Free PRINCE2 Prince2-Foundation Practice Exam with Questions & Answers | Set: 3

The risk response type that is applied on a pain/gain basis is 'Share'. Sharing involves partnering with others to share the impact of the risk. This is often used for both threats and opportunities where sharing the risk can enhance the capability to capitalize on the opportunity or mitigate the threat, with potential gains or savings being distributed according to an agreed formula.References: PRINCE2® 7 Foundation handbook and documents.

The project board in PRINCE2® represents the three project interests, which are business (value for money), user (those who will use the project's outputs), and supplier (those who provide the resources and skills). The project board is responsible for overseeing the project, ensuring that it delivers value and meets the requirements set out by these three interest groups. References: PRINCE2® Foundation Handbook, Project Board section.

A PRINCE2 project must demonstrate the application of its seven principles throughout the project's lifecycle. These principles are universal, self-validating, and empowering, ensuring that the project management approach is effective and applicable under various project circumstances. References: PRINCE2® Foundation Handbook, Principles section.

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In PRINCE2, the supplier is responsible for providing the resources necessary for delivering the project outputs. This includes supplying the skills, materials, and technologies required to produce the products of the project, ensuring that these resources meet the project's specifications and quality requirements. References: PRINCE2® 7 Foundation Handbook and official training materials.

The Progress theme provides all management levels within the project management team with mechanisms for monitoring and control. This theme ensures that there are clear benchmarks for performance and mechanisms in place to assess progress throughout the project’s life cycle. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

When proposed changes exceed the agreed change budget, the change authority must refer the decision back to the Project Board. This is because changes that exceed the budget may impact the overall project constraints and require higher-level approval to proceed. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

As part of the recommended risk management procedure in PRINCE2®, it is essential to regularly review risk management practices to ensure their effectiveness. This involves evaluating how risks are identified, assessed, and controlled throughout the project lifecycle. References: PRINCE2® Foundation Handbook, Risk Management section.

A characteristic of a project is that it involves a team with different skills. Projects typically require a combination of various skills and expertise to deliver the project's products. This collaboration of diverse skills sets projects apart from regular, routine business activities, which may not require such varied expertise.References: PRINCE2® 7 Foundation handbook and documents.

The Project Brief is created during the Starting up a Project process. It defines and confirms the scope of the project, providing a foundation for the Initiation Stage and ensuring that all project stakeholders have a clear understanding of the project's objectives and scope. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

In a programme environment, there might be multiple business cases within a single project, each supporting different parts of the programme's overall goals. This scenario is common when a project is designed to deliver outputs that contribute to several overlapping strategies or objectives within the programme. References: PRINCE2® Foundation Handbook, Business Case Theme section.