CAMA2 Quiz: Changes to ISO55001 & GFMAM AM Landscape - World Partners in Asset Management (WPiAM)

Changes to ISO55001 & GFMAM AM Landscape Quiz

Each question below states the subject and which area of ISO55001: 2024 and/or GFMAM AM Landscape 3rd Edition (2024) it relates to. Please select the best answer for each of the following questions. You will need to have read the summary of changes documents and done your own independent reading from the new versions of these two key documents (ISO55001:2024 and GFMAM 3rd Edition 2024).

When you have successfully passed the exam, please take a screenshot of your results, and upload this into your CPD portal under the "CAMA2" activity category.

1 / 10

Systems Engineering. GFMAM V3 6.0

Can only be conducted by qualified System Engineers

Must comply with ISO15288

Is only useful during design

Is an approach that any organization can adopt

2 / 10

Configuration Management. GFMAM V3 5.0

Configuration Management should be optional as it can be expensive

Configuration Management is relevant across the entire life cycle of an asset

You can only conduct Configuration management if you have a serial number

Configuration Management shouldn't be done

3 / 10

Organizational Change Management. GFMAM V3 4.0

Is only conducted by the human resources department

Is influenced by leadership and the culture of the organization

Shouldn’t be adopted until there is industrial action or a strike

Is a waste of time

4 / 10

Predictive Action. ISO55001:2024 Section 10.3. GFMAM V3 3.0

Predictive action is when you predict the future

A predictive action is taken after something has occurred

Predictive Action isn't an input into planning

Predictive actions can apply to assets, asset management and the asset management system

5 / 10

Life Cycle Management. ISO55001:2024 Section 8.1. GFMAM V3 6.0

Only physical assets have a life cycle

Life cycle processes can include any phase of the lifecycle from creation through to disposal

Life cycle costing can only be completed by an accountant

A Life cycle approach is very expensive and should be avoided if possible

6 / 10

Data and Information. ISO55001:2024 Section 7.6. GFMAM V3 5.0

An organization needs to determine what data and information it requires to support effective asset management decision making

Data is limited to the size of the hard drive available to an organization

Data and Information is the responsibility of the IT department

When there isn't data or information available guessing is better than engaging a SME for their advice

7 / 10

Asset Management Objectives. ISO55001:2024 Section 6.2.2. GFMAM V3 3.0

Only relate to physical assets

Should be altered if they become too difficult to achieve

Asset Management Objectives are established via the SAMP (or equivalent)

Asset Management Objectives are determined by the Finance department

8 / 10

The Strategic Asset Management Plan (SAMP). ISO55001:2024 Section 6.2.1. GFMAM V3 3.0

Not many people read ISO55002:2018 so ISO chose to move it

The SAMP is an artefact that translates organizational objectives into asset management objectives

The SAMP (or equivalent) is an optional artefact in an asset management system

A Strategic Asset Management Plan is the same as an Asset Management Plan

9 / 10

Actions to address risk and opportunities have been separated in. ISO55001:2024 Section 6.1. GFMAM V3 2.0

This was to make it easier for the reader to understand

By adding in more sections ISO can charge more for their standards

Risk and Opportunity need to be considered in asset management decision making as risk is based on negative consequence whereas opportunity is based on positive consequences

Risk and opportunity management are optional in asset management decision making

10 / 10

Asset Management Decision Making: ISO55001:2024 Section 4.5. GFMAM V3 1.0,3.0,4.0

The decision making framework is used to establish the value that the organization is seeking to derive from its assets

The decision making framework is used to automate thinking

The Decision making framework is based on Artificial Intelligence

Asset Management Decision Making should only be performed by Asset Managers

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