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New PMP Question & Answers with explanation

You work within a project management office, and the new PMO director has adjusted project assignments to accommodate a large strategic project that the company has undertaken. You sit down with the previous project manager of your new project to review stakeholder communication requirements, escalation processes, and the list of project-related meetings. What document will you use to get this information?
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A project manager facilitated a meeting with the product manager and project team to discuss the results of the latest iteration. As part of the meeting, the project manager also reviewed the budget consumed to date on the project, highlighting appraisal costs. Which of the following best describes appraisal costs?
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A project manager meets with the team to discuss how they will measure budget performance moving forward. What activity is the team engaged in?
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A project manager facilitates a meeting with the project team to review an assessment of risks recently completed. During this meeting, they evaluate options for responding to the risks. It is decided that two risks will not receive any action and that they will deal with the consequences at the time of occurrence, should they occur. What type of risk response is this?
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A project manager meets with the project sponsor for a weekly update. Company performance has been rocky, and the sponsor nervously asks what the chances are of the project coming to a successful closure. To date, the project has been on track and is nearing the end of Execution. How should the project manager respond?
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