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1. How should an organization typically approach the benchmarking of reliability?
A) Outsourcing the results analysis
B) Understand their operating context
C) Directly comparing the results
2. Which of the following ranges of percentages is generally accepted to be a best practice in the item carrying cost per year of stocking an item and holding it in inventory?
A) 25 to 30%
B) 15 to 20%
C) 40 to 45%
3. When performing a root cause analysis, what steps should be taken after defining the problem?
A) Collect evidence
B) Identify cause
C) Develop solutions
4. Which of the following is a best practice for the frequency of compressed air leak detection testing?
A) Annually
B) Quarterly
C) Bi-annually
5. Why is risk management important to asset management?
A) Assures value delivery
B) Eliminate negative consequences
C) Risk management informs asset management decision making
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: C |
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