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Q2 Of APMP Sample Exam Paper On Risk

Paul Naybour Paul Naybour

Published: 24th November 2012

 

2.        (APMP Sample Paper) There are three parts to this question. Answer all parts.

            The probability and impact grid below illustrates the relative positions of threats

            (numbered 1-13) to a project following a risk assessment.

           

 

(i)           List, in priority order, the top five risks.               


Answer (1-5):

1 = 2 (0.9 x 0.8 = 0.72)

2 = 3 (0.7 x 0.8 = 0.56)

3 = 7 (0.5 x 0.8 = 0.4)

4 = 13 (0.9 x 0.4 = 0.36)

5 = 4 (0.9 x 0.2 = 0.18)

 

(ii)          State four responses that might be appropriate to top priority risks (threats or opportunities).

Answer:

1.       Transfer – To move the risk from our risk log onto another’s risk log so to transfer the potential harm caused by the risk.

2.       Avoid – To avoid a risk the project scope or approach would need to be changed, or the way a process is undertaken.

3.       Reject – Choice is made not to take advantage of the opportunity (risk) because it requires too much work to realise the benefit or the benefit is worth too little.

4.       Exploit – Take proactive measures to ensure the risk is more likely, therefore reeking the benefits if the project ends on time such as a hotel refurbishment which enables rooms to be sold earlier.

 

(iii) In addition to choosing the response strategy state four actions that a project manager should take when preparing responses to top priority risks. 


Answer:

I cannot see anywhere in the book where this part of the question is answered, as it appears to be asking the same thing as part 2?

 

  1. Student says:

    Okay thanks paul, I understand the question now

  2. Paul says:

    Ben have a look at page 133 in the study guide (2013 edition), it is asking about setting a budget for the action, a risk owner, setting a target date for completion of the action etc.

  3. Student says:

    I have had the exact same problem here, I cannot see where to find the answer as it is not dissimilar to question 2 part (ii)

  4. Student says:

    Who, When, What, Why?

  5. Paul says:

    James fine except for part three. Part three is asking you to think beyond the syllabus. Actions might be to assign a risk owner, set a date by which the risk should be reviewed, set a date for completing the risk reduction measure, deciding when the risk needs to be reviewed again.

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