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

Risk tolerance defines the threshold of risk an organization is prepared to accept without taking further mitigation action.

Question 2

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

Accepted Answer

Condition-based maintenance

Answer

Condition-based maintenance (CBM) monitors actual asset health to intervene only when risk indicators suggest imminent failure, reducing both risk and cost.

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

A Bow-Tie diagram depicts threats (left side) leading to a central hazard event and the consequences (right side), with barriers shown on both sides.

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

A risk register is a log that records each identified risk, its assessed likelihood and consequence, assigned owner, and planned mitigation.

Question 5

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

Accepted Answer

MTBF

Answer

Mean Time Between Failures (MTBF) measures the average operating time between failures, indicating an asset's reliability.

Asset Management Practice Test

Asset Management Practice Test

Asset Management Risk-Based Asset Management 2