PMI Updated PMP Exam Questions and Answers by maverick

The closing phase of project management is the final phase of the project lifecycle. This is the stage where all deliverables are finalized and formally transferred, and all documentation is signed off, approved, and archived1. The most important step of the project closing phase is getting formal sign-off and acceptance of the customer2. Because projects are initiated based on a business need and customer request. Therefore, if the customer does not accept the final outputs and product, a project cannot be closed2. References: 7 Steps to Nail the Project Management Closure Process, Project Closing Phase: Do You Know the 8 Steps for Closing a Project?

 When a project manager is assigned to a new project that is similar to a previous one, they can leverage the historical data from the closed project to create a draft schedule. This approach allows the project manager to make an informed estimate of the project schedule, taking into account the activities listed and the experiences from the previous project. It’s important to note that this is a draft schedule and may be subject to changes as the project progresses. References: Project Management Professional (PMP) Reference Materials source and documents: PMI - Project Management Professional (PMP), PMI - PMBOK Guide and Standards, Professional in Business Analysis Reference Materials study guide: PMI - Professional in Business Analysis

 In the context of new product development, it is crucial to focus on creating a Minimum Viable Product (MVP). An MVP is the version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort2. This approach aligns with the principles of project management and business analysis, which advocate for iterative development and prioritizing customer value. By training the team to identify and develop an MVP, the project manager can ensure that the project delivers value early and often, allowing for feedback and adjustments that can lead to a more successful and cost-effective final product1. References:

PMBOK Guide’s focus on delivering value and iterative development1.

Business Analysis practices emphasizing the importance of understanding customer needs and market conditions for new product development2.

 In a hybrid project, it is essential to utilize the strengths of all team members effectively. When a new resource joins the team, especially one with a strong competency in a specific area such as quality assurance, it is beneficial to reevaluate task allocation to leverage these skills. This approach not only ensures that the project benefits from the new resource’s strengths but also supports the overall team dynamics by allowing for a collaborative decision-making process. It aligns with the principles of hybrid project management, which advocate for flexibility and adaptability in task allocation based on the team’s composition and project needs12.