Module EvidenceSpecifications and then compare these to your knowledge and understanding of the subjects. Use thisoutcome as a further guide to choosing the best IAM Qualification for you.
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The IAM Diploma
Guidance for CandidatesJanuary 2013
Making the choiceThe IAM Diploma is aimed primarily at those with prior knowledge and experience of physical assetmanagement or those being prepared for or recently appointed to specialist or management roles.
The IAM Diploma addresses the ‘challenges’ experienced by people in asset management roles – that is, thetype of work they do and the responsibilities they have. For the IAM Diploma, this typically involves the abilityto identify and use relevant knowledge and understanding to complete tasks that are well-defined but non-routine and which have some complexity; the ability to exercise autonomy or judgement within set
parameters; an understanding of best practices and how these apply in context; and awareness of differentperspectives or approaches.
This Guidance Note is designed to help you make the decision about whether the IAM Diploma is thequalification for you in your present circumstances and looking to develop your long-term career in assetmanagement.
The examinationsTaking the examination for the IAM Diploma isn’t complicated.
The examination will use multiple-choice questions and will be delivered on-line. The exam will also be open-book – that is, you will be permitted to take hard-copy reference materials with you, should you need help inanswering any questions you’re not sure about. However, you need to balance the time taken to look up
possible answers against the need to answer enough questions correctly to pass.
Each examination will be different for each candidate, so it won’t help to try to ask others taking the sameexam for the answers!
Exam sessions will be held at IAM Assessment Centres – organisations having the necessary resources andfacilities.
All you will need to do is enrol with the IAM, pay the fee, book a convenient exam session and then turn upat your chosen Assessment Centre at the right time on the right day.
Practice questions
There are practice examination questions (and the correct answers) towards the back of this guide.
And then… When you have achieved the IAM Diploma, think about your continuing needs for professional developmentin your asset management career. The IAM has produced a document on ‘Career Pathways in AssetManagement’ which summarises the choices available.
In the following section we set out what the IAM Diploma covers and what you are expected to know andunderstand about asset management according to the demands of the qualification.
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The IAM Diploma: Knowledge and understanding of asset management
The IAM Diploma has 14 Modules, of which six (D1 –D6) are mandatory and a further selection of four from eight areoptional (D7 –D14). This structure allows individuals to focus on their particular interests, knowledge and experience and
career aspirations. The following provides an overview of what the Modules cover and the key topics for each one.
Module D1: Asset Management Policy and Strategy
An asset management policy is the cornerstone of an organization’s approach to asset management. Assuch it provides both the confidence that the organization is translating its overall organizational strategicplan into an effective asset management. There must be a clear framework within which asset managementdecision-making is made and presented: the purpose of the asset management policy is to set out thisframework.
Key topics covered in Module D1.
We want those involved with asset management, at whatever level, to know and understand the importanceof strategies, policies and plans as drivers of the organisation’s business for the short, medium and longterm.
1 Analysing policy requirements: alignment of policy with corporate strategy and other goals; and the role ofasset management in corporate governance
Contributing to defining the corporate goals the asset management policy must help achieve and the stakeholderrequirements the policy must address.
Contributing to defining the opportunities and constraints and stakeholder groups’ and socio-economic issues theasset management policy must take into account.
Consideration and implementation as necessary of the legal, social, environmental and economic factors andtrends relevant to the asset management strategy.
2 Developing the asset management policy: key contents of a policy and strategy, development methods,information requirements, roles and responsibilities; and policy and strategy evaluation
Contributing to defining and meeting criteria for selecting and assessing policy options. Contributing to defining the asset management policy goals and aspirations and their implications for all
stakeholders. Making effective use of internal and external expertise in the development of asset management policy and
ensuring stakeholders are engaged as appropriate.
3 Analysing strategic requirements: alignment of asset management strategy with policy aims andobjectives; consideration of risk, constraints, implications and other socio-economic factors in developingasset management strategy
Contributing to the defining aims and objectives of asset management policy that the asset management strategymust achieve and support.
Identification and definition of associated strategic risks. Identification and definition of strategic constraints. Contributing to defining the strategic implications of current and forecast status and condition of assets. Analysing current and future customer requirements. Identification and definition of relevant legal, social, environmental and economic factors and trends. Contributing to defining strategic requirements of stakeholder groups.
4 Developing the asset management strategy
Contributing to defining the aims and objectives of the asset management strategy. Contributing to development of key strategies for related systems, asset portfolios or asset groups. Contributing to defining the expected outcomes of strategies.
Ensuring stakeholders are engaged in the strategy development process as appropriate. Making effective use of internal and external expertise in strategy development.
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Module D2: Assessing and Managing Asset Management Risks
This Module deals with the anticipation, measurement and management of risk with regard to assets. Itincludes consideration of risk assessment and management, quality assurance, performance, monitoringand evolution of asset management systems, considerations of risk as function of cost-benefit analysis,compliance and audits, including regulatory and statutory requirements and the need for feedback andcontinuous improvement. The requirements for contingency planning and the need to analyse asset or
system failures and adjust operational procedures as necessary and appropriate are also covered.
Key topics covered in Module D2
1 Assessment and management of risk
Definition and management of risk management processes and procedures. Identification and assessment of risks arising from asset management activities. Specification of measures and methods for controlling identified risks. Identification of improvements to working practices and procedures with regard to risk management. Monitoring the progress, impact and effectiveness of operational improvements. Integration of asset management-related risk management with organisational risk management systems. Consideration and implementation as necessary of the legal, social, environmental and economic factors and
trends relevant to the asset management strategy.
