Manage Project Knowledge

Correct Answer: Update the lesson learned register and share it with the Project Management Office (PMO)

In project management, after discovering and validating a new and more efficient process, the next step should be to update the 'lessons learned register' and share it with the Project Management Office (PMO). The reason is, the 'lessons learned register' serves as a repository for knowledge gained during the lifecycle of a project, which can be referred and implemented in future projects for better efficiency. This process follows the principle of 'Knowledge Management' in project management, which is critical for continuous process improvement. The other options suggest either implementing without documenting, ignoring the new process, or keeping the knowledge within the team. However, these are not considered as best practices in project management. Not documenting or sharing the knowledge denies the opportunity for other projects to learn and benefit from this new efficiency.

Correct Answer: Document it in the risk register and update risk management plans

The best practice in project management when you identify a new risk is to document it in the risk register and update risk management plans. This process ensures that all project risks are recorded and addressed systematically. Ignoring the risk because it was not identified initially is not a good practice because risks can arise at any time during the project implementation. Waiting for the project sponsor's decision on the new risk might delay the project and it's not a proactive approach to risk management. Modifying the project schedule alone is not a complete solution because it does not involve analyzing, prioritizing the risk, and planning to manage the risk.

Correct Answer: Conduct lessons learned session with the team and document the new process for future reference.

In the context of applying knowledge management to a recent production process change, the appropriate action would involve conducting lessons learned sessions with the team and documenting the new process. This method ensures that knowledge is captured, stored, and made available for future projects. Ignoring the change or documenting the process without sharing it with the team would negate the principles of knowledge management, as the learnings and improvements derived from the change should not be isolated. Additionally, only communicating the new process to upper management limits knowledge dissemination, thereby hindering improvements at the operative level.