CMRP Asset Management and Life Cycle 3

Question 1

What is 'condition-based replacement' as an asset management strategy?

Accepted Answer

Replacing an asset when condition monitoring data indicates it has degraded to a predefined threshold

Answer

Replacing assets on a fixed calendar schedule

Answer

Replacing assets only after they fail completely

Answer

Replacing assets whenever a newer model becomes available

Question 2

Which term describes the documented minimum performance standard an asset must meet to fulfill its required function?

Accepted Answer

Performance standard

Answer

Operating envelope

Answer

Maintenance specification

Answer

Design basis

Question 3

In asset management, what does the acronym CAPEX stand for?

Accepted Answer

Capital expenditure

Answer

Capacity expansion

Answer

Corrective and preventive expenditure

Answer

Cost and performance excellence

Question 4

What is the primary benefit of integrating a CMMS with an enterprise resource planning (ERP) system?

Accepted Answer

Seamless sharing of work order, inventory, and cost data across maintenance and financial systems

Answer

Eliminating the need for preventive maintenance schedules

Answer

Reducing the number of maintenance technicians required

Answer

Automating equipment operation without human intervention

Question 5

Which strategy involves replacing groups of components simultaneously, even if only one has failed, to reduce total downtime?

Accepted Answer

Block replacement

Answer

Run-to-failure replacement

Answer

Predictive replacement

Answer

Age-based replacement

Question 6

What is the key difference between 'maintainability' and 'reliability' as asset design attributes?

Accepted Answer

Reliability is the probability of failure-free operation; maintainability is the ease and speed of restoring an asset after failure

Answer

Reliability measures repair time; maintainability measures failure frequency

Answer

Maintainability applies only to mechanical assets; reliability applies to electrical assets

Answer

Reliability and maintainability are synonymous terms for the same concept