2 Contingency planning
Identification of asset related risks. Identification of potential disruptions to critical asset management activities. Planning the most appropriate responses to incidents and emergencies. Ensuring suitable resources are available to respond to incidents and emergencies, as planned.
Module D3: Asset Management Information and Knowledge
This Module deals with the critical role of asset data, information and asset knowledge as key enablingfactors in strategic asset management and operational activities. An overall asset information strategy will
define the activities an organization will undertake to ensure that its asset information meets current andfuture requirements. The quality of asset data and knowledge should be assessed, understood and managedin order to ensure that they provide effective support to business decision-making. The Module is thereforeconcerned primarily with the definition of asset information requirements and the specifications for selectingappropriate asset management information and knowledge systems.
Key topics covered in Module D3.
1 Defining asset information requirements: standards and definitions; and alignment with strategic andoperational aims objectives
Specification of standards to provide common definitions of asset attributes. Definition of asset condition standards and measures and specification of using these standards in assessment of
asset status. Specification of definitions for asset defects and failures. Specification of standards for asset performance management. Specification of standards relating to the utilisation of assets. Specification of functionality and service life requirements. Verification that asset knowledge standards are consistent with asset management strategy and plans.
2 Specifying, selecting and integrating asset management information systems
Specification and validation of requirements of information systems in supporting and integration of assetmanagement processes.
Identification of and response to human factor implications. Definition and planning for integration of information systems and tools.
Consideration and implementation as necessary of the legal, social, environmental and economic factors andtrends relevant to the asset management strategy.
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Module D4: Life-Cycle Decision-Making
This Module is concerned with management of the life-cycle of physical assets, from the decision to acquireor develop new assets through to specification, procurement, installation, operation, maintenance, repair andrefurbishment and, ultimately, decommissioning and disposal. The operational stage in the life-cycle of anyasset represents the greatest source of revenue and, ultimately, the return on investment for the asset-holder. Life-cycle delivery management therefore must take account of all these stages.
Key topics covered in Module D4
1 Application of whole-life costing principles: determination of costs; costing models; analysis, verificationand monitoring; implementing improvements through cost reviews
Collection and generation of relevant quantitative and qualitative data to support life-cycle management. Identifying costs of AM activities and asset values. Identifying appropriate whole-life costing models. Development of business cases using unit cost data. Ensuring appropriate decision support tools are available. Performing appropriate strategic-level risk and uncertainty assessments Updating strategic whole-life cost calculations as necessary. Managing the process of implementing improvements arising from cost and operational reviews.
Consideration and implementation as necessary of the legal, social, environmental and economic factors andtrends relevant to the asset management strategy.
2 Creation and acquisition of assets: analysing business needs; specification of performance indicators;assessing risks, costs and benefits; preparation of business cases
Analysis of business needs for creation or acquisition of assets. Specification of performance indicators for whole-life assessment of asset creation or acquisition. Assessment of costs, risks and benefits Prioritising investment projects. Preparation of business cases for evaluating costs, benefits and risks Identification of risks in the commissioning process and assessing their impact on current operations and asset
management activities.
3 Creation and acquisition of assets: review and influence procurement policy to achieve optimum assetlife-cycle performance and cost; develop design specifications to achieve optimum customer, businessand life-cycle requirements
Contributing to identification of feasible and realistic procurement objectives and criteria. Identification and evaluation of procurement methods for achieving best value for money. Selection and evaluation of procurement methods which meet stakeholder constraints and relevant legislative and
regulatory obligations. Determining preferred or imposed terms and conditions of procurement and sources. Involvement with tendering processes, bid evaluations and contract negotiations. Monitoring performance of suppliers and contractors. Developing specifications for acquisition and installation of assets, including requirements for necessary
resources
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Module D5: Developing Asset Management Plans
This Module is concerned with using the strategic asset management aims and objectives to develop andimplement asset management plans.
Key topics covered in Module D5
1 Planning implementation of the asset management strategy: performance requirements and futuredemand projections; criticality and risk analysis; whole life costing; Capex and Opex forecasting; workvolumes and programmes; alignment with policy and strategy; the asset management plan; andimplementation, improvement and review
Contribution to prioritising and optimising the asset management strategy with regard to developing assetmanagement plans.
Preparation of relevant financial projections. Contribution to preparation of corporate business plans. Definition of requirements for market research, systems development and management team-building Contribution to assessing, measuring and monitoring the effectiveness of the asset management strategy. Consideration and implementation as necessary of the legal, social, environmental and economic factors and
trends relevant to the asset management strategy.
2 Develop and communicate asset management plans: asset management activities necessary to achievestrategic aims; review and communication of planning process and outcomes; establishing resourcerequirements for delivery of asset management
Contribution to specification of range, volume and quality of asset management activities and projects needed toachieve strategic asset management aims and objectives.
Contribution to development of objectives and performance indicators. Contribution to definition, monitoring and reviewing effectiveness of planning and communication processes. Contribution to definition of and rationales for asset group strategies and specific asset policies. Contribution to asset management plans with regard to resource requirements, operational management and
performance evaluation. Specification of resources and services required to deliver asset management plans.
