You have recently gained your APM Risk qualification and have been asked to join the Universitys project

Fantastic news! We've Found the answer you've been seeking!

Question:

You have recently gained your APM Risk qualification and have been asked to join the University’s project team on a consultancy basis to help implement a robust risk
management process on the project.
Section A Questions
a) List 5 Stakeholders in the project
b) State the main objectives and success criteria for the project.
c) Prepare a draft risk management plan, completing all relevant sections with information
obtained from the case study. Marks will be awarded according to the following scheme:
i.
Introduction
ii.
Project Description
iii.
Purpose and Scope of Risk Management
iv.
Risk Management Organisation
v.
Risk Management Process
vi.
Key deliverables
d) State 5 risks that may occur on this project. Ensure that risks are stated using the format
cause – risk event – effect.
e) For 2 (two) of the stated risks
 State who (in your opinion) the potential owner would be
 Explain (again in your opinion) what could be done to respond to the risk
 State (in your opinion) what would be the most significant secondary risk.
 Explain (again in your opinion) what could be done to respond to any potential
secondary risk(s)
f) Explain why the derivation of project specific scales would be an important part of the qualitative risk assessment phase and derive an appropriate scale for probability and impact. Ensure that you justify each element of the scale.
g) Explain why it is important for a risk management process to cover both threat and opportunity. Make sure that you justify your reasons Section B questions (Use the case study to answer the following questions)
a) Explain, by means of specific examples, how the management of 2 negative risk events could help to optimize the achievement of project objectives. The marks will be awarded in the following way:
 Selection of a relevant negative risk and summarizing what it is or means e.g. its relevance in the context of the question
 Clarify/demonstrate further comprehension of the influence of risk event management on project risk.
 Justify as to how the management of the negative risk will influence the achievement of project objectives.
b) Explain, by means of specific examples, how the management of 2 positive risk events could help to optimize the the achievement of project objectives. The marks will be awarded in the following way:
 Selection of a relevant positive risk and summarizing what it is or means e.g. its relevance in the context of the question.
 Clarify/demonstrate further comprehension of the influence of risk event management.