PRINCE2 Principles in Context

Correct Answer: Project Manager

In PRINCE2, the Project Manager is responsible for the daily management of the project on behalf of the Project Board. This is a core principle of the PRINCE2 methodology. The Project Manager is appointed by the Executive and has the authority to run the project on a day-to-day basis. They are responsible for producing the required products to the specified standards of quality, within the constraints of time and cost. The Team Manager reports to the Project Manager, not the Senior User. Team Managers are responsible for the production of products allocated to them by the Project Manager. Project Assurance representatives provide independent oversight and support to the Project Board by monitoring various aspects of project performance and products. They don't manage the project daily. The Executive is a member of the Project Board who represents the business interests and is ultimately accountable for project success, but doesn't handle day-to-day management. The Executive provides direction and guidance at a strategic level.

Correct Answer: Exception Plan

In PRINCE2, when an exception occurs (meaning a plan is forecast to exceed its tolerance levels), the Project Manager must prepare an Exception Plan for Project Board approval. An Exception Plan is a detailed plan that replaces the plan which has deviated from tolerances. It shows the actions needed to recover from or respond to the exception situation. Once approved by the Project Board, the Exception Plan replaces the current plan (whether Stage Plan or Project Plan). The other options are incorrect: "Recovery Plan with revised tolerances and targets" - PRINCE2 does not define a "Recovery Plan" as a specific plan type. Tolerances are set by the Project Board, not proposed by the Project Manager in a plan. "Stage Plan with extended tolerances" - A Stage Plan is a normal planning instrument, not specifically for exceptions. Additionally, Project Managers cannot extend tolerances themselves; only the Project Board can approve new tolerances. "Contingency Plan showing all alternative paths forward" - PRINCE2 does not define a "Contingency Plan" as a formal plan type. While risk responses might include fallback plans, these are not what is required when an exception has already occurred.

Correct Answer: The lesson should be transferred to the organization's lessons repository for reference by future projects.

In PRINCE2, lessons are captured in the Lessons Log throughout the project lifecycle, but not all lessons may be applicable to the current project. When a lesson has potential value for future projects but isn't relevant to the current one, PRINCE2 recommends transferring it to the organization's lessons repository. This central repository ensures that valuable insights are preserved and can be accessed by future projects, supporting continuous improvement across the organization. The correct answer reflects this standard PRINCE2 approach to lessons management. The other options are incorrect: Keeping the lesson in the current project's Lessons Log marked as 'Reserved for Future Projects' doesn't serve the purpose of making the lesson available to other projects. Creating a separate 'Future Lessons Recommendations' product isn't a standard PRINCE2 management product and would create unnecessary documentation. Discussing the lesson extensively during the next End Stage Assessment before deciding on retention would delay the capture of potentially valuable information and isn't the recommended approach in PRINCE2 for handling lessons with future value but no current applicability.