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Module D6: Managing Asset Life-Cycle Activities
This Module deals with the installation, operation, maintenance, refurbishment and repair of assetsthroughout the operational life-cycle. Asset performance must be regularly monitored and adjustments andchanges implemented as necessary.
Key topics covered in Module D6
1 Control operations: developing implementation plans; reviewing and updating operations strategy;developing and evaluating work management processes; delivering workplans
Developing risk-based implementation plans and objectives in line with operations, maintenance and/orrefurbishment strategy
Reviewing and updating existing operations strategy Developing operations work and resource plans Developing and evaluate work management processes Managing the delivery of workplans including managing changes and the impact of unplanned work Consideration and implementation as necessary of the legal, social, environmental and economic factors and
trends relevant to the asset management strategy.
2 Maintain assets: maintenance strategic requirements; spares management; condition assessment;
extending life of assets
Reviewing and updating existing maintenance and/or refurbishment strategies Developing risk based maintenance and or refurbishment workplans Specifying spares management and inventory requirements Planning the distribution of spares and supplies Identifying appropriate condition assessment techniques Specifying asset condition and performance requirements Evaluating and implementing options for extending the life of assets
2 Optimise and rationalise assets: review performance against specifications; evaluate rationalisationoptions; implement and evaluate rationalisation projects
Reviewing asset performance and capacity against current requirements to identify proposals for rationalisation of
assets Evaluating asset rationalisation within a cost-risk optimisation framework Ensuring rationalisation projects are fully defined and assessed including their impact on other potential projects Ensuring rationalisation projects are implemented and are subject to full post-investment appraisals Ensuring spares management process supports the asset management strategy and plan(s)
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Modules D7 –D14 are opt ional: candidates m ust n om inate four and their examinat ion
wil l cov er these four in addit ion to th e six mandatory Mod ules (D1 –D6)
Module D7: Managing Change in Asset Management Systems and Capabilities
This Module deals with making sound asset management decisions, the key components of which are theacquisition of appropriate knowledge and the decision-making framework in place in the asset managementorganization. Decision-making is crucial at all stages of the asset life cycle and should be achieved in a co-ordinated fashion in order to optimize whole life value.
Key topics covered in Module D7
1 Designing and managing organisational change: reviewing existing structures; identify changes needed;implementing change
Reviewing effectiveness of existing organisational structures. Identification of changes needed to individual roles and responsibilities. Identification of changes needed to asset management teams. Implementing changes to organisational structure, teams and individual roles and responsibilities.
2 Shaping the asset management culture: asset management goals and benefits; the culture necessary forachieving strategic and operational aims and objectives; monitoring effectiveness of culture
Promoting the goals and benefits of good asset management practices. Defining the organisational culture needed to achieve strategic aims and objectives. Planning and implementing changes to organisational culture. Monitoring effectiveness of organisational culture in supporting achievement of asset management strategic
objectives.
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Module D8: Asset Performance Management
This Module deals with the development and deployment of asset management teams, assuring the qualityof asset management processes and monitoring and reviewing progress and performance of assets.
Key topics covered in Module D8
1 Development and deployment of people and teams: workload requirements; training and development;resource requirements
Determining workload requirements to meet strategic asset management objectives and plans. Specification of competence requirements for asset management work activities. Ensuring asset management personnel receive appropriate training. Assignment of individuals and teams to asset management work activities. Direction and coordination of asset management teams. Developing and supporting performance of colleagues. Challenging resource constraints and justification of increases.
2 Assure the quality of asset management processes: identifying quality problems; planning andimplementing improvements; evaluation of improvements
Assuring the quality of asset management products or processes. Identification of reasons for quality assurance problems. Planning and implementing improvements to asset management processes. Evaluation of the effectiveness of process improvements.
2 Monitor and review progress and performance: initial assessment of status and condition of assets;corrective actions; analysis of effectiveness of changes; adjusting asset management strategyand plans as necessary
Assessment of condition and performance of assets against strategic objectives. Assessment of the performance of asset management activities against strategic objectives. Identification and implementation of necessary corrective actions. Analysis of the progress, impact and effectiveness of corrective actions. Identification of lessons learned and contributing as required to adjustment of the asset management strategy,
policies and procedures.
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Module D9: Contractor and Supplier Management
This Module deals with the selection, use and management of external service contractors and suppliers.This includes ensuring that terms and conditions for the supply of goods and services are satisfactory andmeet the strategic and policy aims and objectives of the asset management organisation.
Key topics covered in Module D9
1 Development, use and management of contractors and suppliers: criticality of goods and services;specifications for contractors and suppliers; specifications for goods and services; contractor and supplierrelationships
Identification of strategic criticality of products and services. Defining products and services to be supplied. Identification, engagement and management of suppliers. Specifications for supplied products and services. Identification of appropriate forms of contract, terms and conditions. Development and improvement of the capabilities of suppliers. Contingency planning to accommodate need for alternative suppliers. Consideration and implementation as necessary of the legal, social, environmental and
economic factors and trends relevant to the asset management strategy.
2 Assure the quality of asset management processes: identifying quality problems; planning andimplementing improvements; evaluation of improvements
Assuring the quality of asset management products or processes. Identification of reasons for quality assurance problems. Planning and implementing improvements to asset management processes. Evaluation of the effectiveness of process improvements.
