PRINCE2 Prince2-Foundation - PRINCE2 7 Foundation written Exam

The principle of 'Learn from experience' in PRINCE2® mandates that project teams should continuously use previous lessons to improve the outcomes of current and future projects. By reviewing end project reports from similar past projects to understand and correct underestimations, the project manager is directly applying this principle to refine and optimize project planning and execution.References: = PRINCE2® 7 Foundation Training Manual and official PRINCE2® website documentation

In the 'planning' technique, a team manager should break down the cost of delivering a work package during the 'Preparing estimates' step. This involves estimating the resources and time required to deliver each component of the work package, which are critical for budgeting and resource allocation. References: PRINCE2® Foundation course material on planning techniques and project management documentation.

A new team member looking to understand the project team structure and reporting lines should review the 'Role Descriptions'. This management product provides detailed information about each role within the project, including responsibilities and reporting relationships, which helps new members understand their place within the team and to whom they report. References: PRINCE2® Foundation official guide and project management templates.

An objective of the 'Controlling a Stage' process in PRINCE2® is to replan the current stage when directed. This process handles day-to-day management of the project, and includes responding to issues that might impact the stage plan, requiring replanning to ensure project objectives can still be met.References: PRINCE2® Foundation Manual

The "Directing a Project" process is used by the project board to respond to an exception report. This process involves the project board making decisions on how to proceed when project tolerances are forecasted to be exceeded, which are typically communicated through an exception report.References: = PRINCE2® 7 Foundation handbook and online resources

PRINCE2® ensures that the specific management needs of an organization are met by incorporating tailoring. Tailoring involves adapting the method to suit the project’s environment, size, complexity, importance, capability, and risk. It allows organizations to apply PRINCE2® effectively across different types of projects and organizational environments.References: PRINCE2® Foundation Manual

The process that provides information for the project board to review an updated project plan is 'Managing a Stage Boundary'. This process involves preparing the information needed for the project board to review the current stage’s performance, reassess the project viability, and make decisions regarding the next stage, including updates to the project plan if necessary.References: PRINCE2® Foundation Manual

When tailoring PRINCE2 to suit the project environment, changes can be made to the terminology used to better align with the organization’s existing standards, policies, or practices. This helps in integrating PRINCE2 within the organization more seamlessly without altering the core principles and themes which are foundational to the methodology's effectiveness. References: PRINCE2 Foundation Guide, Tailoring PRINCE2 section

The result of the change derived from using the project's product is referred to as the 'outcome'. An outcome is the effect of the change, typically a new capability that the project's outputs enable within the organization. This differs from outputs (which are tangible deliverables of the project) and benefits (which are the measurable improvements resulting from an outcome).References: = PRINCE2® 7 Foundation handbook and online resources