Project Management Plan Development

Correct Answer: Delay the start of the execution phase until the Project Management Plan is complete and approved.

The best course of action is to 'Delay the start of the execution phase until the Project Management Plan is complete and approved'. The Project Management Plan lays the groundwork for all project activities and ensures that all individuals participating in the project are aligned and understand their roles, responsibilities, and the project's objectives. Hence, it's critical that this plan is completed and approved before the execution phase begins. The other options such as 'Begin the execution phase and hope for the best', 'Ask the team to work on the plan while you start the execution' and 'Develop an improvised plan and start the execution' are not best practices in project management as they can lead to misalignment, inefficiencies, and a higher risk of project failure due to inadequate planning or misunderstanding of the project's goals, scope, or tasks required.

Correct Answer: Risk Management Plan

The best answer is 'Risk Management Plan'. As a project manager, unexpected circumstances are commonly referred to as 'risks'. A Risk Management Plan is a document that a project manager prepares to foresee risks, estimate impacts, and define responses to issues. It also contains a risk assessment matrix. The other options, while important aspects of project management, are not specifically designed to handle unexpected situations. 'Direct and manage project execution' is more about carrying out the project plan rather than preparing for unforeseen problems. 'Perform Integrated Change Control' is about managing changes to the project not about potential unexpected issues that haven't become changes yet. 'Monitor and Control Project Work' is more about tracking, reviewing, and regulating the progress to meet the performance objectives defined in the project management plan.

Correct Answer: Increases risk and often results in rework

The best answer in this scenario is 'Increases risk and often results in rework'. Fast tracking is a project schedule compression technique which refers to the process of reducing the project schedule without reducing the project scope. This usually involves tasks being run in parallel that were originally planned in sequence, thus leading to increased risk and potential rework due to the hurried nature of the tasks. The other answers are less accurate. 'Requires conduct of additional meeting' may or may not be true, as conduct of additional meetings is not a necessary consequence of fast tracking. 'Increases project costs' is not necessarily true as fast tracking does not always result in increased costs, it depends on the specific circumstances. 'Delays are further extended due to the compression' is incorrect as the purpose of schedule compression techniques such as fast tracking is to avoid further delays, not cause them.