Module D10: Demand Forecasting and Capital Expenditure Planning
This Module deals with the strategic and operational need and ability to anticipate, and then meet, with
planned capital expenditures, future market requirements and demands. Using appropriate tools andtechniques to analyse current demands and thus predict future demands and costs, and the associatedrisks, are key aspects of the process.
Key topics covered in Module D10
1 Forecasting and analysing future user requirements and demands: using analytical tools and techniquesselection and use of appropriate data for forecasting; anticipation of trends in technology and productdevelopment
Using appropriate tools and techniques to analyse current demands. Using historical data to support forecasts of demand and costs and required levels of service. Using appropriate tools and techniques to forecast costs and demands. Forecasting and assessing relevant technological developments and external products and their likely impact.
2 Appraising investment options: investment criteria; investment options; costs, risks and benefits; selectionof investment options; evaluation of investment plans
Contribution to definition of criteria for identifying and evaluating investment options. Identification of investment options for achieving the asset management strategic objectives. Analysis of costs, risks and benefits of investment options. Selection of and rationales for investment options. Contributing to evaluation of investment plans. Consideration and implementation as necessary of the legal, social, environmental and economic factors and
trends relevant to the asset management strategy.
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Module D11: Asset Care and Maintenance Management
This Module deals with the installation, operation, maintenance, refurbishment and repair of assetsthroughout the operational life-cycle. Asset performance must be regularly monitored and adjustments andchanges implemented as necessary. In addition, the causes of failures or incidents must be investigated andnecessary adjustments made to assets, systems and procedures.
Key topics covered in Module D11
1 Maintain assets: maintenance operational requirements; spares management; condition assessment;extending life of assets
Implementing maintenance and/or refurbishment workplans Implementing spares and inventory management Implementing the distribution of spares and supplies Using appropriate condition assessment techniques Assessing asset condition and performance and modify maintenance plans and regimes as required Evaluating and recommending options for extending the life of assets Consideration and implementation as necessary of the legal, social, environmental and economic factors and
trends relevant to the asset management strategy.
2 Optimise and rationalise assets: review performance against specifications; evaluate rationalisationoptions; implement and evaluate rationalisation projects
Reviewing asset performance and capacity against current requirements to identify proposals for rationalisation ofassets
Evaluating asset rationalisation within a cost-risk optimisation framework Ensuring rationalisation projects are fully defined and assessed including their impact on other potential projects Ensuring rationalisation projects are implemented and are subject to full post-investment appraisals Ensuring the spares management process supports the asset management strategy and plan(s)
3 Failure analysis and responses
Investigation of causes of asset or system failures or incidents. Involvement with investigation of incidents.
Identification and implementation of adjustments to assets, systems and procedures in response to failures andincidents.
Module D12: Sustainable Asset Management
This Module deals with the strategic and operational need and ability to anticipate, and then meet, futuremarket requirements and demands. Using appropriate tools and techniques to analyse current demands andthus predict future demands and costs, and the associated risks, are key aspects of the process.
Key topics covered in Module D12
1 Renewal or disposal of assets: costs, risks and benefits
Selection and justification for renewal and disposal strategies. Identification and planning of life-extending, decommissioning, disposal and risk control actions. Managing the implementation of life-extending, decommissioning, disposal and risk control actions. Evaluation of effectiveness of life-extending, decommissioning, disposal and risk control actions. Ensuring assets are disposed of responsibly and ethically.
2 Compliance with legal, regulatory, ethical and social requirements.
Identification and monitoring of relevant legal, regulatory, ethical and social requirements. Contributing to the development of effective policies and procedures to ensure requirements are met. Assessing implementation of policies and procedures and providing necessary relevant support. Auditing compliance with relevant legislation and standards at appropriate level of responsibility. Identification and correction of failure to meet requirements. Identification of reasons why requirements were not met and adjustment of policies and procedures accordingly at
appropriate level of responsibility.
Module D13: Techniques for Whole-Life Costing and Accounting
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This Module deals with the operational need and ability to consider, systematically, all relevant costsassociated with the acquisition and ownership and disposal of physical assets. This requires the applicationof whole life costing principles: Determining activity costs and asset values, using costing models and tools,specifying costs for all key stages of the asset management lifecycle, verification of unit cost calculations,and reviewing and updating data and costing processes as required for the life of the asset.
Key topics covered in Module D11
1 Application of whole life costing principles: determining asset management activity costs and assetvalues; whole-life costing models; using unit cost data; revising calculations as costs vary; reviewing andimproving costing processes
Collecting and generating relevant quantitative and qualitative data to support the life-cycle costing process. Using appropriate whole life costing models. Specification of costs for all key stages of the asset management lifecycle. Using appropriate tools to support life-cycle decision-making. Defining and implementing processes for tracking, analysing and verifying unit cost data. Producing detailed assessment of risks and uncertainties. Updating detailed whole-life cost calculations as necessary. Identifying and implementing improvements by means of periodic unit cost reviews
Module D14: Asset Management Information Systems
This Module deals with the requirements for appropriate asset data, information and knowledge systems andprocedures as critical components in strategic asset management and operational activities. The quality ofasset data, information and knowledge must be managed in order to ensure that they provide effectivesupport to business decision-making. The Module is therefore concerned primarily with meeting assetmanagement information and knowledge requirements and selecting and using appropriate assetmanagement information and knowledge systems and procedures.
