You are leading a large-scale information technology project to migrate your company's data to the latest hardware. The delivery is being led by third-party suppliers, who were not involved in the design phase. The supplier has completed their capacity planning and has raised a potential risk that the current data may exceed the storage capacity of the new hardware purchased.
What type of risk response would you choose to mitigate this risk?
The best approach is to use the contingency budget because:
Defined Risk Response: Contingency budgets are designed to handle identified risks without impacting the project's main budget.
Stakeholder Agreement: It avoids escalating disputes with suppliers by addressing the issue proactively.
Unsuitable Options:
A: Tolerating the risk is impractical when the risk is confirmed.
B: Re-forecasting creates unnecessary delays and increases costs.
D: Transferring risk to the supplier could damage partnerships.
You are a project manager taking over a project that's in the definition phase. The project sponsor asks you to prepare for an upcoming budget review as they have concerns regarding the lack of cost control shown by the project to date.
Which of the following actions would best improve the project sponsor's confidence in how you will control costs?
Cost Breakdown Structure: Provides transparency into how the budget is allocated across tasks, improving confidence in cost control.
Why Other Options Are Incorrect:
A: Focuses on task definitions, not cost control.
C: Earned value assesses past performance but doesn't address current concerns.
D: Financial appraisal doesn't provide actionable insights for cost management.
Which of the following statements best describes the purpose of an integrated project management plan?
Purpose of the Plan: It provides a comprehensive roadmap for executing, monitoring, and controlling the project.
Why Other Options Are Incorrect:
A: Integrated plans are not limited to linear life cycles.
B: Sponsors use it but do not manage it.
C: Plans can evolve to reflect project changes.
You are the project manager of a project that's currently in the definition phase. After your first meeting, the project sponsor has asked to see the integrated project management plan.
In this scenario, which of the following best describes the importance of an integrated project management plan?
An integrated project management plan ensures alignment between the project manager and sponsor by setting clear expectations and outlining the project's scope, schedule, and deliverables.
During a project review, which of the following would be the best indicator of how the project outputs are progressing?
Earned Value: This is a key performance indicator (KPI) in project management that integrates cost, scope, and schedule. It provides a clear view of how much progress has been made against the work planned and money spent.
Unsuitable Options:
B: Benefits realization assesses post-project success, not ongoing progress.
C: Resource management is unrelated to deliverables progress.
D: Budget tracking only measures financial health without linking to project outputs.
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