Explanation
According to the PMBOK Guide, an assumption log is a project document that records the assumptions and constraints that affect the project planning and execution. The assumption log helps to identify, validate, and monitor the assumptions and constraints throughout the project life cycle, and to address any deviations or changes that may occur. The assumption log also helps to communicate the assumptions and constraints to the project stakeholders, and to manage their expectations and feedback. In this scenario, the project manager faces a fixed-cost contract that defines the scope and final delivery date of the project, but also several internal constraints and conditions that may prevent the project from being completed as planned. The best course of action is to create an assumption log and map the assumptions to the impediments based on the impact to the project value. This can help the project manager to assess the validity and reliability of the assumptions, to identify and prioritize the impediments that may affect the project performance and delivery, and to develop appropriate strategies and actions to mitigate or resolve them. Creating an assumption log and mapping assumptions to impediments based on the impact to the project value (option B) is the best solution to the issue, as it demonstrates proactive and effective project integration and risk management. Creating a contingency plan in case the project deviates from the initial plan (option A) may also be helpful, but it is not the first step that the project manager should take. A contingency plan is a predefined action plan that specifies the steps to be taken if an identified risk event occurs. Before creating a contingency plan, the project manager should first identify and analyze the assumptions and impediments that may cause the project deviation, and determine the probability and impact of the risk events. Creating an issue log template that will be used to identify and track impediments (option C) may also be useful, but it is not the most comprehensive or effective approach. An issue log is a project document that records and monitors the issues that arise during the project and require resolution. However, an issue log does not capture the assumptions and constraints that underlie the issues, nor does it provide a clear mapping of the assumptions to the impediments based on the impact to the project value. Creating a schedule management plan to ensure the project meets the delivery date (option D) may also be necessary, but it is not the most urgent or relevant action. A schedule management plan is a component of the project management plan that establishes the policies, procedures, and documentation for planning, developing, managing, executing, and controlling the project schedule. However, a schedule management plan does not address the assumptions andimpediments that may affect the project scope and value, nor does it account for the fixed-cost contract that limits the flexibility and adaptability of the project schedule. References: : Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide) (6th ed.). Newtown Square, PA: Author1 : Project Management Institute.
(2017). Agile Practice Guide. Newtown Square, PA: Author2 : The special challenges of project management under fixed-price contracts. (2015)3 : Fixed price agile projects. (2011)2 : Managing Fixed Price Contracts. (2009)3