Q2 of APMP sample exam paper on Risk

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  • #15299

    James Wilkins
    Participant

     

    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?

     

    #15304

    Paul Naybour
    Moderator

    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.

    #15303

    Paul Hynes
    Participant

    Who, When, What, Why?

    #15302

    Ben
    Participant

    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)

    #15301

    Paul Naybour
    Moderator

    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.

    #15300

    Ben
    Participant

    Okay thanks paul, I understand the question now

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