B.

Meet with the project team to analyze the actual cost to determine deviations

Explanation:
The project manager should do first to manage the budget is to meet with the project team to analyze the actual cost to determine deviations. This is the first step in the control cost process, which involves monitoring the status of the project to update the project costs and manage changes to the cost baseline2. By analyzing the actual cost, the project manager can identify the causes and sources of the cost variance, and evaluate the impact and implications on the project performance and objectives. The project manager can also use various tools and techniques, such as earned value analysis, forecasting, and variance analysis, to measure and report the cost performance and status2. Based on the analysis, the project manager can then decide on the appropriate actions and responses to bring the project back on track, such as requesting additional funds, reducing scope, adjusting resources, or implementing corrective or preventive actions2.

Option A is not a good choice, because it is premature and passive. The project manager should not ask the project sponsor for assistance in getting the budget back on track before analyzing the actual cost and determining the deviations. The project manager should first understand the nature and extent of the cost variance, and then present the facts and data to the project sponsor, along with possible solutions and recommendations. The project manager should also demonstrate their own initiative and responsibility in managing the budget, rather than relying on the project sponsor to solve the problem.

Option C is not a good choice, because it is pessimistic and irresponsible. The project manager should not inform the stakeholders that the project will be finished over budget before analyzing the actual cost and determining the deviations. The project manager should first assess the situation and explore the options to improve the cost performance and meet the budget expectations. The project manager should also communicate the cost status and issues to the stakeholders in a timely and transparent manner, and seek their feedback and support, rather than delivering bad news without any justification or action plan.

Option D is not a good choice, because it is hasty and presumptuous. The project manager should not issue a change request including the analysis to increase the budget before analyzing the actual cost and determining the deviations. The project manager should first verify the accuracy and validity of the cost data, and evaluate the feasibility and necessity of increasing the budget. The project manager should also consider the impact of the change request on the project scope, schedule, quality, and stakeholder satisfaction, and obtain the approval of the change control board before implementing the change2.

References:
1: Project Management Professional (PMP)® Certification
2: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Seventh Edition

B.

Refer to the resource management plan.

Explanation

According to the PMBOK Guide, a resource management plan is a component of the project management plan that describes how project resources are acquired, allocated, monitored, and controlled. It also includes the roles and responsibilities of project team members and other stakeholders, as well as the resource calendars and the process for managing changes to resource assignments. When a key subject matter expert (SME) leaves a multiyear project due to organizational downsizing, the project manager should refer to the resource management plan to determine how to replace the SME, how to transfer the SME’s knowledge and expertise to the remaining team members, and how to communicate the change to the relevant stakeholders. The other options are not the best actions to take in this situation. Updating the stakeholder register is a possible consequence of the change, but not the first thing to do. Consulting the project sponsor may be helpful, but not as effective as following the established plan. Modifying the statement of work (SOW) is not necessary unless the scope of the project is affected by the loss of the SME.

C.

Stakeholder engagement plan

The stakeholder register is a project document that identifies and classifies the project stakeholders, their roles, interests, expectations, and influence levels. It is an output of the Identify Stakeholders process, which is the first process in the Project Stakeholder Management knowledge area. The stakeholder register should be updated whenever there are changes in the project environment or stakeholder information, such as a promotion, a change of role, or a change of contact details. Updating the stakeholder register will help the project manager and the project team to communicate effectively and appropriately with the stakeholders, and to manage their expectations and engagement levels throughout the project life cycle.

The project management plan is a comprehensive document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates the subsidiary plans and baselines from the different knowledge areas, such as scope, schedule, cost, quality, resources, communications, risk, procurement, and stakeholder management. The project management plan is an output of the Develop Project Management Plan process, which is the second process in the Project Integration Management knowledge area. The project management plan should be updated only when there are changes in the project scope, objectives, deliverables, or approach, and when these changes are approved through the Perform Integrated Change Control process. Updating the project management plan for a stakeholder promotion is not necessary, unless it affects the project scope or other aspects of the project.

The stakeholder engagement plan is a subsidiary plan of the project management plan that describes the strategies and actions to increase the support and minimize the resistance of the stakeholders throughout the project. It is an output of the Plan Stakeholder Engagement process, which is the second process in the Project Stakeholder Management knowledge area. The stakeholder engagement plan should be updated when there are changes in the stakeholder engagement levels, needs, or expectations, and when these changes are approved through the Perform Integrated Change Control process. Updating the stakeholder engagement plan for a stakeholder promotion may be required, depending on how it affects the stakeholder’s interest, influence, or power over the project.

The communications management plan is a subsidiary plan of the project management plan that describes the communication methods, formats, frequency, and responsibilities for the project. It is an output of the Plan Communications Management process, which is the first process in the Project Communications Management knowledge area. The communications management plan should be updated when there are changes in the communication requirements, preferences, or channels of the project stakeholders, and when these changes are approved through the Perform Integrated Change Control process. Updating the communications management plan for a stakeholder promotion may be necessary, depending on how it affects the stakeholder’s communication needs or preferences.

Therefore, the correct answer is C. Stakeholder register, as it is the most relevant and appropriate document to update for a stakeholder promotion.

References:

PMBOK Guide, 6th edition, pages 513-515, 520-521, 538-539, 563-564, 717-718.
PMP Exam Content Outline, June 2019, pages 6-7, 10-11, 14-15, 18-19.

C.

Convene a team building event to address key performance indicators (KPIs).

