PRAM

Question 1

PRAM

Answer 1

The APM’s Project Risk Analysis and
Management (PRAM) process that is
divided into six stages:
Initiate, Identify, Assess,
Plan Responses, Implement Responses,
Ongoing Management.

Question 2

Initiate

Answer 2

The stage of the risk management
process in which the scope and
parameters of the particular risk
process are determined. Decisions
made during initiate are recorded
in a Risk Management Plan.

Question 3

Identify

Answer 3

The stage of the risk management
process in which risks are
identified and described using
structured risk descriptions.

Question 4

Assess

Answer 4

The stage of the risk management
process where the probability and impact
of identified risks are assessed in order
to prioritise risks based on their position
on a probability-impact grid. Risk owners
are allocated as part of this process.

Question 5

Plan Responses

Answer 5

The stage of the risk management
process where appropriate risk
responses are planned. The risk
owner may allocate an action
owner during this stage.

Question 6

Implement Responses

Answer 6

The stage of the risk management
process where risk actions
are performed.

Question 7

Ongoing Management

Answer 7

The overarching element of
the risk management process
during which risk monitoring
and risk reporting takes place.