Key topics covered in Module D11
1 Specifying, selecting and integrating asset management information and knowledge systems.
Specification and validation of requirements of information systems in supporting and integration of assetmanagement processes.
Identification of and response to human factor implications. Definition and planning for integration of information systems and tools. Appropriate use of information systems in supporting delivery of asset management strategy and plans. Ensuring asset management information systems produce relevant, accurate, valid, usable data cost-effectively. Monitoring implementation of information systems and tools. Consideration and implementation as necessary of the legal, social, environmental and economic factors and
trends relevant to the asset management strategy.
2 Making appropriate asset management information available for decision-making: data collection; datamaintenance and updating; data storage; dissemination
Development of criteria and processes for data collection. Planning and managing the collection, maintenance and updating, storage and dissemination of information. Processing and analysis of data to generate effective business information. Preparation of reports and identification of anomalies in reported data. Provision of data and information needed to transfer assets to operational use.
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Self-assessment questionnaire
How much do you really know about asset management?
Find out b y comp let ing ou r sel f -assessment quest ionnaire
It’s free, it’s confidential! It’s designed to help you determine where you are and what youmight need to do with regard to training and development.
What do I do?
It’s simple: tick the boxes as appropriate (only one per row), for each of the ‘evidencespecifications’ in the table, according to your self-assessment of your knowledge andunderstanding of the topics concerned, with regard to the IAM Diploma.
Be honest! Your aim is to highlight areas where some extra training might be helpful.
Then what?
When you have completed the questionnaire, look at your answers and also how manythere are in each column:
Column 1
Where you are confident in your knowledge and understanding of the subjectconcerned: you need to keep up to date with new developments but there probablyisn’t a need at present for formal training;
Column 2
Where you have some knowledge but feel that you need some training anddevelopment activities to bring you fully up to strength; and
Column 3
Where you feel that you don’t know enough, if anything, about the subject(s)concerned and there is a real need for some training and development to overcomethis shortfall in your knowledge and understanding.
So: entries under Columns 2 and 3 will help you decide on your training needs and to
design you training plan to address the gaps in your current knowledge andunderstanding.
Then it’s up to you, or your personnel colleagues, manager or training provider to decidehow to fill the gaps.
We also suggest that you refer to the full specifications for the IAM Diploma to see the fullevidence statements for each one (available as a download from the IAM Website,www.theIAM.org).
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The Self-assessment Questionnaire
1 IAM Diploma, Module D1: Introduction to Asset Management
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropriate colum n, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this(I need to find out
and learn a lot more)
1 Analysing policy requirements.This covers: contributing to defining the corporate goals the asset
management policy must help achieve and thestakeholder requirements the policy must address
defining the opportunities and constraints and stakeholdergroups’ and socio-economic issues the assetmanagement policy must take into account;
consideration and implementation as necessary of thelegal, social, environmental and economic factors andtrends relevant to the asset management strategy.
2 Developing the asset management policy.This covers: Contributing to defining and meeting criteria for selecting
and assessing policy options. Contributing to defining the asset management policy
goals and aspirations and their implications for allstakeholders.
Making effective use of internal and external expertise inthe development of asset management policy andensuring stakeholders are engaged as appropriate.
3 Analysing strategic requirements.This covers: Contributing to defining aims and objectives of asset
management policy the asset management strategy must
achieve and support. Identification and definition of associated strategic risks. Identification and definition of strategic constraints. Contributing to defining the strategic implications of
current and forecast status and condition of assets. Analysing current and future customer requirements. Identification and definition of relevant legal, social,
environmental and economic factors and trends. Contributing to defining strategic requirements of
stakeholder groups.
4 Developing the asset management strategy.This covers: Contributing to defining the aims and objectives of the
asset management strategy. Contributing to development of key strategies for related
systems, asset portfolios or asset groups. Contributing to defining the expected outcomes of
strategies. Ensuring stakeholders are engaged in the strategy
development process as appropriate. Making effective use of internal and external expertise in
strategy development.
TOTALS FOR D1
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2 IAM Diploma, Module D2: Assessing and Managing AssetManagement Risks
#Evidence specifications(from the IAM D)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good
(I know about and dothis a lot)
Not so good
(I know a little bitabout this, but there
are some gaps)
No real detailed
knowledge of this(I need to find out
and learn a lotmore)
1 Assessment and management of risk.This covers: Definition and management of risk management
processes and procedures. Identification and assessment of risks arising from
asset management activities. Specification of measures and methods for controlling
identified risks. Identification of improvements to working practices and
procedures with regard to risk management. Monitoring the progress, impact and effectiveness of
operational improvements.
Integration of asset management-related riskmanagement with organisational risk managementsystems.
Consideration and implementation as necessary of thelegal, social, environmental and economic factors andtrends relevant to the asset management strategy.
2 Contingency planning.This covers: Identification of asset related risks. Identification of potential disruptions to critical asset
management activities. Planning the most appropriate responses to incidents
and emergencies. Ensuring suitable resources are available to respond to
incidents and emergencies, as planned.
TOTALS FOR D2
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3 IAM Diploma Module, D3: Asset Management Information andKnowledge
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropri ate column, one entry per row only
Good(I know about and
do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this(I need to find out
and learn a lot more)
1 Defining asset information requirements.This covers: Specification of standards to provide common
definitions of asset attributes. Definition of asset condition standards and measures
and specification of using these standards inassessment of asset status.
