Update the issue log and act to minimize the impact

Explanation:

According to the PMBOK Guide, an issue log is a project document that records and tracks any issues that arise during the project and require resolution. It is part of the project communications management process and helps the project manager to monitor and control the project performance. When a key supplier goes bankrupt and cannot supply the contracted material, this is an issue that affects the project scope, schedule, cost, and quality. Therefore, the project manager should first update the issue log with the details of the issue, such as the description, impact, priority, owner, and status. Then, the project manager should act to minimize the impact of the issue by implementing appropriate actions, such as finding alternative suppliers, negotiating new contracts, adjusting the project plan, or requesting changes. The project manager should also communicate the issue and the actions to the relevant stakeholders, such as the project team, the sponsor, the customer, and the supplier. Updating the issue log and acting to minimize the impact are proactive and responsible steps that the project manager should take first to address the issue and ensure the project success. References: PMBOK Guide, A practical approach to supply-chain risk management.

Ask the SMEs to share the knowledge transfer documents with all other members by placing the documents in the project management information system (PMIS).

Explanation:
The project manager should ask the SMEs to share the knowledge transfer documents with all other members by placing the documents in the PMIS, as this is the best way to ensure knowledge transfer across the team.

The PMIS is a system that collects, organizes, and distributes project information to the project stakeholders. By using the PMIS, the project manager can ensure that the process deviations captured by the SMEs are communicated and documented to the rest of the team, and that the team has access to the latest and accurate information. This will also help the project manager to monitor and control the project performance and quality, and to identify and address any issues or risks that may arise from the deviations.

Monitoring and updating the benefits realization plan

Explanation:
The benefits realization plan is a document that describes how the benefits of the project will be delivered, measured, and sustained. It includes the benefits identification, analysis, planning, realization, and transition activities. By monitoring and updating the benefits realization plan, the project manager can ensure that the work carried out and the product being created do not deviate from the prescribed business value. Monitoring and updating the benefits realization plan helps to track the progress and performance of the project and the benefits realization process, and to identify and address any gaps or issues that may arise. Monitoring and updating the benefits realization plan also helps to communicate and report the value of the project to the stakeholders and the senior management. 

References: (Professional in Business Analysis Reference Materials source and documents)

• PMBOK® Guide, 6th edition, Section 4.5.3.1, p. 123
• PMI Professional in Business Analysis (PMI-PBA)® Examination Content Outline, Domain IV: Traceability and Monitoring, Task 2, p. 13
• Business Analysis for Practitioners: A Practice Guide, Section 5.3.1, p. 113

Conduct reviews with stakeholders to discuss the potential benefits the approach may have to the project.

Explanation
According to the PMBOK Guide, iterative tools are techniques that enable project managers to plan and execute projects in an iterative and flexible way. Iterative tools are part of an adaptive or agile approach, where the project scope, schedule, and cost are responsive to changes and uncertainties. Iterative tools allow project managers to deliver value incrementally, rather than in one go, by breaking down the project into smaller cycles or iterations. Each iteration produces a deliverable or output that can be tested, reviewed, and improved. By using iterative tools, project managers can reduce risks, increase quality, and enhance customer satisfaction. To determine the benefits of using iterative tools in a project, the project manager should conduct reviews with stakeholders to discuss the potential benefits the approach may have to the project. Stakeholders are individuals or groups who can affect or be affected by the project outcomes. By conducting reviews with stakeholders, the project manager can solicit their feedback, address their concerns, and align their expectations. The reviews can also help the project manager to communicate the value and benefits of using iterative tools, such as faster delivery, higher quality, lower costs, and better customer satisfaction. The reviews can also help the project manager to identify the challenges and lessons learned from using iterative tools, such as managing changes, ensuring collaboration, and maintaining documentation. By conducting reviews with stakeholders, the project manager can evaluate the effectiveness and efficiency of using iterative tools, and report the results to the PMO and the steering committee.

References:
PMBOK Guide, 7th edition, Chapter 2: Project Performance Domains, Section 2.1: Project Delivery Approach, pp. 23-251
PMBOK Guide, 7th edition, Chapter 3: Project Management Principles, Section 3.5: Engage Stakeholders, pp. 41-421
PMBOK Guide, 7th edition, Chapter 4: Tailoring, Section 4.2: Tailoring Considerations, pp. 51-531
PMBOK Guide, 7th edition, Chapter 9: Stakeholders, Section 9.3: Engage Stakeholders, pp. 144-1451
Iterative Process in Development & Design | project-management.com2

Coordinate a meeting to understand the situation and resolve any conflicts.

