1|Page
IAM Certification Exam questions and answers
2025
What does EBIT stand for? - .....ANSWER ...✔✔
Earnings before interest and taxes
What does EBITDA stand for? - .....ANSWER ...✔✔
Earnings before interest, taxes, depreciation, and
amortization
What does EFNMS stand for? - .....ANSWER ...✔✔
European federation of national maintenance societies
What does ETA stand for? - .....ANSWER ...✔✔ Event
Tree Analysis
What does FMEA stand for - .....ANSWER ...✔✔
Failure Modes & Effects Analysis
What does FMECA stand for? - .....ANSWER ...✔✔
Failure Modes, Effects and Criticality Analysis
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What does FRACAS stand for? - .....ANSWER ...✔✔
Failure Reporting, Analysis & Corrective Action System
What does FTA mean? - .....ANSWER ...✔✔ Fault tree
analysis
What does GIS stand for? - .....ANSWER ...✔✔
Geographic Information System
What does GFMAM stand for? - .....ANSWER ...✔✔
Global forum of maintenance & asset management
What does HAZID stand for? - .....ANSWER ...✔✔
Hazard identification
What does HAZOP stand for? - .....ANSWER ...✔✔
Hazard and Operability Study
What does MRA stand for? - .....ANSWER ...✔✔
Maintenance requirement analysis
What does MTBF stand for? - .....ANSWER ...✔✔
Mean Time Between Failures
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What does MTTR stand for? - .....ANSWER ...✔✔
mean time to repair
What does NPV stand for? - .....ANSWER ...✔✔ net
present value
What does PDCA stand for? - .....ANSWER ...✔✔
Plan, Do, Check, Act
What does RAMS stand for? - .....ANSWER ...✔✔
Reliability, Availability, Maintenance, Safety
What does RBM stand for? - .....ANSWER ...✔✔ Risk
based maintenance
What does RCM stand for? - .....ANSWER ...✔✔
Reliability Centred Maintenance
What does ROI stand for? - .....ANSWER ...✔✔ return
on investment
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What does SMART stand for? - .....ANSWER ...✔✔
Specific, Measurable, Attainable, Realistic, Time-based
What does SWOT stand for? - .....ANSWER ...✔✔
strengths, weaknesses, opportunities, threats
What does Asset management mean? - .....ANSWER
...✔✔ Coordinated activities of a organisation to
realise value from its assets
What is in the 6 box IAM conceptual model? -
.....ANSWER ...✔✔ Organisation and people,
strategy and planning, Asset management decision
making, asset information, lifecycle delivery, risk and
review
What are the 4 'Layers' of asset management -
.....ANSWER ...✔✔ Managing the organisation, asset
management, asset management system, asset portfolio
What is an asset Management System - .....ANSWER
...✔✔ Set of interrelated or interacting elements to
establish AM Policy, AM Objectives and processes to
achieve those objectives.
IAM Certification Exam questions and answers
2025
What does EBIT stand for? - .....ANSWER ...✔✔
Earnings before interest and taxes
What does EBITDA stand for? - .....ANSWER ...✔✔
Earnings before interest, taxes, depreciation, and
amortization
What does EFNMS stand for? - .....ANSWER ...✔✔
European federation of national maintenance societies
What does ETA stand for? - .....ANSWER ...✔✔ Event
Tree Analysis
What does FMEA stand for - .....ANSWER ...✔✔
Failure Modes & Effects Analysis
What does FMECA stand for? - .....ANSWER ...✔✔
Failure Modes, Effects and Criticality Analysis
,2|Page
What does FRACAS stand for? - .....ANSWER ...✔✔
Failure Reporting, Analysis & Corrective Action System
What does FTA mean? - .....ANSWER ...✔✔ Fault tree
analysis
What does GIS stand for? - .....ANSWER ...✔✔
Geographic Information System
What does GFMAM stand for? - .....ANSWER ...✔✔
Global forum of maintenance & asset management
What does HAZID stand for? - .....ANSWER ...✔✔
Hazard identification
What does HAZOP stand for? - .....ANSWER ...✔✔
Hazard and Operability Study
What does MRA stand for? - .....ANSWER ...✔✔
Maintenance requirement analysis
What does MTBF stand for? - .....ANSWER ...✔✔
Mean Time Between Failures
,3|Page
What does MTTR stand for? - .....ANSWER ...✔✔
mean time to repair
What does NPV stand for? - .....ANSWER ...✔✔ net
present value
What does PDCA stand for? - .....ANSWER ...✔✔
Plan, Do, Check, Act
What does RAMS stand for? - .....ANSWER ...✔✔
Reliability, Availability, Maintenance, Safety
What does RBM stand for? - .....ANSWER ...✔✔ Risk
based maintenance
What does RCM stand for? - .....ANSWER ...✔✔
Reliability Centred Maintenance
What does ROI stand for? - .....ANSWER ...✔✔ return
on investment
, 4|Page
What does SMART stand for? - .....ANSWER ...✔✔
Specific, Measurable, Attainable, Realistic, Time-based
What does SWOT stand for? - .....ANSWER ...✔✔
strengths, weaknesses, opportunities, threats
What does Asset management mean? - .....ANSWER
...✔✔ Coordinated activities of a organisation to
realise value from its assets
What is in the 6 box IAM conceptual model? -
.....ANSWER ...✔✔ Organisation and people,
strategy and planning, Asset management decision
making, asset information, lifecycle delivery, risk and
review
What are the 4 'Layers' of asset management -
.....ANSWER ...✔✔ Managing the organisation, asset
management, asset management system, asset portfolio
What is an asset Management System - .....ANSWER
...✔✔ Set of interrelated or interacting elements to
establish AM Policy, AM Objectives and processes to
achieve those objectives.
