Program Closure Phase

Correct Answer: Ensuring all program expenses have been paid and accounted for

A critical component of program financial closure is ensuring all program expenses have been paid and accounted for, which confirms that financial transactions are completed and accurate. Reviewing strategic alignment and formalizing acceptance of outcomes are important for validating the program's success and alignment with business goals, but do not specifically pertain to the financial aspect of closure. Archiving program documents is essential for organizational learning and compliance, but it is not directly tied to financial closure.

Correct Answer: Analyze the reasons for the budget surplus and document the findings in the financial closure report

The most appropriate action to take upon discovering a significant budget surplus during the financial closure of a program is to analyze the reasons for the surplus and document the findings in the financial closure report. This allows the Program Manager to identify any inefficiencies, overestimations, or changes in scope that led to the surplus. Documenting these findings helps improve future budgeting and resource allocation processes. Reallocating the surplus to other programs or distributing it among team members without proper analysis and approval may not align with the organization's financial policies and could lead to issues with stakeholders and sponsors. Returning the surplus to the sponsor and requesting a bonus is also inappropriate, as the focus should be on understanding the reasons behind the surplus and ensuring transparency in the financial closure process.

Correct Answer: Collaborate with the procurement and finance teams to investigate and resolve the invoice discrepancies, ensuring accurate documentation and prompt resolution to enable timely closure of the program's procurement activities.

As a program manager, the primary focus should be on collaborating with the procurement and finance teams to investigate and resolve the invoice discrepancies. This ensures accurate documentation and prompt resolution, enabling timely closure of the program's procurement activities. Deferring the resolution to the finance team or escalating the issue to senior management may lead to further delays and does not address the root cause of the problem. Conducting a comprehensive audit of all invoices throughout the program lifecycle is unnecessary and time-consuming, as the focus should be on resolving the specific discrepancies discovered during the closure process. By working together with the relevant teams to address the discrepancies, the program manager can ensure a smooth and efficient procurement closure process.