PMI Updated PMP Exam Questions and Answers by chelsea

When contract terms need to be revised due to changes in financial regulations, it is essential to amend the contract terms to reflect these changes accurately. This ensures that both parties are aware of and agree to the new terms, which are compliant with current regulations. The process of managing project contracts involves assessing contract risks together with the technical, financial, and operational risks of the project. This requires collaboration between all members of the organization who have a stake in the implementation of the contract1. Furthermore, the PMBOK Guide’s Change Management Process emphasizes the importance of documenting change requests and analyzing their impact, which would include assessing how new financial regulations affect the contract terms2. Therefore, the project manager should work with the successful bidder to amend the contract terms accordingly. References: Process of Managing Project Contracts | PMI, PMBOK Guide Change Management Process For PMP Exam | PM-by-PM.

When faced with two major deliverables of equal priority, the project manager should not make unilateral decisions about which to prioritize. Instead, it is advisable to consult with the project sponsor and key stakeholders. This collaborative approach ensures that the decision on how to proceed aligns with the organization’s strategic objectives and values. By assessing the value and impact of each deliverable, the project manager can establish clear priorities and guide the team accordingly. This method is supported by best practices in project management, which advocate for stakeholder engagement and value-based prioritization to navigate complex project scenarios effectively.

References: The approach is consistent with the guidance provided by the Project Management Institute (PMI) on managing multiple projects and deliverables1. Additionally, the Professional in Business Analysis (PBA) reference materials emphasize the importance of aligning tasks with business goals and using prioritization frameworks to manage workloads effectively23.

In a situation where a developer is delaying a critical path activity due to a lack of understanding of customer requirements, the project manager should facilitate communication to ensure clarification of the requirements. This approach aligns with the best practices in project management and business analysis, which emphasize the importance of clear communication and understanding of stakeholder requirements for project success. By clarifying the requirements, the developer can gain a better understanding of what is expected and proceed with the coding activity, thus mitigating the delay on the critical path.

References:

• PMI’s Guide to the Project Management Body of Knowledge (PMBOK® Guide) emphasizes the importance of stakeholder engagement and effective communication to ensure that project requirements are understood and met1.
• The PMI Professional in Business Analysis (PMI-PBA)® highlights the role of communication in business analysis, including the need for clarity and the avoidance of misunderstandings23.
• Discussions among PMP professionals also suggest that once a root cause analysis is performed and the issue is identified, the next step is to address the issue directly, which in this case involves clarifying the requirements1.

 The best action for a project manager to control scope creep in a global project with resources spread out in different locations is to ensure that any changes to the project scope are formally controlled. This is typically done through a change control board (CCB), which is a formal group responsible for reviewing, evaluating, and approving or rejecting changes to a project. The CCB ensures that any changes made to the project are carefully considered, evaluated for their impact, and aligned with the project’s objectives and constraints12. By having a CCB, the project manager can manage scope changes in a controlled manner, preventing scope creep and ensuring that the project remains on track.

References:

• Control Scope Process3
• Change Control Board: Roles, Responsibilities & Processes1
• Change Control Board: What is It in Project Management?2