Integration Management

Correct Answer: Assess the potential impact and probability of the risk, and update the risk management plan accordingly

The best course of action when a new potential risk is identified during the execution phase of a project is to assess its potential impact and probability, and update the risk management plan accordingly. As a project manager, it is crucial to continuously monitor and manage risks throughout the project lifecycle. When a new risk is identified, it should be evaluated and incorporated into the existing risk management plan to ensure that it is properly addressed and mitigated. Informing the project sponsor and awaiting their decision may cause unnecessary delays in addressing the risk. The project manager should take the initiative to assess and manage the risk, keeping the sponsor informed as needed. Documenting the risk in the issue log and assigning it to the team member who identified it is not the most effective approach, as risks and issues are managed differently. Risks should be documented in the risk register and managed according to the risk management plan. Conducting a meeting with the entire project team to discuss the risk may not be the most efficient use of time, especially if the risk can be easily assessed and managed by the project manager or a smaller group of team members.

Correct Answer: Perform Integrated Change Control

To bring a project that is behind schedule and over-budget back on track, you should initiate the 'Perform Integrated Change Control' process. This process involves reviewing all change requests, approving changes, and managing changes to deliverables, organizational process assets, project documents, and the project management plan. It's key to ensuring changes are managed and controlled, thereby protecting your project's objectives from being negatively impacted 'Direct and Manage Project Work' also plays a vital role in the execution of a project, but it's more about directing and managing the work necessary to deliver the project's outputs rather than dealing with change control 'Control Scope' is mainly concerned with ensuring that the project includes only the work required to complete the project successfully. It's not directly related to fast-tracking a project or dealing with budget issues 'Control Budget' would ensure that the project does not exceed its approved budget, but it does not deal directly with speeding up a project schedule Therefore, the most appropriate answer is 'Perform Integrated Change Control' as it involves making decisions about the project requirements, adjusting the project plan as necessary, and managing the changes in a controlled manner.

Correct Answer: Perform Integrated Change Control

The best process to handle a significant change request that could impact the project scope is 'Perform Integrated Change Control.' This process reviews all change requests, approves changes, and manages changes to the deliverables and organizational process assets. 'Direct and Manage Project Work' refers to the process of leading and performing the work defined in the project management plan and implementing approved changes to achieve the project's objectives. 'Develop Project Charter' is the process that formally authorizes a new project or a phase. It defines the initial requirements that satisfy the stakeholder's needs and expectations'Manage Project Knowledge' is the process of using existing knowledge and creating new knowledge to achieve the project's objectivesIn this context, the mentioned processes except 'Perform Integrated Change Control' do not directly handle changes in the project scope. Therefore, 'Perform Integrated Change Control' is the best answer.