Explanation

According to the PMBOK® Guide, one of the key skills of a project manager is to manage stakeholder engagement, which includes facilitating collaboration among stakeholders1. Collaboration is essential for global projects, as it enables effective communication, efficiency, decision-making, and creativity among team members from different regions, cultures, and backgrounds2. However, collaboration can also be challenging due to factors such as time zones, language barriers, and cultural differences3. Therefore, the project manager should coordinate a meeting to understand the situation and resolve any conflicts that may arise among the team members. By doing so, the project manager can foster trust, respect, and mutual understanding among the team, and ensure that they are aligned with the project objectives and expectations2. The project manager can use various techniques to facilitate the meeting, such as active listening, brainstorming, negotiation, and problem-solving1.

References:

• PMBOK® Guide – 4th Edition, Chapter 13: Stakeholder Management
• The Global Project Management Framework
• Advantages and Challenges of Global Team Collaboration

Review target benefits.

Explanation
According to the PMBOK Guide, benefits are the measurable improvements resulting from a project that are perceived as positive by one or more stakeholders. Benefits can be tangible or intangible, and they can be realized during or after the project. Benefits realization is the process of ensuring that the benefits of the project are delivered and sustained. Benefits realization management is the collective set of processes and practices for identifying, defining, planning, tracking, and realizing the benefits from the project. One of the key activities in benefits realization management is to review the target benefits periodically and assess whether they are still valid, achievable, and aligned with the project objectives and the stakeholder expectations. A possible change in regulations that would prevent the product launch is a significant risk that can jeopardize the benefits realization of the project. Therefore, the project manager should review the target benefits and evaluate the impact of the regulatory change on the project scope, schedule, cost, quality, and stakeholder satisfaction. The project manager should also consider the feasibility and desirability of continuing the project, modifying the project plan, or terminating the project, based on the expected benefits and costs.

The project manager should communicate the results of the benefits review to the project sponsor, the project team, and the other relevant stakeholders, and seek their input and feedback. The project manager should also update the benefits management plan, the benefits register, and the risk log, as appropriate, to reflect the current situation and the actions to be taken. 

References:

• PMBOK Guide, 7th edition, Chapter 1: Introduction, Section 1.2: What is Project Management?,pp. 5-61
• PMBOK Guide, 7th edition, Chapter 2: Project Performance Domains, Section 2.8: Benefits, pp. 33-351 PMBOK Guide, 7th edition, Chapter 3: Project Management Principles, Section 3.4: Deliver Value,pp. 39-401
• PMBOK Guide, 7th edition, Chapter 10: Risk, Section 10.2: Plan Risk, pp. 161-1631 PMBOK Guide, 7th edition, Chapter 10: Risk, Section 10.3: Manage Risk, pp. 164-1651
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.1: Assess the current state of the organization, pp. 19-202
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.2: Identify the future state of the organization, pp. 20-212
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.3: Identify gaps between the current and future states, pp. 21-222
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1: Needs Assessment, Task 1.4: Define the scope of the business analysis effort, pp. 22-232
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 4: Traceability and Monitoring, Task 4.2: Assess the value delivered by the solution, pp. 29-302
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 5: Evaluation, Task 5.1: Validate the solution, pp. 31-322
• Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 5: Evaluation, Task 5.2: Evaluate the solution, pp. 32-332
• Managing the Impact of Regulatory Change on Policies3
• Defining a Regulatory Change Management Process4

Ensure the sprint size is appropriate for the iteration duration.

The project manager should first check if the sprint size is appropriate for the iteration duration, meaning that the team can realistically complete the user stories within the timebox. This is a way of applying the agile principle of delivering working software frequently and satisfying the customer. If the sprint size is too large or too small, the project manager should work with the team and the product owner to adjust it accordingly, based on the team’s velocity and capacity. This is also a part of the agile practice of adaptive planning and continuous improvement. The other options are not the best choices, as they do not address the root cause of the issue and may introduce more problems. Changing the iteration duration may disrupt the team’s rhythm and alignment with other teams or stakeholders. Recruiting a highly skilled resource may increase the cost and complexity of the project, and may not guarantee the improvement of the team’s performance. Using a reward system may create a competitive or extrinsic motivation that may undermine the team’s collaboration and intrinsic motivation.

