CMRP Asset Management and Life Cycle 1

Question 1

Which document serves as the primary record for tracking an asset's history, specifications, and maintenance data throughout its life cycle?

Accepted Answer

Asset register

Answer

Work order system

Answer

P&ID drawing

Answer

Bill of materials

Question 2

What is the primary goal of life cycle cost (LCC) analysis in asset management?

Accepted Answer

Minimize total cost of ownership from acquisition to disposal

Answer

Reduce initial purchase price

Answer

Extend warranty periods

Answer

Maximize spare parts inventory

Question 3

During which asset life cycle phase is the majority of the total life cycle cost typically determined?

Accepted Answer

Design and procurement phase

Answer

Commissioning phase

Answer

Operation and maintenance phase

Answer

Disposal phase

Question 4

What does the term 'deferred maintenance' refer to in asset management?

Accepted Answer

Maintenance that has been postponed beyond its scheduled date

Answer

Maintenance performed ahead of schedule

Answer

Maintenance outsourced to a contractor

Answer

Maintenance requiring a shutdown permit

Question 5

Which concept describes the point in an asset's life when it becomes more economical to replace it than to continue maintaining it?

Accepted Answer

Economic life end point

Answer

Mean time between failures

Answer

Useful life threshold

Answer

Criticality crossover

Question 6

In asset life cycle management, what is 'capital sparing'?

Accepted Answer

Holding a complete spare asset or major assembly for critical equipment

Answer

Reducing capital expenditure on new assets

Answer

Sharing spare parts between multiple facilities

Answer

Delaying capital projects to save budget