Risk, Issue & Quality Management

In APM terms, what is the key difference between a risk and an issue?

• A A risk is an uncertain future event; an issue is something that has already occurred and needs managing now ✓
• B Risks and issues are identical and managed the same way
• C An issue only affects cost, while a risk only affects time
• D A risk has already happened; an issue might happen in the future

Answer: A risk is an uncertain event that may occur in the future, whereas an issue is a problem or event that has already happened and requires immediate action.

In qualitative risk assessment, a risk's significance is typically evaluated by considering its:

• A Probability of occurring and its impact if it does ✓
• B Owner's job title
• C Position in the WBS
• D Colour and category only

Answer: Qualitative risk assessment combines the probability (likelihood) of a risk with its impact (consequence) to prioritise risks for response.

Which of the following is a valid response to a threat (negative risk)?

• A Share to increase the upside
• B Exploit
• C Avoid ✓
• D Enhance

Answer: Standard responses to a threat are avoid, reduce (mitigate), transfer and accept; 'avoid' removes the threat by eliminating its cause.

What is the purpose of a risk register?

• A To replace the project schedule
• B To record only the project's financial transactions
• C To document identified risks, their assessment, owners and planned responses ✓
• D To list completed deliverables for sign-off

Answer: A risk register is the central record of identified risks, capturing their assessment, ownership, responses and current status for ongoing management.

What does 'quality planning' involve?

• A Recording lessons only after project closure
• B Assigning risks to stakeholders
• C Determining the quality requirements and standards for the project and how they will be met ✓
• D Removing all testing to save time

Answer: Quality planning identifies the relevant quality standards and acceptance criteria for the project and defines how the deliverables will meet them.

What is the difference between quality assurance and quality control?

• A Quality assurance only applies after the project closes
• B They are the same activity with different names
• C Quality assurance provides confidence that processes are fit for purpose; quality control checks deliverables against requirements ✓
• D Quality control sets the strategy; quality assurance inspects products

Answer: Quality assurance gives confidence that the processes used will deliver quality, while quality control involves inspecting and testing deliverables against defined requirements.