PMP Exam Dumps - Project Management Professional (2024 Version)

The project manager should follow the project escalation policy and communications management plan to address the situation of reduced cost and shortened schedule due to changes in EEFs. EEFs are external factors that can influence the project performance and outcomes, such as market conditions, government regulations, organizational culture, etc. When EEFs change, the project manager should assess the impact of the change on the project objectives, scope, schedule, cost, quality, risk, and stakeholder expectations. The project manager should then communicate the change and its implications to the appropriate stakeholders, such as the sponsor, customer, senior management, team members, etc., following the project escalation policy and communications management plan. The project escalation policy defines the process and criteria for escalating issues and decisions to higher levels of authority within the organization. The communications management plan describes how, when, and by whom information will be distributed, received, and stored throughout the project. By following these plans, the project manager can ensure that the change is properly reported, documented, approved, and implemented, and that the project stakeholders are kept informed and engaged. References: PMBOK Guide, 6th edition, section 2.1.4; PMP Exam Prep, 10th edition, page 111

According to the PMBOK Guide, the project manager should plan, manage, and monitor the communication activities throughout the project life cycle. The project manager should also consider the stakeholder needs, preferences, and expectations when choosing the communication methods, tools, and technologies. The project manager should also update the communications management plan as needed to reflect any changes in the communication requirements or approach. Therefore, the project manager should update the communications management plan based on the product owner’s preferences and distribute it to the team. This will ensure that the communication is effective, timely, and consistent among the project stakeholders. References: PMBOK Guide, 6th edition, pages 361-362, 368-369.

 The project manager should first meet with the project team to understand the issue and define actions. This is because the project manager needs to analyze the root cause of the problem, identify the impact on the project scope, schedule, cost, and quality, and determine the best course of action to resolve the issue. Raising a change request, escalating the issue, or conducting a quality audit are possible actions that the project manager may take after meeting with the project team, depending on the outcome of the analysis. However, they are not the first steps that the project manager should take in this situation. References: = PMBOK Guide, 6th edition, page 152, section 4.3.1.1 (Work Breakdown Structure); page 121, section 4.2.3.1 (Project Scope Statement); page 115, section 4.1.3.1 (Project Charter); page 112, section 4.1.2.2 (Project Sponsor)

According to the PMBOK Guide, benefits are the measurable improvements resulting from a project that are perceived as positive by one or more stakeholders. Benefits can be tangible or intangible, and they can be realized during or after the project. Benefits realization is the process of ensuring that the benefits of the project are delivered and sustained. Benefits realization management is the collective set of processes and practices for identifying, defining, planning, tracking, and realizing the benefits from the project. One of the key activities in benefits realization management is to review the target benefits periodically and assess whether they are still valid, achievable, and aligned with the project objectives and the stakeholder expectations. A possible change in regulations that would prevent the product launch is a significant risk that can jeopardize the benefits realization of the project. Therefore, the project manager should review the target benefits and evaluate the impact of the regulatory change on the project scope, schedule, cost, quality, and stakeholder satisfaction. The project manager should also consider the feasibility and desirability of continuing the project, modifying the project plan, or terminating the project, based on the expected benefits and costs. The project manager should communicate the results of the benefits review to the project sponsor, the project team, and the other relevant stakeholders, and seek their input and feedback. The project manager should also update the benefits management plan, the benefits register, and the risk log, as appropriate, to reflect the current situation and the actions to be taken. References:

• PMBOK Guide, 7th edition, Chapter 1: Introduction, Section 1.2: What is Project Management?, pp. 5-61
• PMBOK Guide, 7th edition, Chapter 2: Project Performance Domains, Section 2.8: Benefits, pp. 33-351
• PMBOK Guide, 7th edition, Chapter 3: Project Management Principles, Section 3.4: Deliver Value, pp. 39-401
• PMBOK Guide, 7th edition, Chapter 10: Risk, Section 10.2: Plan Risk, pp. 161-1631
• PMBOK Guide, 7th edition, Chapter 10: Risk, Section 10.3: Manage Risk, pp. 164-1651
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.1: Assess the current state of the organization, pp. 19-202
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.2: Identify the future state of the organization, pp. 20-212
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.3: Identify gaps between the current and future states, pp. 21-222
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.4: Define the scope of the business analysis effort, pp. 22-232
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 4: Traceability and Monitoring, Task 4.2: Assess the value delivered by the solution, pp. 29-302
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 5: Evaluation, Task 5.1: Validate the solution, pp. 31-322
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 5: Evaluation, Task 5.2: Evaluate the solution, pp. 32-332
• Managing the Impact of Regulatory Change on Policies3
• Defining a Regulatory Change Management Process4

 According to the PMBOK Guide, 7th edition, one of the principles of project management is to collaborate with stakeholders. This means that the project manager should maintain effective communication and engagement with the project stakeholders throughout the project life cycle, especially during changes and transitions. When the customer’s project manager changes during the final stage of a project, the project manager should review the latest project status report and update the stakeholders, including the new customer’s project manager, on the project progress, deliverables, issues, risks, and closure activities. This will help to ensure a smooth handover, alignment of expectations, and timely completion of the project closure process. The project manager should also seek feedback and confirmation from the stakeholders on the project outcomes and satisfaction. References: PMBOK Guide, 7th edition, page 9, Principle 2: Collaborate with Stakeholders; page 31, Section 2.3.1, Project Stakeholders; page 41, Section 2.5.2.1, Project Status Report.

