Free Practice Questions for PRINCE2 Prince2-Foundation Exam

The Project Plan in PRINCE2 identifies the management stages and timescales of a project. This plan provides an overview of how and when the project’s objectives are to be achieved, by showing the major products, activities and resources required for the project, and structuring them within a timescale. References: PRINCE2 Foundation manual, PRINCE2 official resources

In PRINCE2®, the Communication Management Strategy is the document that outlines how project communications should be managed. It includes how information will be disseminated amongst stakeholders and how feedback will be collected. Negative outcomes perceived by stakeholders are typically recorded as part of the feedback mechanism defined in the Communication Management Strategy. References: PRINCE2® Foundation official guide and study material.

A product breakdown structure (PBS) in PRINCE2® is a hierarchical decomposition of the major products that are to be developed in a project. It helps in visualizing all the products (deliverables) that are required for the project, ensuring that all products are identified and nothing is overlooked. The PBS does not indicate the order of product creation, resource requirements, or control points, but strictly the products needed.References: PRINCE2® 7 Foundation study guide and resources.

The purpose of the Directing a Project process is for the Project Board to delegate the day-to-day management of the project to the Project Manager, providing the overall direction and management of the project lifecycle. This process is critical for enabling the Project Manager to run the project on behalf of the Project Board within the constraints set out by them. References: PRINCE2® Foundation official documentation and study materials.

The purpose of the Plans theme in PRINCE2 is to provide a framework to design, develop, and maintain the project's plans. This theme ensures that the project plans are aligned with the project’s objectives and facilitate effective management and control of the project throughout its life cycle. References: PRINCE2 Foundation manual, PRINCE2 official resources

In the issue and change control procedure within PRINCE2, the "Examine" step involves considering alternative options to address an issue that is being managed formally. This step is crucial for evaluating the possible responses to an issue before making a decision on the best course of action. References: PRINCE2 Foundation manual, PRINCE2 official resources

One of the key benefits of using PRINCE2 is its versatility and adaptability, meaning it can be applied to any type of project across various industries. This flexibility is one of the reasons PRINCE2 is widely adopted globally. References: PRINCE2® Foundation official study materials.

Similar to the answer to question 11, the change budget is specifically allocated for changes that are agreed upon that modify the scope of the project. This ensures that any scope modifications are funded without compromising the existing budget for planned deliverables. References: PRINCE2® Foundation official study guide and online resources.

When defining risk tolerance, the factors considered include the Project Board's attitude towards risk, the organization's risk appetite, and the level of risk deemed acceptable by the Project Board. The allocated risk budget is not a direct consideration in defining risk tolerance; rather, it is a resource aspect managed within the tolerances set for the project. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

The purpose of a Lessons Log in PRINCE2® is to record all lessons that arise during the project, including those noted in Checkpoint Reports. This log helps in capturing valuable insights and learning points which can be used to improve future projects or later stages of the current project. References: PRINCE2® Foundation official documentation and study materials.