Specification of definitions for asset defects andfailures.
Specification of standards for asset performancemanagement.
Specification of standards relating to the utilisation of
assets. Specification of functionality and service life
requirements. Verification that asset knowledge standards are
consistent with asset management strategy and plans.
2 Specifying, selecting and integrating assetmanagement information systems.This covers: Specification and validation of requirements of
information systems in supporting and integration ofasset management processes.
Identification of and response to human factorimplications.
Definition and planning for integration of informationsystems and tools.
Consideration and implementation as necessary of thelegal, social, environmental and economic factors andtrends relevant to the asset management strategy.
TOTALS FOR D3
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4 IAM Diploma, Module D4: Life-Cycle Decision-Making
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropriate colum n, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this
(I need to find outand learn a lot more)
1 Application of whole-life costing principles. This covers: Collection and generation of relevant quantitative
and qualitative data to support life-cyclemanagement.
Identifying costs of AM activities and asset values. Identifying appropriate whole-life costing models. Development of business cases using unit cost
data. Ensuring appropriate decision support tools are
available. Performing appropriate strategic-level risk and
uncertainty assessments Updating strategic whole-life cost calculations as
necessary. Managing the process of implementing
improvements arising from cost and operationalreviews.
Consideration and implementation as necessary ofthe legal, social, environmental and economicfactors and trends relevant to the assetmanagement strategy.
2 Creation and acquisition of assets:This covers: Analysis of business needs for creation or
acquisition of assets. Specification of performance indicators for whole-
life assessment of asset creation or acquisition. Assessment of costs, risks and benefits
Prioritising investment projects. Preparation of business cases for evaluating costs,
benefits and risks Identification of risks in the commissioning process
and assessing their impact on current operationsand asset management activities.
Contributing to identification of feasible and realisticprocurement objectives and criteria.
Identification and evaluation of procurementmethods for achieving best value for money.
Selection and evaluation of procurement methodswhich meet stakeholder constraints and relevantlegislative and regulatory obligations.
Determining preferred or imposed terms andconditions of procurement and sources.
Involvement with tendering processes, bid
evaluations and contract negotiations. Monitoring performance of suppliers and
contractors. Developing specifications for acquisition and
installation of assets, including requirements fornecessary resources
TOTALS FOR D4
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5 IAM Diploma, Module D5: Developing Asset Management Plans
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this
(I need to find outand learn a lot more)
1 Planning implementation of the asset managementstrategy.This covers: Contribution to prioritising and optimising the asset
management strategy with regard to developing assetmanagement plans.
Preparation of relevant financial projections. Contribution to preparation of corporate business plans. Definition of requirements for market research, systems
development and management team-building Contribution to assessing, measuring and monitoring
the effectiveness of the asset management strategy. Consideration and implementation as necessary of the
legal, social, environmental and economic factors and
trends relevant to the asset management strategy.
2 Develop and communicate asset management plans.This covers: Contribution to specification of range, volume and
quality of asset management activities and projectsneeded to achieve strategic asset management aimsand objectives.
Contribution to development of objectives andperformance indicators.
Contribution to definition, monitoring and reviewingeffectiveness of planning andcommunication processes.
Contribution to definition of and rationales for assetgroup strategies and specific asset policies.
Contribution to asset management plans with regard to
resource requirements, operational management andperformance evaluation.
Specification of resources and services required todeliver asset management plans
TOTALS FOR D5
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6 IAM Diploma, Module D6: Managing Asset Life-Cycle Activities
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this
(I need to find outand learn a lot more)
1 Control operations.This covers: Developing risk-based implementation plans and
objectives in line with operations, maintenance and/orrefurbishment strategy
Reviewing and updating existing operations strategy Developing operations work and resource plans Developing and evaluate work management processes Managing the delivery of workplans including managing
changes and the impact of unplanned work Consideration and implementation as necessary of the
legal, social, environmental and economic factors andtrends relevant to the asset management strategy.
2 Maintain assets.This covers: Reviewing and updating existing maintenance and/or
refurbishment strategies Developing risk based maintenance and or
refurbishment workplans Specifying spares management and inventory
requirements Planning the distribution of spares and supplies Identifying appropriate condition assessment
techniques Specifying asset condition and performance
requirements Evaluating and implementing options for extending the
life of assets
3 Optimise and rationalise assets.This covers: Reviewing asset performance and capacity against
current requirements to identify proposals forrationalisation of assets
Evaluating asset rationalisation within a cost-riskoptimisation framework
Ensuring rationalisation projects are fully defined andassessed including their impact on other potentialprojects
Ensuring rationalisation projects are implemented andare subject to full post-investment appraisals
Ensuring spares management process supports theasset management strategy and plan(s)
TOTALS FOR D6
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The following Modules D7 –D14 are optional: candidates must
nominate four and their examination will cover these four in additionto the six mandatory Modules (D1 –D6).
The optional Modules deal with their topics in greater depth:for the purposes of this self-assessment exercise, you can opt
either to consider all the optional Modules (for instance, if you havenot yet decided on particular specialisations in your career) or to
cover only those optional Modules that best fit your current situation
or future career path.
The choice is yours!
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7 IAM Diploma, Module D7: Managing Change in Asset ManagementSystems and Capabilities
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this(I need to find out
and learn a lot more)
1 Designing and managing organisational change.This covers: Reviewing effectiveness of existing organisational
structures. Identification of changes needed to individual roles and
responsibilities. Identification of changes needed to asset management
teams. Implementing changes to organisational structure,
teams and individual roles and responsibilities.
