PMP Exam Dumps - Project Management Professional (2024 Version)

The risk register is an artifact that records the identified risks, their probability and impact, their status, and their response plans. It also tracks the risk triggers, which are the indicators or warning signs that a risk is about to occur. By sharing the risk register with the stakeholder, the project manager can show when a risk may potentially become an issue, based on the risk triggers and the risk status. The risk register also helps the project manager and the stakeholder to monitor and control the risks and their impacts throughout the project life cycle. References:

• The PMI Guide to Business Analysis Includes The Standard for Business Analysis, Chapter 4: Business Analysis Planning and Monitoring, Section 4.3.4: Plan Risk Management
• Business Analysis for Practitioners: A Practice Guide, Chapter 4: Planning the Business Analysis Approach, Section 4.6: Risk Management Plan
• Business Analysis Techniques: 72 Essential Tools For Success, Chapter 6: Business Analysis Planning and Monitoring, Section 6.6: Risk Analysis and Management
• Seven Steps to Mastering Business Analysis, Chapter 7: Requirements Analysis, Section 7.4: Risk Analysis

A change request is a formal document that proposes a modification to some aspect of the project, such as the user requirements, the deliverables, the schedule, the budget, or the quality standards123. Change requests can originate from various sources, such as the stakeholders, the project team, the customer, or the environment12. Change requests need to be evaluated and approved before they can be implemented, as they may have significant impacts on the project performance, scope, cost, time, quality, and risk123.

The project scope statement is a document that defines and documents the project objectives, deliverables, requirements, assumptions, constraints, and acceptance criteria12. The project scope statement is the basis for making project decisions and controlling changes12. Therefore, the project manager should evaluate the change request against the project scope statement to determine if the change is necessary, feasible, and beneficial for the project123. The project manager should also consider the impact of the change on the other project components, such as the schedule, the budget, the quality, and the risk123.

The other options are not the best actions for the project manager to take next. Discussing approval of the change request in the next project meeting (A) may delay the decision-making process and cause confusion among the project team and stakeholders. Performing a risk assessment on the required change request (B) is an important step, but it should be done after evaluating the change request against the project scope statement, as the risk assessment may depend on the scope implications of the change. Asking the sponsor for more funds to cover the change request (D) is not appropriate, as the project manager should first determine if the change is justified and aligned with the project scope statement, and then explore alternative ways to accommodate the change within the existing budget or negotiate a trade-off with the sponsor. References: 123

According to the PMBOK Guide, an issue log is a project document that records and tracks any issues that arise during the project and require resolution. It is part of the project communications management process and helps the project manager to monitor and control the project performance. When a key supplier goes bankrupt and cannot supply the contracted material, this is an issue that affects the project scope, schedule, cost, and quality. Therefore, the project manager should first update the issue log with the details of the issue, such as the description, impact, priority, owner, and status. Then, the project manager should act to minimize the impact of the issue by implementing appropriate actions, such as finding alternative suppliers, negotiating new contracts, adjusting the project plan, or requesting changes. The project manager should also communicate the issue and the actions to the relevant stakeholders, such as the project team, the sponsor, the customer, and the supplier. Updating the issue log and acting to minimize the impact are proactive and responsible steps that the project manager should take first to address the issue and ensure the project success. References: PMBOK Guide, A practical approach to supply-chain risk management

The project manager should take the action of delivering business value as soon as possible as a priority. This is because the project is aimed at increasing the commercial value of the product in a highly competitive market, which means that the project needs to deliver a viable solution that meets the customer needs and expectations quickly and effectively. By delivering business value as soon as possible, the project manager can also obtain early feedback, validate the assumptions and requirements, and make adjustments as needed. This will help to improve the quality, performance, and satisfaction of the product, and to reduce the risk of waste, rework, and delays. The other options are not as important or relevant as delivering business value as soon as possible. Emphasizing the use of Kanban methodology may be helpful, but it is not a priority action, as it is a tool or technique, not a goal or outcome. Kanban is a visual system that helps to manage the flow of work and limit the work in progress, but it does not guarantee the delivery of business value. Ensuring the project sponsor is aware of the go-to market date is a good practice, but it is not a priority action, as it is a communication or reporting activity, not a delivery or execution activity. The go-to market date may also change depending on the feedback and changes in the market. Implementing a plan-do-check-act (PDCA) cycle is a useful approach, but it is not a priority action, as it is a process or framework, not a result or benefit. The PDCA cycle is a method for continuous improvement that involves planning, doing, checking, and acting on the results, but it does not specify what business value to deliver or how to deliver it. References: PMBOK Guide, 6th edition, Chapter 1.2.6, 4.1.3, 5.1.3, Agile Practice Guide, 1st edition, Chapter 2.2.1, 2.3.1

