Project Life Cycle

Correct Answer: You should perform cost control actions such as compressing the project schedule or adjusting the project requirements to tackle the overrunning costs.

In the scenario presented, cost control actions are needed if the cost of the project is exceeding its budget limits. This is because the project is greatly dependent on the budget. Hence, the approach of compressing the project schedule or adjusting project requirements could help handle the overrun costs, as stated in the first answer option. Requesting a budget increase, as mentioned in the second answer, may not be a feasible or effective solution since it doesn't address the underlying issue of the project exceeding its budget limitations. Cancelling the project immediately, proposed in the third answer, is an extreme and potentially harmful decision, particularly if the project has significant strategic or operational value. Ignoring the costs, as suggested in the fourth answer, is imprudent and can lead to serious financial problems in the long run. Costs are unlikely to naturally decrease without targeted intervention.

Correct Answer: Analyze the root cause of the integration issues and collaborate with the team to develop a plan to resolve them, considering options such as bringing in additional technical expertise or adjusting the project schedule to accommodate the extra time needed for the task.

The best course of action is to analyze the root cause of the integration issues and collaborate with the team to develop a plan to resolve them. This may involve bringing in additional technical expertise or adjusting the project schedule to accommodate the extra time needed for the task. Informing the project sponsor and requesting an extension (235766) should be done after a thorough analysis and exhausting all possible solutions to get the project back on track. Reallocating resources from other tasks (235767) may compromise the quality of other deliverables and should be considered carefully. Escalating the issue to the project steering committee (235768) may be necessary if the team cannot resolve the issue internally, but it should not be the immediate course of action.

Correct Answer: Initiation phase

The initiation phase is the correct answer for when a project's feasibility is typically assessed and the business case is developed. During the initiation phase, the project is defined at a high level, and its potential value to the organization is evaluated. This is when stakeholders determine if the project is worth pursuing by assessing its feasibility and developing a business case. The business case outlines the project's potential benefits, costs, risks, and overall value proposition. The planning phase occurs after the project has been approved and focuses on defining specific goals, creating schedules, and allocating resources. It builds upon the initial assessment done in the initiation phase. The execution phase is when the actual project work is carried out, following the plans developed earlier. Feasibility has already been established by this point. The monitoring and controlling phase involves tracking progress, managing changes, and ensuring the project stays on track. While risk evaluation is part of this phase, the initial feasibility assessment occurs much earlier in the project lifecycle. Therefore, the initiation phase is the most appropriate stage for assessing feasibility and developing the business case.