PRINCE2 PRINCE2-7-Foundation Practice Test - Questions Answers, Page 15

In PRINCE2, the Executive role is responsible for ensuring that the project is justifiable in terms of cost. This includes making decisions about whether the project remains viable and desirable within its cost constraints. The Executive is tasked with the overall direction and management of the project from a business perspective, ensuring that it delivers value for money.

Reference: PRINCE2 7 Foundation resources and materials.

An organization's unique attitude towards risk-taking is described as its 'Risk appetite'. Risk appetite defines the level and type of risk that an organization is willing to pursue or retain. This concept is critical in guiding how risks are managed across projects, as it influences decision-making and strategy regarding risk exposure.

Reference: PRINCE2 7 Foundation study guide and official documents.

The purpose of the Risk Register in PRINCE2 is to act as a central record of information relating to the identified risks for the project. It includes details about each risk such as their description, probability, impact, and countermeasures. The register helps in monitoring and controlling risks efficiently throughout the project lifecycle.

Reference: PRINCE2 7 Foundation handbook and documents.

The Managing a Stage Boundary process provides the Project Board with information necessary to review the success of the current stage and decide whether there remains a justified business reason to continue with the project. This process includes the evaluation of the stage's performance and the ongoing viability of the project.

Reference: PRINCE2 Foundation Training Manual; PRINCE2 2017 Foundation handbook.

The purpose of the Managing a Stage Boundary process is to prepare and provide the necessary information for the Project Board to make an informed decision about authorizing the next stage of the project. This includes the preparation of key documents such as the End Stage Report and the next Stage Plan.

Reference: PRINCE2 Foundation Training Manual; PRINCE2 2017 Foundation handbook.

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.

Reference: PRINCE2 Foundation Training Manual; PRINCE2 2017 Foundation handbook.

The objective of the Starting up a Project process in PRINCE2 includes ensuring that the roles and responsibilities are defined before the project is formally initiated. This includes identifying who will be responsible for creating the Project Plan.

Reference: PRINCE2 Foundation Training Manual; PRINCE2 2017 Foundation handbook.

During the Starting up a Project process, one of the key activities is to create role descriptions for the project management team. This ensures that everyone involved understands their responsibilities and the expectations placed upon them before the project commences.

Reference: PRINCE2 Foundation Training Manual; PRINCE2 2017 Foundation handbook.

Before the Starting up a Project process begins, corporate or programme management should provide sufficient information to identify the prospective Executive. The Executive is a key role within the project board, responsible for overall project direction and management.

Reference: PRINCE2 Foundation Training Manual; PRINCE2 2017 Foundation handbook.