I will write here the answer from the question of eeesprit because I have received different PM from people wanting the answer.
For the thrust management it's up to you guys. For my point of view the best method is the one written on the assessment briefing pack (As you said 40%, stabilized,ecc).
For the emergency I applied during the assessment this method:
1-The type of emergencies normally are: Smoke/Fire bomb on board or sick Passenger.
The CC will call you (If you are operating as a PF), The first thing to say to the CC is to stand-by and give the controls and radios to the PM.
Then you can speak with the CC, I had smoke coming from the aft cargo compartment and I recommended the CC to be ready to use the fire extinguisher,apply the appropriate procedure, monitor the situation (If any of you could recommend a better method would be really appreciated).
You have to say to the CC to stand-by because you have to discuss the situation and seek a solution with your colleague (This is very important in my opinion because it shows off good CRM)
2- Discuss with your colleague, the best decision is to land asap but first you have to talk with your PM (Never take a decision alone)
3Once you have discussed with your colleague, the Capt. should contact the ATC and use the May-day (For bomb on board and smoke/fire) or panpan (for the sick passenger), you have to request even the meteo conditions,explain situation and intentions and request if possible radar vectoring (Even though is highly probable that the radar will be not working that day).
4- Once both of you have decided that the meteo conditon are good and you are going to land, the PF should contact the CC to communicate the final decision, I recommend even to request fire fighting service on the ground or an ambulance in case of a sick passenger.
5-You normally make at this stage a short approach briefing and call for the appropriate checklist.
After that you take back the controls from the PM and you start your procedure.
As I said the assessor could help you out during the flight by freezing the sim or He couldn't, in my case the assessor didn't pause the sim not even a single time apart from the reposition at 12NM (Maybe they wanted to see us working under pressure)
As I wrote even before if any of you guys could recommend a better way on how to handle an emergency would be great, I have applied this method because i learnt it back when i was doing my MCC.
Best of luck guys
Max when did you do your assessment?