CMRP Asset Management and Life Cycle 2 — Questions and Answers
Question 1: Which metric best indicates whether an organization's asset management program is effectively balancing planned versus unplanned maintenance?
- Planned maintenance percentage (PMP) (Correct answer)
- Overall equipment effectiveness (OEE)
- Mean time to repair (MTTR)
- Parts fill rate
Correct answer: Planned maintenance percentage (PMP)
Planned maintenance percentage measures the ratio of planned work hours to total maintenance hours, with world-class targets typically above 85%.
Question 2: What is 'functional location' as used in computerized maintenance management systems (CMMS)?
- A hierarchical position in the plant structure where an asset is installed (Correct answer)
- The physical GPS coordinates of a piece of equipment
- A maintenance technician's assigned work area
- The storage location for spare parts
Correct answer: A hierarchical position in the plant structure where an asset is installed
A functional location defines where an asset sits within the plant hierarchy (e.g., Plant > Unit > System > Equipment), enabling location-based reporting independent of the asset itself.
Question 3: Which ISO standard provides the primary framework for physical asset management systems?
- ISO 55000 (Correct answer)
- ISO 9001
- ISO 14001
- ISO 31000
Correct answer: ISO 55000
ISO 55000 (and its companion standards ISO 55001 and 55002) defines the requirements and guidance for establishing an asset management system.
Question 4: What is the purpose of an asset criticality ranking in a maintenance program?
- To prioritize maintenance resources toward assets with the greatest impact on safety, production, and cost (Correct answer)
- To determine which assets should be replaced first
- To rank maintenance technicians by skill level
- To schedule preventive maintenance intervals
Correct answer: To prioritize maintenance resources toward assets with the greatest impact on safety, production, and cost
Asset criticality ranking scores each asset based on failure consequences so that maintenance strategies, resources, and spare parts can be allocated proportionally.
Question 5: In the context of asset life cycle, what does 'recommissioning' typically involve?
- Restoring a dormant or mothballed asset to operational service (Correct answer)
- Commissioning a brand-new asset for the first time
- Decommissioning an asset for disposal
- Transferring an asset to a different facility
Correct answer: Restoring a dormant or mothballed asset to operational service
Recommissioning returns a previously idled asset to service, requiring inspection, testing, and verification that it meets current safety and performance standards.
Question 6: Which financial approach allocates a portion of an asset's cost as an expense over its useful life to reflect consumption of value?
- Depreciation (Correct answer)
- Amortization of goodwill
- Capital expenditure budgeting
- Net present value analysis
Correct answer: Depreciation
Depreciation systematically allocates the cost of a tangible asset over its useful life, reflecting the decline in economic value as the asset is consumed.
CMRP Asset Management and Life Cycle 2
Which metric best indicates whether an organization's asset management program is effectively balancing planned versus unplanned maintenance?