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.
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).
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.
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?
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Okay thanks paul, I understand the question now
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.
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)
Who, When, What, Why?
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.