According to the PMBOK Guide, a project budget is the total projected costs needed to complete a project over a defined period of time. It’s used to estimate what the costs of the project will be for every phase of the project. To create a project budget, the project manager should first define the project scope and then create a cost breakdown structure, which allows them to pinpoint all the costs in a project. One of the methods to create a cost breakdown structure is to decompose the project into features, which are the deliverables or outputs that provide value to the customer or stakeholder. Each feature can be further decomposed into tasks or activities, which are the work packages that need to be performed to produce the feature. By breaking down the project into features and tasks, the project manager can estimate the cost for each task based on the resources, materials, and equipment required. One of the techniques to estimate the cost for each task is to use the velocity of the team, which is the rate at which the team can deliver value in a given time period. The velocity of the team can be measured by the number of features, tasks, or units of work that the team can complete in a fixed iteration or cycle. By multiplying the velocity of the team by the value of each feature or task, the project manager can obtain the estimate for each task. By adding up the estimates for all the tasks, the project manager can obtain the estimate for the whole project. This method of estimating the project budget is suitable for projects that use an adaptive or agile approach, where the scope, schedule, and cost are flexible and responsive to changes and uncertainties. By decomposing the project into features and using the velocity of the team, the project manager can prioritize the most valuable features and deliver them in short iterations, while adjusting the estimates as the project progresses. This can help the project manager to manage the project budget more effectively and efficiently. References:

• PMBOK Guide, 7th edition, Chapter 2: Project Performance Domains, Section 2.1: Project Delivery Approach, pp. 23-251
• PMBOK Guide, 7th edition, Chapter 4: Tailoring, Section 4.2: Tailoring Considerations, pp. 51-531
• PMBOK Guide, 7th edition, Chapter 5: Scope, Section 5.2: Plan Scope, pp. 67-691
• PMBOK Guide, 7th edition, Chapter 6: Schedule, Section 6.2: Plan Schedule, pp. 83-851
• PMBOK Guide, 7th edition, Chapter 7: Cost, Section 7.2: Plan Cost, pp. 103-1051
• How to Estimate Project Cost in 8 Steps (Accurately) - Toggl2

This answer is based on the PMBOK® Guide, which is one of the reference materials for the PMP exam1, and the PMI Guide to Business Analysis, which is one of the reference materials for the PMI-PBA exam2. According to the guides, the project manager is responsible for managing the project team, which includes developing, leading, and motivating the team members, as well as resolving any conflicts or issues that may arise among them12. The project manager should also establish and enforce the ground rules for the project team, which are the agreed-upon standards of behavior and expectations for the team members, such as communication protocols, decision-making processes, meeting guidelines, and conflict resolution methods12. When the project manager observes that two team members have been arguing with each other openly at meetings and bypassing the project manager to influence the sponsor, this indicates a serious breach of the ground rules and a potential threat to the project performance and harmony. The project manager should take the following two actions to address this situation:

• Reiterate ground rules at the next meeting and ensure that all team members are clear about these rules. This action will remind the team members of their roles and responsibilities, and the expected norms of conduct for the project team. It will also reinforce the authority and accountability of the project manager, and the importance of following the agreed-upon procedures for communication and decision-making. This action will help to prevent further escalation of the conflict and restore trust and respect among the team members12.
• Address the behavioral issue with each team member. This action will allow the project manager to understand the root cause of the conflict, and the perspectives and interests of each team member. It will also enable the project manager to provide constructive feedback, coaching, or counseling to each team member, and to facilitate a collaborative resolution that satisfies both parties and aligns with the project objectives. This action will help to improve the performance and morale of the team members, and to foster a positive and productive team culture12.

The other options are not appropriate because they do not address the problem effectively or ethically. Asking the team members to work it out themselves is not a responsible or proactive approach, as it may lead to further deterioration of the relationship and the project outcomes. Discussing this situation with other project managers and asking for advice is not a confidential or respectful way to handle the issue, as it may expose the team members to gossip or criticism, and undermine their trust and credibility. Discussing the behavior directly with their managers and requesting them to correct the behavior is not a fair or empowering way to deal with the issue, as it may create a perception of blame or punishment, and damage the rapport and autonomy of the team members. References:

• PMBOK® Guide
• PMI Guide to Business Analysis