PMI Updated PMP Exam Questions and Answers by md

When a project manager encounters a situation where a vendor’s rates do not fit into the project budget, it’s important to engage the project stakeholders1. This is because stakeholders have a vested interest in the project and can provide valuable input on how to proceed. They may be able to suggest alternative vendors, provide additional funding, or help negotiate a better rate with the vendor. Engaging stakeholders in this decision also ensures transparency and buy-in, which are key to successful project management2. References: 

https://www.brainscape.com/flashcards/pmp-test-11-10971072/packs/19294018

https://relevant.software/blog/it-vendor-management-guide/

The project manager believes that the procedures outlined in the project governance will be necessary for this particular project due to its unique nature. However, these procedures do not align with several policies required by the organization’s Project Management Office (PMO). In such a situation, the project manager should discuss the proposed changes with the PMO. The PMO is responsible for maintaining standards for project management within the organization. They can provide guidance and decide whether an exception can be made for this particular project. References: Project Management Professional (PMP) Reference Materials, Professional in Business Analysis Reference Materials study guide.

When managing a project with new team members who lack formal project experience, it’s important to provide support and flexibility. Including buffer time in the schedule can help absorb future delays and reduce pressure on the team. This approach allows the team to learn and grow while still keeping the project on track. It’s a proactive measure that anticipates potential challenges and plans for them in advance. References: PMBOK® Guide – Sixth Edition (Page 181, 6.6.1.4 Schedule Baseline and Project Schedule Network Diagrams)

 When a new technology or requirement emerges during the final stages of a project, it’s important for the project manager to assess the business value impact of this change. This involves understanding how the change could affect the project’s objectives, deliverables, and stakeholders. If the impact is significant, the project manager should review the product roadmap to include any necessary changes. This approach ensures that the project remains aligned with its strategic objectives and stakeholder expectations, while also staying adaptable to changes in the market or technology landscape. References: PMBOK® Guide – Sixth Edition, Section 4.3 Direct and Manage Project Work, pg. 89; Section 4.4 Manage Project Knowledge, pg. 98; Section 4.5 Monitor and Control Project Work, pg. 104; Section 4.6 Perform Integrated Change Control, pg. 115.