Quality Audits

Correct Answer: Update the project plan to include compliance with the new regulations and train the team accordingly.

The project manager should update the project plan to include compliance with the new regulations and train the team accordingly. This action ensures that the project adheres to the latest government requirements, thereby avoiding potential fines or sanctions. It is crucial for the project manager to incorporate any new regulatory changes into the project plan promptly and to keep the team informed and trained on these updates to maintain compliance throughout the project lifecycle.

Correct Answer: Implement Quality Assurance Processes

The most urgent step the project manager should take after realizing the lack of a formal process for quality assurance is to implement Quality Assurance Processes. It is critical to maintain the quality of software, particularly for a secure software system for a bank. A strong quality assurance process helps to prevent defects, reduces the cost and time spent on rework, and contributes to customer satisfaction. The options 'Inform Stakeholders', 'Calculate Project Budget', and 'Evaluate Risks' are all important parts of project management, but they are not the immediate next steps following the discovery that the project lacks a formal process for quality assurance. Of course, stakeholders should be informed about changes to quality assurance processes, but this won't solve the root problem. Similarly, calculating the project budget and evaluating risks are part of managing a project, but neither directly addresses the issue of a missing quality assurance process. Therefore, their priority is less in this particular context.

Correct Answer: Implement a suitable communication management plan that fosters collaboration between the teams.

The best possibility to address the communication gap between the development and testing team, which is leading to a low-quality product, is to 'Implement a suitable communication management plan that fosters collaboration between the teams.' This is because good communication fosters understanding and aligns all the stakeholders towards the common project goal which in this case is the delivery of a high-quality product. Segregating the teams can lead to further communication breakdown causing more issues while quality control should be a cohesive effort from all teams involved in the project, so relying on one team for quality control is not an ideal solution. Lastly, having one person responsible for communication can lead to information bottleneck, making it an ineffective solution.