A05 - Managing Asset Lifecycles | Attempts: 608

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| By Brad Squires

Brad Squires

Community Contributor

Quizzes Created: 36 | Total Attempts: 20,956

Questions: 10 | Attempts: 608 | Updated: Mar 21, 2023

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Questions and Answers

1.

The In-Service Indicator is located on the Asset UDF page and is what signifies if the Asset is currently In-Service or Out of Service.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The In-Service Indicator is not located on the Asset UDF page. Therefore, it does not signify if the Asset is currently In-Service or Out of Service.

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2.

When the In-Service indicator is unchecked, this will begin to track the downtime for the Asset and record the data for reporting.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
When the In-Service indicator is unchecked, it means that the asset is not currently in service or operational. In this state, the system will start tracking the downtime for the asset and record the relevant data for reporting purposes. This allows for accurate analysis and reporting of the asset's performance and downtime, providing valuable insights for maintenance and operational improvements.

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3.

Which feature(s) can be triggered by an Asset being set as Out of Service?
- A.
  
  Events and Alerts
- B.
  
  Conditional Formatting
- C.
  
  Scheduled Reporting
- D.
  
  All of the above
- E.
  
  None of the above
Correct Answer
D. All of the above

Explanation
When an asset is set as Out of Service, it can trigger various features. Events and Alerts can be triggered to notify users about the asset being out of service. Conditional Formatting can be triggered to visually highlight the asset as out of service. Scheduled Reporting can also be triggered to include the out of service asset in the generated reports. Therefore, all of the above features can be triggered when an asset is set as Out of Service.

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4.

When setting an Asset Out of Service, which of the following fields are required? (Select all that apply)
- A.
  
  Sub-Status
- B.
  
  Approval
- C.
  
  Shutdown Date/Time
- D.
  
  Reason for Shutdown
Correct Answer(s)
C. Shutdown Date/Time
D. Reason for Shutdown

Explanation
When setting an Asset Out of Service, the Shutdown Date/Time and Reason for Shutdown fields are required. The Shutdown Date/Time field specifies the date and time when the asset will be taken out of service. The Reason for Shutdown field provides an explanation or justification for why the asset is being taken out of service. The Sub-Status and Approval fields are not mentioned as required fields in the question.

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5.

What is the recommended way to handle permanently inactive Assets?
- A.
  
  Delete them
- B.
  
  Leave as is
- C.
  
  Create Parent Asset to store all Inactive Assets
- D.
  
  None of the Above
Correct Answer
C. Create Parent Asset to store all Inactive Assets

Explanation
The recommended way to handle permanently inactive assets is to create a parent asset to store all inactive assets. By doing this, you can keep track of these assets without cluttering up your active asset list. This allows for better organization and easier management of assets, as well as the ability to quickly identify and access inactive assets if needed in the future. Deleting them may not be ideal as it could lead to data loss, and leaving them as is may cause confusion and difficulty in asset management.

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6.

Asset Downtime is the transaction recorded each time an Asset is removed from service.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Asset Downtime refers to the period of time when an asset is not available for use or is taken out of service. It is a transaction that is recorded whenever an asset is removed from service. Therefore, the statement "Asset Downtime is the transaction recorded each time an Asset is removed from service" is true.

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7.

What determines location change records for Assets?
- A.
  
  Repair Center change
- B.
  
  Classification change
- C.
  
  Shop change
- D.
  
  Asset Type change
Correct Answer
A. Repair Center change

Explanation
The location change records for Assets are determined by the Repair Center change. When an Asset is moved to a different Repair Center, a location change record is created to track the new location of the Asset. This allows for accurate tracking and management of Assets across different repair centers.

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8.

Work Order History for an Asset is stored in the Asset History tab, Work Orders sub-tab.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true because the work order history for an asset is indeed stored in the Asset History tab, specifically in the Work Orders sub-tab. This means that all the past work orders related to that particular asset can be accessed and viewed in this section, providing a comprehensive record of the asset's maintenance and repair history.

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9.

What kind of criteria can be used on a Work Order report to limit Asset specific information? (Select all that apply)
- A.
  
  Location/Asset
- B.
  
  Asset Classification
- C.
  
  Preventative Maintenance
- D.
  
  All of the above
- E.
  
  None of the Above
Correct Answer(s)
A. Location/Asset
B. Asset Classification

Explanation
The criteria that can be used on a Work Order report to limit Asset specific information are Location/Asset and Asset Classification. These criteria can be used to filter the report and only include information related to specific locations or assets and their respective classifications. The option "All of the above" is incorrect as it includes Preventative Maintenance, which is not mentioned as a criterion. The option "None of the Above" is also incorrect as Location/Asset and Asset Classification are valid criteria.

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10.

Which report is beneficial for tracking Asset location changes?
- A.
  
  Asset Meter Form by Location
- B.
  
  Asset Classification History by Location
- C.
  
  Asset Type History by Location
- D.
  
  Asset Moves by History Location
Correct Answer
D. Asset Moves by History Location

Explanation
The report "Asset Moves by History Location" is beneficial for tracking asset location changes because it provides a history of the movement of assets from one location to another. This report allows users to track the specific locations that assets have been moved to over time, providing valuable information for asset management and tracking purposes.

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Dec 17, 2014

Quiz Created by
Brad Squires

A05 - Managing Asset Lifecycles

The In-Service Indicator is located on the Asset UDF page and is what signifies if the Asset is currently In-Service or Out of Service.

When the In-Service indicator is unchecked, this will begin to track the downtime for the Asset and record the data for reporting.

Which feature(s) can be triggered by an Asset being set as Out of Service?

When setting an Asset Out of Service, which of the following fields are required? (Select all that apply)

What is the recommended way to handle permanently inactive Assets?

Asset Downtime is the transaction recorded each time an Asset is removed from service.

What determines location change records for Assets?

Work Order History for an Asset is stored in the Asset History tab, Work Orders sub-tab.

What kind of criteria can be used on a Work Order report to limit Asset specific information? (Select all that apply)

Which report is beneficial for tracking Asset location changes?