2 Shaping the asset management culture.
This covers: Promoting the goals and benefits of good asset
management practices. Defining the organisational culture needed to achieve
strategic aims and objectives. Planning and implementing changes to organisational
culture. Monitoring effectiveness of organisational culture in
supporting achievement of asset management strategicobjectives.
TOTALS FOR D7
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8 IAM Diploma, Module D8: Asset Performance Management
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this
(I need to find outand learn a lot more)
1 Development and deployment of people and teams.This covers: Determining workload requirements to meet strategic
asset management objectives and plans. Specification of competence requirements for asset
management work activities. Ensuring asset management personnel receive
appropriate training. Assignment of individuals and teams to asset
management work activities. Direction and coordination of asset management teams. Developing and supporting performance of colleagues. Challenging resource constraints and justification of
increases.
2 Assure the quality of asset management processes.This covers: Assuring the quality of asset management products or
processes. Identification of reasons for quality assurance problems. Planning and implementing improvements to asset
management processes. Evaluation of the effectiveness of process
improvements.
3 Monitor and review progress and performance.This covers: Assessment of condition and performance of assets
against strategic objectives. Assessment of the performance of asset management
activities against strategic objectives. Identification and implementation of necessary
corrective actions. Analysis of the progress, impact and effectiveness of
corrective actions. Identification of lessons learned and contributing as
required to adjustment of the asset managementstrategy, policies and procedures.
TOTALS FOR D8
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9 IAM Diploma, Module D9: Contractor and Supplier Management
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this
(I need to find outand learn a lot more)
1 Development, use and management of contractorsand suppliers.This covers: Identification of strategic criticality of products and
services. Defining products and services to be supplied. Identification, engagement and management of
suppliers. Specifications for supplied products and services. Identification of appropriate forms of contract, terms and
conditions. Development and improvement of the capabilities of
suppliers. Contingency planning to accommodate need for
alternative suppliers. Consideration and implementation as necessary of the
legal, social, environmental and economic factors andtrends relevant to the asset management strategy.
TOTALS FOR D9
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10 IAM Diploma, Module D10: Demand Forecasting and CapitalExpenditure Planning
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropriate colum n, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this(I need to find out
and learn a lot more)
1 Forecasting and analysing future user requirementsand demands.This covers: Using appropriate tools and techniques to analyse
current demands. Using historical data to support forecasts of demand
and costs and required levels of service. Using appropriate tools and techniques to forecast
costs and demands. Forecasting and assessing relevant technological
developments and external products and their likelyimpact.
2 Appraising investment options.This covers: Contribution to definition of criteria for identifying and
evaluating investment options. Identification of investment options for achieving the
asset management strategic objectives. Analysis of costs, risks and benefits of investment
options. Selection of and rationales for investment options. Contributing to evaluation of investment plans. Consideration and implementation as necessary of the
legal, social, environmental and economic factors andtrends relevant to the asset management strategy.
TOTALS FOR D10
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11 IAM Diploma, Module D11: Asset Care and MaintenanceManagement
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this(I need to find out
and learn a lot more)
1 Renewal or disposal of assets.This covers: Selection and justification for renewal and disposal
strategies. Identification and planning of life-extending,
decommissioning, disposal and risk control actions. Managing the implementation of life-extending,
decommissioning, disposal and risk control actions. Evaluation of effectiveness of life-extending,
decommissioning, disposal and risk control actions. Ensuring assets are disposed of responsibly and
ethically.
2 Compliance with legal, regulatory, ethical and socialrequirements.This covers: Identification and monitoring of relevant legal,
regulatory, ethical and social requirements. Contributing to the development of effective policies
and procedures to ensure requirements are met. Assessing implementation of policies and procedures
and providing necessary relevant support. Auditing compliance with relevant legislation and
standards at appropriate level of responsibility. Identification and correction of failure to meet
requirements. Identification of reasons why requirements were not met
and adjustment of policies and procedures accordingly
at appropriate level of responsibility.
TOTALS FOR D12
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12 IAM Diploma, Module D12: Sustainable Asset Management
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this
(I need to find outand learn a lot more)
1 Renewal or disposal of assets.This covers: Selection and justification for renewal and disposal
strategies. Identification and planning of life-extending,
decommissioning, disposal and risk control actions. Managing the implementation of life-extending,
decommissioning, disposal and risk control actions. Evaluation of effectiveness of life-extending,
decommissioning, disposal and risk control actions. Ensuring assets are disposed of responsibly and
ethically..
2 Compliance with legal, regulatory, ethical and socialrequirements.This covers: Identification and monitoring of relevant legal,
regulatory, ethical and social requirements. Contributing to the development of effective policies
and procedures to ensure requirements are met. Assessing implementation of policies and procedures
and providing necessary relevant support. Auditing compliance with relevant legislation and
standards at appropriate level of responsibility. Identification and correction of failure to meet
requirements. Identification of reasons why requirements were not met
and adjustment of policies and procedures accordinglyat appropriate level of responsibility.
