Asset Management Risk-Based Asset Management 2

Question 1

What does 'risk tolerance' mean in an asset management context?

Accepted Answer

The level of risk an organization is willing to accept

Answer

The maximum budget allocated to repairs

Answer

The number of failures allowed per year

Answer

The minimum inspection frequency

Question 2

Which maintenance strategy is most aligned with a risk-based approach for critical assets?

Accepted Answer

Condition-based maintenance

Answer

Run-to-failure maintenance

Answer

Calendar-based preventive maintenance

Answer

Corrective maintenance only

Question 3

A Bow-Tie diagram in risk management shows:

Accepted Answer

Threats leading to a hazard event and consequences with barriers on each side

Answer

The supply chain for spare parts

Answer

The organizational hierarchy for risk decisions

Answer

Asset depreciation over time

Question 4

What is the purpose of a risk register in asset management?

Accepted Answer

Document identified risks, their likelihood, impact, and mitigation actions

Answer

Track asset purchase orders

Answer

Record employee training completions

Answer

List all assets by department

Question 5

Which metric represents the average time between consecutive failures of a repairable asset?

Accepted Answer

MTBF

Answer

MTTR

Answer

OEE

Answer

RPN

Question 6

In a risk matrix, an asset with HIGH probability of failure and LOW consequence would typically be classified as:

Accepted Answer

Medium risk — managed by routine procedures

Answer

Critical risk — immediate action required

Answer

Negligible risk — no action needed

Answer

Catastrophic risk — project shutdown required