APM Project Risk Management Single Subject Certificate Level 1 – Sample paper

RL1 sample questions v1.0 9th March 2009

APM Project Risk Management Single Subject Certificate Level 1 Candidate reference number: ___________________________ Date of exam: ___________________________

Location of the exam: ____________________________

General notes In the actual examination, you will be allowed 1 hour to answer all the questions. Please note this is a sample paper and only contains 15 questions. The actual examination will contain 60 multiple choice questions – you will need to answer all 60 questions. In the examination, you will be provided with a proforma answer sheet. Below is an example of how to complete it. This example is for illustrative purposes only; you do not need to complete it for the sample paper. Completing the proforma answer sheet

• Use HB pencil provided to complete the proforma answer sheet • Each entry is to be made with a HORIZONTAL line in the spaces indicated • Errors must be removed using a good quality eraser – as provided ● Enter the test number and your candidate reference number (found on the front of the envelope you received) on to your answer sheet, following the example set out below:

Registration number 004079 Test number S1001 CANDIDATE REGISTRATION NUMBER

TEST NUMBER

(0) (0) (0) (0) (0) (0) (A) (K) (U) (O) (O) (O) (O) (1) (1) (1) (1) (1) (1) (B) (L) (V) (1) (1) (1) (1) (2) (2) (2) (2) (2) (2) (C) (M) (W) (2) (2) (2) (2) (3) (3) (3) (3) (3) (3) (D) (N) (X) (3) (3) (3) (3) (4) (4) (4) (4) (4) (4) (E) (O) (Y) (4) (4) (4) (4) (5) (5) (5) (5) (5) (5) (F) (P) (Z) (5) (5) (5) (5) (6) (6) (6) (6) (6) (6) (G) (Q) (6) (6) (6) (6) (7) (7) (7) (7) (7) (7) (H) (R) (7) (7) (7) (7) (8) (8) (8) (8) (8) (8) (I) (S) (8) (8) (8) (8) (9) (9) (9) (9) (9) (9) (J) (T) (9) (9) (9) (9)

APM Project Risk Management Single Subject Certificate Level 1 – Sample paper

RL1 sample questions v1.0 9th March 2009

1) An opportunity is defined as:

a. An appropriate option for dealing with a risk b. A risk with a potential beneficial outcome c. Something which may pose a risk d. A way of managing a threat to the project objectives

2) Quantitative schedule risk analysis using Monte Carlo simulation can be used to calculate:

a. Earned value b. Net present value c. Criticality index d. Three-point estimates

3) A risk management plan should include:

a. A Monte Carlo simulation b. Identified risks and control actions c. The risk management organisation d. An event tree

4) A benefit of project risk management is:

a. It discourages the acceptance of financially unsound projects b. Risks can be transferred to other people at no cost c. It will justify high contingency d. The risks can all be managed by the project team

5) ‘Risky shift’ is evidenced by a tendency for the project team: a. To employ a wide range of risk management techniques b. To be more risk-seeking than its constituent individuals c. To readily develop the capability to deal with high levels of uncertainty d. To be more risk-averse than its constituent individuals

6) The point on a probability distribution with the highest probability of occurrence is

called the:

a. Mean b. Median c. Mode d. Quartile

APM Project Risk Management Single Subject Certificate Level 1 – Sample paper

RL1 sample questions v1.0 9th March 2009

7) Which of the following is a correct and complete definition of project risk, according to the PRAM Guide?

a. The exposure of outcomes to the consequences of variation in risk b. The exposure of projects to the consequences of variation in stakeholders c. The exposure of stakeholders to the consequences of variation in outcomes d. The exposure of risks to the consequences of variation in projects

8) A risk manager will get buy-in to the process from the project manager:

a. By providing the appropriate tools b. Through training, communication and allocation of appropriate resources c. By appealing to the managing director for support d. By using Monte Carlo simulation

9) Which of the following is NOT a risk identification technique?

a. Brainstorming b. Assumptions analysis c. SWOT analysis d. Sensitivity analysis

10) Most statistical simulations of project risk use which approach:

a. PERT b. Ishikawa diagrams c. Net present value calculation d. Monte Carlo analysis

11) The aim of risk identification is to:

a. Identify only threats b. Identify responses c. Identify stakeholders d. Identify all risks