PMP Exam Dumps - Project Management Professional (2025 Version)

 According to the PMBOK Guide, a project manager and project team should select the appropriate work methods and tools based on the project characteristics, such as the product scope, complexity, uncertainty, and delivery approach1. The work methods and tools should also be aligned with the business need and project constraints, such as the budget, schedule, quality, and resources2. Therefore, the result of the discussion should be an agreed-upon work method and tools that should fit the business need and project constraints. References:

1: PMBOK Guide, 6th edition, Chapter 4: Project Integration Management, p. 74-75

2: PMBOK Guide, 6th edition, Chapter 5: Project Scope Management, p. 131-132

The project manager should review the risk management plan to evaluate the probability and impact of these delays, and determine the appropriate response strategies. The risk management plan is a document that describes how risk management activities will be planned, structured, and performed throughout the project. It includes the processes, roles and responsibilities, tools and techniques, risk categories, risk appetite, risk thresholds, and risk response strategies for the project1. By reviewing the risk management plan, the project manager can identify the risks that are causing or contributing to the delays, such as cultural differences, communication barriers, or schedule conflicts. The project manager can also assess the likelihood and severity of these risks, and their effect on the project objectives, such as scope, time, cost, quality, and stakeholder satisfaction. Based on this analysis, the project manager can select the best risk response strategies, such as avoid, transfer, mitigate, exploit, share, enhance, or accept, and implement them to reduce the negative impact or increase the positive impact of the risks2. The project manager can also update the risk register, which is a document that records the details of all identified risks, their analysis, and their response plans3.

The other options, implementing crashing, fast-tracking, or conflict management, are not the best ways to handle this situation. Crashing and fast-tracking are schedule compression techniques that can be used to shorten the project duration without changing the project scope4. However, these techniques have drawbacks, such as increasing costs, risks, or rework, and they may not address the root causes of the delays. Conflict management is a process of resolving disagreements among project stakeholders, such as team members, sponsors, customers, or suppliers5. However, conflict management may not be effective if the delays are caused by external factors, such as holidays, that are beyond the control of the project team.

 1 A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Chapter 11.1.3.1 2 A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Chapter 11.5.2 3 A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Chapter 11.4.2.1 4 A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Chapter 6.6 5 A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Chapter 9.5

A project charter is a project planning document that sells the project to stakeholders and sponsors. It provides a preliminary delineation of roles and responsibilities, outlines the project’s key goals, identifies the main stakeholders, and defines the authority of the project manager. A project charter is essential for any project, regardless of its size or complexity, as it serves the following purposes:

It authorizes the project and grants the project manager the permission to use organizational resources

It serves as a primary sales document that summarizes the project’s value proposition and return on investment

It acts as a roadmap that guides the project team and stakeholders throughout the project lifecycle

It helps to manage the project scope and avoid scope creep by establishing the project boundaries and deliverables

It facilitates communication and alignment among the project team, sponsors, and stakeholders by clarifying the project objectives, assumptions, risks, and constraints Therefore, the project manager should explain to the sponsor that a project charter is necessary to ensure agreement on scope and deliverables and to define the project manager’s responsibilities. Without a project charter, the project may face the following risks:

Lack of clarity and direction for the project team and stakeholders

Misalignment of expectations and goals among the project team, sponsors, and stakeholders

Scope creep and change requests that may impact the project schedule, budget, and quality

Conflicts and disputes over roles, responsibilities, and authority

Reduced stakeholder engagement and support References:

What is a Project Charter? Complete Guide & Examples

How to Write a Project Charter: Examples & Template Included

Project charter - Wikipedia

According to the PMBOK Guide, project collaboration is the shared effort to achieve a common goal. It involves effective communication, consistent processes, and the right project collaboration tools. One of the best practices for project collaboration is to organize regular meetings with all of the stakeholders to share information, feedback, and solutions. This helps to avoid duplication of work, resolve conflicts, and improve efficiency. By meeting regularly with the deployment teams, the project manager can ensure more collaboration and alignment among them. References: (Professional in Business Analysis Reference Materials source and documents)

