PMI-RMP Exam Dumps

With 25 identified risks, and considering the constraints and resources available, the appropriate next step is to perform a qualitative risk analysis. This process helps prioritize the risks based on their probability and impact, as well as other relevant factors like urgency, proximity, and detectability. By doing so, the team can focus on the most significant risks that require immediate attention and develop response plans accordingly, optimizing the use of available resources. PMI recommends this approach to ensure that risk management efforts are both efficient and effective in addressing the most critical risks first.

Tailoring risk management processes is mainly based on the size and duration (complexity) of the project. The PMBOK Guide confirms:

'The size, complexity, and duration of the project are primary considerations when tailoring risk management activities. Larger or longer projects require more rigorous processes.'

--- PMBOK Guide, 6th Edition, Section 11.1

PMBOK Guide, 6th Edition, Section 11.1

The The project manager should include secondary and residual risks as part of the risk response plan. Secondary risks are those risks that arise as a direct result of implementing a risk response to a specific risk. Residual risks are those risks that are expected to remain after the planned responses of risks have been taken, as well as those that have been deliberately accepted. Both secondary and residual risks should be identified, analyzed, and monitored throughout the project life cycle.The project manager should communicate the risk response plan to the project sponsor and other stakeholders, and explain how the project team has planned to manage the secondary and residual risks12

:1: PMI Risk Management Professional (PMI-RMP) Handbook, page 102: A Guide to the Project Management Body of Knowledge (PMBOK Guide) -- Seventh Edition, page 11.2.2.1

project manager should include secondary and residual risks in the risk response plan, as they may still impact the project. Proactively addressing these risks will help the project team to be prepared and manage them effectively if they occur.

The risk register is a dynamic document that must capture not only planned risk responses but also the actual outcomes of risks and the effectiveness of risk responses implemented. According to the PMBOK Guide:

''The risk register should be updated with information on the results of risk responses, risk event outcomes, and actual effectiveness of the actions taken. This enables ongoing learning and continuous improvement in risk management.''

--- PMBOK Guide, 6th Edition, Section 11.7.3.2 (Project Document Updates: Risk Register)

This ensures that both the realized outcomes of risks and the success or failure of responses are tracked for future reference and lessons learned.

PMBOK Guide, 6th Edition, Section 11.7.3.2

Practice Standard for Project Risk Management, PMI, Section 6.7

Decision tree analysis is a technique that uses a graphical representation of various possible outcomes and consequences of different courses of action, based on their probabilities of occurrence and associated payoffs or costs. It can help the project team to compare and evaluate the alternatives and choose the optimal one. In this case, the risk manager should use decision tree analysis to help the team members predict the outcomes of their potential choices following their probability of occurrence.Political, economic, social, technological, legal, and environmental (PESTLE) analysis, strengths, weaknesses, opportunities, and threats (SWOT) analysis, and cost-benefit analysis are not techniques that can directly help the team members to predict the outcomes of their potential choices following their probability of occurrence, and are therefore not the best answer.Reference: PMI Risk Management Professional (PMI-RMP) Exam Content Outline1, PMI Practice Standard for Project Risk Management2, Risk Management Professional (PMI-RMP) Cert Guide3