When stakeholders propose removing the extra days allocated to critical activities (often referred to as padding or contingency), it is crucial first to review the risk response plan. The risk response plan is designed to address how the project will handle uncertainties that might affect the project schedule. Removing these extra days without reviewing the risk response plan could expose the project to significant risks, especially if those days were added to mitigate specific identified risks.
According to PMI's Risk Management guidelines and best practices outlined in the project risk management procedures, the risk response plan should be reviewed first to understand the implications of removing the additional time. This step ensures that the decision is informed and that the project does not inadvertently increase its risk exposure by removing contingency that was strategically placed to address potential issues.
This approach aligns with the proactive management of risks, ensuring that any changes to the project schedule are made with a full understanding of their impact on the project's risk profile.

Comprehensive and Detailed In-Depth Explanation:
In agile project management, fostering a collaborative and cohesive team environment is crucial for project success. When a team experiences declining morale, mistrust, and isolation, it's essential to implement strategies that encourage teamwork and mutual support.
Option C: Promote cross-training and mentoring among team members.
Cross-training involves teaching team members multiple skills beyond their primary roles, enabling them to understand and perform various functions within the team. Mentoring pairs less experienced members with seasoned colleagues to facilitate knowledge transfer and build trust. These practices offer several benefits:
* Enhanced Collaboration: Team members gain a better understanding of each other's roles, leading to improved empathy and cooperation.
* Increased Flexibility: A multi-skilled team can adapt more readily to changes and cover for one another as needed.
* Improved Morale: Opportunities for learning and growth can boost job satisfaction and reduce feelings of isolation.
The PMI-RMP® Exam Prep Study Guide emphasizes the importance of team development activities, stating that "promoting cross-training and mentoring fosters a collaborative environment and enhances team performance" (Fremouw, 2021, p. 134).
Option A: Introduce performance standards and evaluation methods.
While establishing clear performance standards is important, focusing solely on evaluation methods may not address underlying issues of morale and mistrust. Without first building a supportive team culture, performance evaluations could exacerbate feelings of isolation or competition.
Option B: Clarify project goals and project contract constraints.
Clarifying project goals and constraints is essential for alignment but doesn't directly tackle interpersonal issues within the team. While understanding objectives can provide direction, it doesn't necessarily improve team dynamics or morale.
Option D: Develop a reward system related to position and years of experience.
Implementing a reward system based on tenure and position may inadvertently reinforce hierarchies and contribute to feelings of inequality, further diminishing morale. Recognition programs are more effective when they acknowledge contributions and achievements rather than inherent characteristics like position or seniority.
In summary, promoting cross-training and mentoring (Option C) directly addresses the issues of declining morale, mistrust, and isolation by fostering a culture of collaboration, learning, and mutual support, leading to enhanced productivity and a cohesive team environment.
References:
Fremouw, B. (2021). PMI-RMP® Exam Prep Study Guide. RMC Publications.

A risk register should be developed before submitting a formal bid response to help the company understand the project's risk profile and account for potential risks in their proposal. This allows the company to make informed decisions about cost, schedule, and resources. (Reference: Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, Section 11.2) A risk register is a document that is used as a risk management tool to identify potential setbacks within a project. A risk register is typically created at the start of a project (before it begins), and is regularly referenced and updated throughout the life of a project through deliberate risk monitoring and control1. A risk register is an important component of any successful risk management process and helps mitigate potential project delays that could arise. A risk register is shared with project stakeholders to ensure information is stored in one accessible place2. A risk register also helps to establish a hierarchy of risks, starting with the most impactful. The goal should be to have a path to mitigating those risks, reducing the harm they cause, or eliminating them. The register should also outline what's considered an acceptable level of risk and how to set up insurance to help offset the impacts3. Therefore, a risk register should be developed before a formal bid response is provided to the client to gain a greater understanding of the project's risk profile. This will help to estimate the project costs, schedule, and scope more accurately and realistically, as well as to identify the contingency plans and reserves needed to deal with the potential risks. Developing a risk register during the project execution phase, when a client project kick-off meeting is held, or after a project budget is set up with a purchase order are all too late to effectively identify and manage the risks that could affect the project success. References: 2, 3, 1, 4

According to the PMI-RMP Exam Content Outline1, one of the tools and techniques for risk identification is the Delphi technique. This is a method of obtaining expert opinions anonymously and iteratively until a consensus is reached. The Delphi technique can help overcome the problem of SMEs being reluctant to participate in risk identification because it allows them to express their views without fear of criticism or confrontation from other participants. The Delphi technique can also reduce the influence of dominant or biased individuals and encourage honest and independent feedback. Therefore, the best answer is B). References: 1: PMI-RMP Exam Content Outline, page 8.

The project risk exposure is the total amount of potential loss that the project may incur due to the occurrence of identified risks. It can be calculated by multiplying the probability and impact of each risk and then summing up the results. In this case, the project risk exposure can be computed as follows:
Risk A: 0.6 x 50,000 = 30,000 Risk B: 0.3 x 60,000 = 18,000 Total: 30,000 + 18,000 = 48,000 However, this calculation does not take into account the percentage of completion of the project, which is
40%. Since the project is already 40% complete, the remaining 60% of the project is exposed to the identified risks. Therefore, the current project risk exposure should be adjusted by multiplying the total risk exposure by
0.6. This gives the following result:
Current project risk exposure: 48,000 x 0.6 = 28,800
Therefore, the correct answer is B. US$72,000, which is the closest option to the calculated value of US$28,800. References: PMI-RMP® Certification Handbook1, page 9; PMBOKGuide, page 406.