A project manager is leading a project when a major crisis suddenly causes an economic downturn, which may threaten the project outcome. What should the project manager do?
A.
Update the project charter and benefits management plan with the current realities.
B.
Create a proposal suggesting that the project sponsor terminate the project.
C.
Reallocate some project resources to other assignments in the organization.
D.
Document the new risks in the project benefits management plan and risk management plan.
D is wrong - A is right. "Update the project charter and benefits management plan with the current realities." It involves updating essential project documents to reflect the changed circumstances comprehensively. This helps in ensuring that the project remains on track and continues to deliver value despite external challenges.
In the face of a major crisis and economic downturn, it's important to assess and document the potential risks to the project.
Documenting these risks in the project benefits management plan and risk management plan enables the project manager to understand the potential impacts on project outcomes and develop appropriate risk response strategies.
It provides a basis for informed decision-making and proactive management of challenges that may arise due to the economic downturn.
This option emphasizes comprehensive analysis and proactive risk management. By:
Documenting new risks: Identifying and analyzing the potential impact of the economic downturn on the project's financial viability, timeline, and deliverables is crucial for informed decision-making.
Updating the benefits management plan: Revising the expected benefits in light of the new context ensures stakeholder alignment and prioritizes projects with continued strategic value.
Developing mitigation strategies: Proactively devising alternative approaches, cost-saving measures, or contingency plans demonstrates leadership and a commitment to project success despite the challenges.
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