PMBOK Guide, Sixth Edition, Chapter 3: The Role of the Project Manager, Section 3.7: Project Manager Competencies, Subsection 3.7.2: Leadership Skills, Page 62

Project Collaboration: 6 Tips for Success | The Workstream, Atlassian, Accessed on January 29, 2024

9 Tips and Best Practices for Effective Project Collaboration | ClickUp, ClickUp, Accessed on January 29, 2024

The finance team is a key stakeholder in the project, as they are responsible for approving the project budget and ROI. If they are not involved in building the business case for the project, they may not understand or agree with the project objectives, benefits, and assumptions. This can lead to conflicts, delays, and rework in the project execution. Therefore, the project manager should schedule a meeting with the product owner and the finance team to discuss the business case, clarify the requirements, expectations, and constraints, and agree on the course corrections needed to align the project with the organizational strategy and goals. This way, the project manager can ensure that the project delivers value to the organization and satisfies the stakeholder needs. References:

A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Seventh Edition, Chapter 2: Value Delivery System, Section 2.1: Business Case, pp. 25-26

Project Management Professional (PMP) Handbook, Section 2.2: PMP Exam Content Outline, Domain III: Business Environment, Task 1: Plan and manage project compliance, pp. 16-17

How to Write a Business Case: 4 Steps to a Perfect Business Case Template, by ProjectManager.com, published on January 25, 2019

 In a situation where the project delivery is based on a fixed price in cryptocurrency, and there is an agreement to adjust the scope according to the value of the cryptocurrency at the end of each iteration, an incremental approach with a minimum viable product (MVP) is most suitable. This approach allows for the delivery of increments of value in alignment with the agreed price and enables both parties to assess and adjust the scope iteratively. It accommodates the volatility of cryptocurrency by allowing scope adjustments that reflect the currency’s value at regular intervals, ensuring that the project does not exceed the financial constraints while still delivering value12.

According to the PMBOK Guide, a project budget is the total projected costs needed to complete a project over a defined period of time. It’s used to estimate what the costs of the project will be for every phase of the project. To create a project budget, the project manager should first define the project scope and then create a cost breakdown structure, which allows them to pinpoint all the costs in a project. One of the methods to create a cost breakdown structure is to decompose the project into features, which are the deliverables or outputs that provide value to the customer or stakeholder. Each feature can be further decomposed into tasks or activities, which are the work packages that need to be performed to produce the feature. By breaking down the project into features and tasks, the project manager can estimate the cost for each task based on the resources, materials, and equipment required. One of the techniques to estimate the cost for each task is to use the velocity of the team, which is the rate at which the team can deliver value in a given time period. The velocity of the team can be measured by the number of features, tasks, or units of work that the team can complete in a fixed iteration or cycle. By multiplying the velocity of the team by the value of each feature or task, the project manager can obtain the estimate for each task. By adding up the estimates for all the tasks, the project manager can obtain the estimate for the whole project. This method of estimating the project budget is suitable for projects that use an adaptive or agile approach, where the scope, schedule, and cost are flexible and responsive to changes and uncertainties. By decomposing the project into features and using the velocity of the team, the project manager can prioritize the most valuable features and deliver them in short iterations, while adjusting the estimates as the project progresses. This can help the project manager to manage the project budget more effectively and efficiently. References:

PMBOK Guide, 7th edition, Chapter 2: Project Performance Domains, Section 2.1: Project Delivery Approach, pp. 23-251

PMBOK Guide, 7th edition, Chapter 4: Tailoring, Section 4.2: Tailoring Considerations, pp. 51-531

PMBOK Guide, 7th edition, Chapter 5: Scope, Section 5.2: Plan Scope, pp. 67-691

PMBOK Guide, 7th edition, Chapter 6: Schedule, Section 6.2: Plan Schedule, pp. 83-851

PMBOK Guide, 7th edition, Chapter 7: Cost, Section 7.2: Plan Cost, pp. 103-1051

How to Estimate Project Cost in 8 Steps (Accurately) - Toggl2