According to the PMBOK Guide, the schedule performance index (SPI) and the cost performance index (CPI) are two key indicators of the project performance measurement1. The SPI measures how efficiently the project team is using the time allocated for the project, while the CPI measures how efficiently the project team is using the resources allocated for the project1. An SPI or CPI value greater than 1 indicates that the project is ahead of schedule or under budget, respectively. An SPI or CPI value less than 1 indicates that the project is behind schedule or over budget, respectively1. In this question, the project manager notices that the SPI is 1.8 and the CPI is 0.1, which means that the project is ahead of schedule but over budget. This is a serious issue that needs to be addressed as soon as possible, as it may jeopardize the project viability and stakeholder satisfaction. The project manager should not ignore the project sponsor’s concern, as the project sponsor is the person who provides the financial resources and support for the project2. The project manager should also not assume that it is normal to spend more money in the design phase of a project, as this may indicate poor planning, estimation, or control of the project costs3. The project manager should not stop crashing the schedule, as this may affect the project scope, quality, or risk. The project manager should not use a resource-levelling technique, as this may delay the project completion and increase the project costs. The best option for the project manager is to manage the project sponsor closely and revise the project’s resource management plan to improve indicators. This means that the project manager should communicate frequently and transparently with the project sponsor, explain the reasons for the cost overrun, and seek their input and approval for any corrective actions. The project manager should also review and update the project’s resource management plan, which is the document that describes how the project resources will be estimated, acquired, managed, and controlled. The project manager should identify and implement strategies to reduce the project costs, such as optimizing the resource allocation, negotiating better rates, or eliminating unnecessary activities or resources. By managing the project sponsor closely and revising the project’s resource management plan, the project manager can improve the project performance indicators and increase the chances of delivering the project within the approved budget. References:

• 1: PMBOK Guide, Chapter 7, Section 7.4.2.1, Page 267
• 2: PMBOK Guide, Chapter 13, Section 13.1.2.1, Page 518
• 3: 5 Essential Tips for Schedule Control in Project Management
• : PMBOK Guide, Chapter 6, Section 6.6.2.5, Page 215
• : PMBOK Guide, Chapter 6, Section 6.4.2.5, Page 201
• : Guide to Project Budgeting & Scheduling
• : PMBOK Guide, Chapter 9, Section 9.1.3.1, Page 313
• : How to Make a Project Budget: Project Budgeting Basics

 According to the PMBOK Guide, 7th edition, one of the principles of project management is to focus on value. This means that the project manager should ensure that the project delivers the most valuable outcomes to the stakeholders, especially the customer. In an agile project, the sprint goal is a short-term objective that aligns with the customer’s needs and expectations. The sprint backlog is a list of tasks that the development team commits to complete within the sprint to achieve the sprint goal. If the developers want to deviate from the sprint backlog and work on something else, the project manager should remind them of the importance of focusing and meeting the sprint goal. The project manager should also facilitate a discussion with the product owner and the development team to clarify the priority and value of the tasks in the sprint backlog and the refactoring work. The project manager should help the team to balance the trade-offs between delivering the sprint goal and improving the quality of the product. References: PMBOK Guide, 7th edition, page 9 (Principles of Project Management); page 71 (Focus on Value); page 137 (Agile Project Delivery); page 139 (Sprint Goal and Sprint Backlog)

 The project manager should communicate directly with the director and inform them of the communications management plan, which defines how the project information will be exchanged among stakeholders, including the client. By doing so, the project manager can clarify the roles and responsibilities of the project team and the director, and ensure that the project scope is managed according to the agreed process. This will also help to avoid confusion, conflicts, and unauthorized changes in the project. References: (Professional in Business Analysis Reference Materials source and documents)

• PMBOK Guide, 6th edition, section 10.1.3.1, page 366
• PMP Exam Prep, 10th edition, Rita Mulcahy, page 357
• PMP Practice Questions #49 - iZenBridge1