Q2 Of APMP Sample Exam Paper On Risk

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?