Prince2-Foundation Exam Dumps - PRINCE2 7 Foundation written Exam

A risk event in PRINCE2® is described as the area of uncertainty in terms of the threat or opportunity. It specifically refers to a specific set of circumstances that may occur and impact the project if the risk materializes. This description encapsulates the nature of a risk as being either a potential threat or an opportunity based on uncertain events that might affect project objectives.References: PRINCE2® 7 Foundation handbook and official documents.

The risk response type that is applied on a pain/gain basis is 'Share'. Sharing involves partnering with others to share the impact of the risk. This is often used for both threats and opportunities where sharing the risk can enhance the capability to capitalize on the opportunity or mitigate the threat, with potential gains or savings being distributed according to an agreed formula.References: PRINCE2® 7 Foundation handbook and documents.

The PRINCE2 principle of 'Learn from experience' addresses concerns about the project team's familiarity with similar projects. It mandates that project teams seek out and learn from previous relevant experiences and lessons logged in prior projects to enhance their effectiveness and efficiency, even when facing unfamiliar project scenarios. References: PRINCE2® Foundation Handbook, Learn from Experience principle section.

An objective of the 'initiating a project' process in PRINCE2® is to ensure that the business case is kept under review. This involves establishing mechanisms to assess the ongoing viability of the project against its objectives and expected benefits. References: PRINCE2® Foundation Handbook, Initiating a Project section.

The Communication Management Approach describes the means and frequency of communication to parties both within and outside the project. It outlines how the project will engage with stakeholders, including corporate, programme management, or the customer. This approach ensures that necessary information is provided to the right stakeholders at the right time.References: PRINCE2® 7 Foundation Source: PRINCE2® Foundation handbook and online resources

In PRINCE2, the Senior Supplier role is responsible for the quality of the specialist products delivered by the project. This role represents the interests of those designing, developing, facilitating, procuring, and implementing the project’s products, ensuring that the products meet the required quality standards and fit for their intended purpose. References: PRINCE2® 7 Foundation Handbook and official training materials.

One of the minimum requirements when applying the Business Case theme in PRINCE2® is to integrate the Benefits Management Approach with the project’s plans. This requirement ensures that there is a clear line of sight between the project’s outputs, outcomes, and the expected benefits. It focuses on planning for the realization of benefits from the outset, which is essential for justifying the project throughout its life cycle.References: PRINCE2® Foundation Manual

According to the 'defined roles and responsibilities' principle in PRINCE2®, the project management team must represent the business, user, and supplier interests. This ensures that all critical viewpoints are considered in decision-making processes, aligning the project outcomes closely with organizational needs and stakeholder expectations. References: PRINCE2® Foundation Handbook, Defined Roles and Responsibilities section.