According to the Professional in Business Analysis Reference Materials, team building is a tool and technique used in the Develop Project Team process, which aims to improve the performance of the project team and enhance project outcomes. Team building activities can help the project manager to address the issues that arise from team member changes, such as loss of trust, communication gaps, and conflicts. Team building can also help the project manager to align the team members with the project goals and expectations, and to motivate them to achieve the key performance indicators (KPIs) that measure the team’s progress and success.

References:

• Professional in Business Analysis Reference Materials, page 176, section 9.3.2.3
• PMI PMP Quiz:35 Topic:1 Questions:171-175, question 3

A.

Update the issue log and act to minimize the impact

Explanation:

According to the PMBOK Guide, an issue log is a project document that records and tracks any issues that arise during the project and require resolution. It is part of the project communications management process and helps the project manager to monitor and control the project performance. When a key supplier goes bankrupt and cannot supply the contracted material, this is an issue that affects the project scope, schedule, cost, and quality. Therefore, the project manager should first update the issue log with the details of the issue, such as the description, impact, priority, owner, and status. Then, the project manager should act to minimize the impact of the issue by implementing appropriate actions, such as finding alternative suppliers, negotiating new contracts, adjusting the project plan, or requesting changes. The project manager should also communicate the issue and the actions to the relevant stakeholders, such as the project team, the sponsor, the customer, and the supplier. Updating the issue log and acting to minimize the impact are proactive and responsible steps that the project manager should take first to address the issue and ensure the project success. References: PMBOK Guide, A practical approach to supply-chain risk management.

B.

Collaborative discussions

According to the PBA Guide, the project manager should employ collaborative discussions as the primary tool to gain an understanding of the risks for an agile project. Collaborative discussions are interactive sessions that involve the project team and other relevant stakeholders to identify, analyze, prioritize, and respond to project risks. Collaborative discussions can take various forms, such as brainstorming, interviews, focus groups, surveys, or retrospectives. Collaborative discussions enable the project manager to leverage the collective knowledge and experience of the participants, foster a shared understanding of the project risks, and promote a risk-aware culture within the project team. Collaborative discussions are especially suitable for agile projects, as they support the agile principles of communication, collaboration, feedback, and adaptation. Collaborative discussions can be conducted throughout the project life cycle, as part of the agile events such as sprint planning, daily scrum, sprint review, or sprint retrospective. Collaborative discussions can also be integrated with other risk management tools, such as probability assessments, risk avoidance workshops, or interviews with the project champion, to enhance the quality and effectiveness of the risk management process.

References:
1: PBA Guide, Chapter 4, Section 4.3.2.1, Page 88
2: Agile Manifesto
3: Making Risk Management for Agile Projects Effective

B.

Build team connections and emotional bonds

According to the PMI Guide to Business Analysis, one of the key competencies of a business analyst is to facilitate collaboration and teamwork among stakeholders. This includes building trust, rapport, and respect among team members, as well as fostering a positive and supportive work environment. The guide also states that “team morale is influenced by the business analyst’s ability to communicate effectively, manage conflict, and motivate others” (p. 41).

One of the ways to build team connections and emotional bonds is to use emotional intelligence, which is defined as “the ability to perceive, understand, and manage one’s own emotions and the emotions of others” (p. 42). Emotional intelligence can help the business analyst to:

• Recognize and acknowledge the feelings and perspectives of team members, especially when they are affected by a change or a loss.
• Express appreciation and gratitude for the contributions and achievements of team members.
• Provide constructive feedback and coaching to help team members improve their performance and skills.
• Encourage team members to share their ideas, opinions, and concerns, and listen actively and empathetically.
• Resolve conflicts and disagreements in a respectful and collaborative manner.
• Celebrate successes and milestones, and recognize the efforts and challenges of the team.

By building team connections and emotional bonds, the business analyst can help to improve team morale and teamwork, as well as increase team engagement, commitment, and productivity.

References:
PMI Guide to Business Analysis. (2017). Newtown Square, PA: Project Management Institute.
Keep Your Team Motivated When a Project Goes Off the Rails. (2023). Harvard Business Review.
How Team Morale Affects Employee Performance [2023]. (2022). Asana.

B.

Use a focus group and brainstorming sessions to gather more details about the project scope

According to the PMBOK® Guide, the project manager should identify the source of the disagreement among the project stakeholders as the first step to facilitate the approval of project requirements. This is because identifying the source of the disagreement can help the project manager understand the root cause of the conflict, the interests and needs of the stakeholders, and the potential impact of the disagreement on the project objectives and deliverables. By identifying the source of the disagreement, the project manager can then choose an appropriate conflict resolution technique, such as compromising, collaborating, smoothing, forcing, or withdrawing, to resolve the issue and obtain the approval of the project requirements1. The other options are not the first steps to facilitate the approval of project requirements, because:

Reviewing the project charter may help the project manager clarify the project scope, objectives, and high-level requirements, but it does not address the specific source of the disagreement among the stakeholders2.

Performing a stakeholder analysis may help the project manager identify the stakeholders, their roles, expectations, influence, and communication needs, but it does not address the specific source of the disagreement among the stakeholders3.

Holding a team-building event may help the project manager improve the team morale, trust, and collaboration, but it does not address the specific source of the disagreement among the stakeholders4. References: 1: PMBOK® Guide, Sixth Edition, Chapter 9.5.2.1, Conflict Management 2: PMBOK® Guide, Sixth Edition, Chapter 4.1.3.1, Project Charter 3: PMBOK® Guide, Sixth Edition, Chapter 13.1.3.1, Stakeholder Analysis 4: PMBOK® Guide, Sixth Edition, Chapter 9.4.2.4, Team-Building Activities.