References: (Professional in Business Analysis Reference Materials source and documents)

• A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Seventh Edition, Chapter 2: Value Delivery System, Section 2.3.2: Iterative and Incremental Development
• Business Analysis for Practitioners: A Practice Guide, Chapter 6: Requirements Life Cycle Management, Section 6.3.1: Prioritization
• Agile Practice Guide, Chapter 3: Implementing Agile: Creating an Agile Environment, Section 3.3: Team Composition, Roles, and Responsibilities

Review the deliverable requirements, check the customer approval criteria, and proceed accordingly

Explanation

According to the PMBOK Guide, the project closing process group consists of two processes: close project or phase and close procurements. The close project or phase process involves confirming that the project or phase scope and requirements have been met, obtaining formal acceptance of the final product, service, or result from the customer, and transferring the ownership and responsibility of the deliverables to the assigned stakeholders. The close procurements process involves completing and settling each contract, including resolving any open items, and closing each contract applicable to the project or phase. Therefore, the project manager should review the deliverable requirements, check the customer approval criteria, and proceed accordingly to close the project or phase. Asking the customer to issue a change request, meeting with the customer to reach agreement on the scope, or contacting the project sponsor for help are not appropriate actions during the closing process, as they imply that the project scope is not finalized or agreed upon, which should have been done during the planning and executing processes. References: PMBOK Guide, Sixth Edition, pages 123-124, 377-378; PMI-PBA Guide, First Edition, pages 209-210.

Increased technical debt

Explanation

Technical debt is the term used to describe the consequences of poor quality or incomplete work in software development projects. It refers to the implied cost of rework or maintenance that will be required in the future due to skipping or compromising on testing, documentation, design, or other best practices. Technical debt can negatively affect the project velocity, quality, performance, reliability, security, and customer satisfaction. According to the Professional in Business Analysis Reference Materials1, technical debt can be classified into four types:

• Deliberate and reckless: This is when the team intentionally chooses to skip testing or other quality measures, knowing that it will create problems later, but without a plan to address them. This is the most harmful type of technical debt, as it can lead to major defects, failures, or breaches that can jeopardize the project or the organization.
• Deliberate and prudent: This is when the team intentionally chooses to skip testing or other quality measures, knowing that it will create problems later, but with a plan to address them as soon as possible. This is a common type of technical debt, as it can help the team meet urgent deadlines, deliver minimum viable products, or respond to changing requirements. However, this type of technical debt still requires careful management and prioritization, as it can accumulate over time and become unmanageable.
• Inadvertent and reckless: This is when the team unintentionally creates technical debt due to lack of skills, knowledge, or experience, and without realizing the impact of their actions. This is a dangerous type of technical debt, as it can result in poor quality products, low customer satisfaction, and high maintenance costs. This type of technical debt can be prevented by investing in training, coaching, mentoring, and peer reviews.
• Inadvertent and prudent: This is when the team unintentionally creates technical debt due to unavoidable factors, such as evolving technologies, standards, or customer needs, and with a plan to address them as part of continuous improvement. This is an inevitable type of technical debt, as it reflects the dynamic nature of software development. This type of technical debt can be managed by adopting agile practices, such as frequent feedback, retrospectives, and refactoring.

Therefore, the correct answer is C. Increased technical debt. By skipping testing, the project manager and the team are creating deliberate and reckless technical debt, which can have severe consequences for the project and the organization. The project manager will need to focus on identifying, measuring, and reducing the technical debt as soon as possible, and avoid making such decisions in the future.

References:
Technical Debt: Definition, Types, and Management.

Identify the problem's root causes and define the ground rules with all project team members to minimize interferences

Explanation:
According to the PBA Guide, the project manager should facilitate the resolution of issues and conflicts that arise during the project, such as interruptions and requests for help from other teams1. This involves identifying the root causes of the problem, such as unclear roles and responsibilities, competing priorities, or lack of communication2. The project manager should then define the ground rules with all project team members to minimize interferences, such as setting boundaries for availability, delegating tasks, or using technology to avoid distractions34. This is also consistent with the PMBOK Guide, which states that the project manager should establish the team ground rules as part of the team development process5. By identifying the problem’s root causes and defining the ground rules, the project manager can help the project team members avoid interruptions and requests for help from other teams, and focus on completing their tasks during the iterations.

References:
1: PBA Guide, Chapter 3, Section 3.4.3, Page 66
2: PBA Guide, Chapter 3, Section 3.4.3.1, Page 67
3: A Plan for Managing (Constant) Interruptions at Work
4: 6 Secrets for Avoiding Interruptions at Work
5: PMBOK Guide, Chapter 9, Section 9.3.2.3, Page 318