PRINCE2 Prince2-Foundation - PRINCE2 7 Foundation written Exam

During the Managing a Stage Boundary process, the Project Plan is updated with the latest estimated costs and time for the upcoming stage. This ensures that the Project Plan reflects current expectations and planning realities as the project progresses. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

The purpose of the Starting up a Project process is to provide information so a decision can be made as to whether a project is viable and worthwhile to initiate. This process ensures that the necessary preliminary steps are taken to define the project at a high level and to check that it is sensible to proceed before committing significant resources to the initiation of the project.References: PRINCE2® 7 Foundation resources and study materials.

A minimum requirement for applying the Business Case theme in PRINCE2 is to define the actions necessary to confirm that the project’s benefits are realized. This involves planning how benefits will be measured and managed both during and after the project to ensure they deliver the intended value and outcomes. References: PRINCE2® 7 Foundation Handbook and official training materials.

The 'managing product delivery' process in PRINCE2® ensures that the planned products meet their quality criteria (ensuring products are fit for purpose) and that these products are delivered within the agreed tolerances (ensuring delivery within time, cost, quality, scope, risk, and benefit tolerances). References: PRINCE2® Foundation Handbook, Managing Product Delivery section.

A risk budget is a specific amount of money set aside within the project budget to address potential threats and opportunities. This allocation is used to fund the specific management responses required to mitigate identified risks. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

Risk response refers to the actions identified and implemented to bring the risk exposure to an acceptable level. These actions are part of the risk management process and aim to reduce, avoid, transfer, or accept risks depending on their potential impact on the project. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

Setting tolerances for the three levels of plan (project, stage, and team) in PRINCE2® applies the principle of 'manage by exception'. This principle enables efficient use of management time by focusing on deviations from the plan only if they exceed predefined tolerances, rather than managing every small detail. References: PRINCE2® Foundation Handbook, Manage by Exception section.

The level of management that sets the project level tolerances in PRINCE2® is corporate, programme management, or the customer. These project-level tolerances are defined to set the allowable limits of variation for the project’s objectives, which the Project Manager must work within. This helps ensure that the project remains aligned with strategic goals and customer or corporate standards.References: PRINCE2® 7 Foundation resources and materials.

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.

One of the objectives of the 'Starting up a Project' process in PRINCE2 is to appoint the project management team. This step ensures that the necessary leadership and management roles are filled with competent individuals who can plan, oversee, and execute the project effectively from its initiation through to closure. References: PRINCE2® 7 Foundation Handbook and official training materials.