A project manager is assigned to a large, complex project that is very new to the organization. Because of huge expenditures, the project cannot be cancelled after it starts. Which of the following…

While vendor selection is important, it typically occurs after initial planning and risk assessment to ensure the right vendor aligns with identified needs and risks.

Given the project's characteristics-large, complex, new to the organization, and non-cancellable after start due to huge expenditures-identifying and evaluating risks is the MOST important initial step. This allows the project manager to understand potential threats and opportunities, and develop mitigation strategies early, which is crucial for a project with such high stakes and low tolerance for failure.

Establishing change management procedures is crucial for project execution, but it's a part of overall planning that follows initial risk identification.

Evaluating the resource pool is important for resource planning, but understanding the inherent risks of a new, complex project takes precedence as the absolute first step.