PMI-RMP Exam Dumps

According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, a secondary risk is a risk that arises as a direct result of implementing a risk response to a specific risk. In this case, the risk response is to contract an external vendor to provide additional capacity and expertise to the project team. The secondary risk is the confidentiality risk that the contracts department has identified. The risk manager should assess the secondary risk to determine its probability, impact, and priority, and to plan appropriate responses.This is part of the Perform Qualitative Risk Analysis and Plan Risk Responses processes in the PMBOK Guide2.Reference:1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline2: A Guide to the Project Management Body of Knowledge (PMBOK Guide) -- Sixth Edition

Lessons learned from previous projects are critical for effective risk identification because they provide insights into what risks materialized, how they were managed, and what could have been improved. According to the PMBOK Guide:

''Lessons learned from previous projects are organizational process assets that should be reviewed during risk identification to avoid repeating past mistakes and to leverage successful risk responses.''

--- PMBOK Guide, 6th Edition, Section 11.2.2.1 (Organizational Process Assets)

These assets enable proactive identification and management of similar risks in the new project.

PMBOK Guide, 6th Edition, Section 11.2.2.1

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 (PMBOK Guide) -- 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.Reference:2,3,1,4

The project manager should have updated the project schedule by adding risk owner implementation tasks. This would have ensured that the planned risk responses were implemented in a timely manner and tracked as part of the project schedule. This would also have allowed the project manager to monitor the progress of risk response implementation and take corrective action if necessary.

According to the PMI-RMP Exam Content Outline and Specifications1, one of the tasks under Domain 4: Risk Monitoring and Reporting is to ''update project schedule, budget, and risk register with risk response outcomes''. This implies that the project manager should have added the risk owner implementation tasks to the project schedule, so that they can be tracked and monitored. By doing so, the project manager could have ensured that the planned risk responses were executed as intended, and that the opportunities were not missed.Reference:PMI-RMP Exam Content Outline and Specifications, page 10.

Any change to project scope, regardless of perceived size, should trigger a risk analysis to determine potential impact. The PMBOK Guide states:

'When a change request is submitted, it should be evaluated for potential impact on project objectives, including risk. Analysis of impact is a best practice before implementing any change.'

--- PMBOK Guide, 6th Edition, Section 4.6.2 (Perform Integrated Change Control)

This ensures that the team does not overlook risks associated with even ''minimal'' changes.

PMI PMBOK Guide, 6th Edition, Section 4.6

Practice Standard for Project Risk Management, PMI, Section 5.5