TOTALS FOR D12
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13 IAM Diploma, Module D13: Techniques for Whole-Life Costing andAccounting
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this(I need to find out
and learn a lot more)
1 Application of whole life costing principles.This covers: Collecting and generating relevant quantitative and
qualitative data to support the life-cycle costing process. Using appropriate whole life costing models. Specification of costs for all key stages of the asset
management lifecycle. Using appropriate tools to support life-cycle decision-
making. Defining and implementing processes for tracking,
analysing and verifying unit cost data. Producing detailed assessment of risks and
uncertainties. Updating detailed whole-life cost calculations as
necessary. Identifying and implementing improvements by means
of periodic unit cost reviews.
TOTALS FOR D13
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14 IAM Diploma, Module D14: Asset Management Information Systems
#Evidence specifications(from the IAM Diploma)
Current status of your knowledge and understanding withregard to the evidence specifications
Enter Y in the appropr iate column, one entry per row only
Good(I know about
and do this a lot)
Not so good(I know a little bit
about this, but thereare some gaps)
No real detailedknowledge of this
(I need to find outand learn a lot more)
1 Specifying, selecting and integrating assetmanagement information and knowledge systems.This covers: Specification and validation of requirements of
information systems in supporting and integration ofasset management processes.
Identification of and response to human factorimplications.
Definition and planning for integration of informationsystems and tools.
Appropriate use of information systems in supportingdelivery of asset management strategy and plans.
Ensuring asset management information systemsproduce relevant, accurate, valid, usable data cost-
effectively. Monitoring implementation of information systems and
tools. Consideration and implementation as necessary of the
legal, social, environmental and economic factors andtrends relevant to the asset management strategy.
.
2 Making appropriate asset managementinformation available for decision-making.This covers: Development of criteria and processes for data
collection. Planning and managing the collection, maintenance
and updating, storage and dissemination of information. Processing and analysis of data to generate effective
business information. Preparation of reports and identification of anomalies in
reported data. Provision of data and information needed to transfer
assets to operational use.
TOTALS FOR D14
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Practice questions
Here are five multiple-choice questions of the type that you will encounter in the IAMDiploma Examination. For each question there is only one correct answer.
Good luck!
Q1. Of ten identical assets, one is reportedly failing more than the rest. Which information is leastlikely to help understand why this might be?
a) Design specificationb) Maintenance historyc) Operating contextd) Staff training recordse) Condition assessments
Q2. When assessing the criticality of assets within an organisation, how should the most importantconsequences be defined?
a) Impact on customersb) Input on costsc) By organisational vision/strategy inputd) Impact on operability of assetse) Impact of legislation
Q3. When delivering asset maintenance which of the following Asset Management documents isthe most important for the technician to be aware of?
a) Asset disposal strategyb) Asset procurement strategyc) Asset management policyd) Asset information specificatione) Capital investment plan
Q4. Which of these activities would be LEAST effective in gathering and validating requirementsfor your new asset management system?
a) Read white paper from industry analysisb) Interview stakeholders across the businessc) Talk to other similar companies about their systemsd) Talk to relevant product vendors
e) Review best practice from other industries
Q5. What should be the most significant consideration before deploying life cycle decision makingtools?
a) Age of the assets and amount of spend involvedb) Size of the organisation and number of assetsc) The requirements of third party stakeholdersd) The requirements of the shareholderse) Complexity of the decision and maturity of the organisation
(The correct answers are on Page 31)
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The IAM Diploma
Enrolling as a candidate
1 Individuals
You can enrol as a Candidate for either the IAM Certificate or IAM Diploma at any time
You do not have to be a Member of the IAM to enrol.
The on-line enrolment system can be found on the IAM Website:
www.theIAM.org.
After you have entered your personal details, indicated your choice of qualification and paid the relevantEnrolment Fee you will be sent a confirmation e-mail with an IAM Examination Voucher and your Logindetails which will enable you to access the Practice Examination on the IAM Website.
When you are ready to take your examination you can confirm your preferred date and time and
Assessment Centre for the examination session: please note that IAM Examinations can only betaken at IAM Assessment Centres.
You will also be asked to confirm that you have read and accept the IAM Examinations BoardRules and Regulations.
The IAM will confirm your examination session details by e-mail.
You will be asked to provide details of the form of identification you will use to confirm yourself to the Assessment Centre as a fully-paid candidate (typically you could use your passport, a photo-ID nationaldriving licence or any other form of photographic ID such as an employer’s ID card or an ID cardissued by a college: please ask the IAM if you are not sure what to use).
Note that the IAM Examinations are ‘open-book’ and delivered online.
Open book means that you are permitted to take hard-copy reference materials into the examinationsession.
Delivery online requires that candidates will normally provide their own means for accessing the IAMExamination system – for instance, a laptop or netbook computer, or similar suitable hardware.
2 Enrolment via employers, training providers and other organisations
When an employer or training provider wishes to enrol a number of candidates, the process isessentially the same as that for individual enrolment. The IAM confirmation e-mail and ExaminationVoucher and Login details will be sent to the nominated person at the organisation.
The organisation enrolling individual candidates will normally be responsible for ensuring that eachcandidate is subsequently booked into an examination session.
As with individual enrolments, each candidate enrolled through an employer, trainingprovider or other organisation will be asked to confirm that they have read and accept the IAMExaminations Board Rules and Regulations.
If you have any further questions about the enrolment process, full information can befound on the IAM Website or you can send your query to:
Correct Answers to the Practice Questions: 1(a); 2(c); 3(c); 4(a); 5(e)