PECB ISO 55001 Lead Auditor Practice Questions - PECB Certified ISO 55001 Lead Auditor Exam

How should an auditor distinguish asset management from an asset management system (AMS)?

Asset management is the coordinated activity to realize value from assets; an AMS is the management system that directs and controls those activities They are identical terms with no practical difference Asset management is only financial accounting; AMS is only maintenance software An AMS is a legal title registry; asset management is insurance valuation

Correct Answer:

Asset management is the coordinated activity to realize value from assets; an AMS is the management system that directs and controls those activities

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