Explanation/Reference:
Explanation:
A positive risk event is also known as an opportunity. Opportunities within the project to save time and money must be evaluated, analyzed, and responded to.
Incorrect Answers:
A: A contingency risk is not a valid risk management term.
B: Benefits are the good outcomes of a project endeavor. Benefits usually have a cost factor associated with them.
C: Residual risk is the risk that remains after applying controls. It is not feasible to eliminate all risks from an organization. Instead, measures can be taken to reduce risk to an acceptable level. The risk that is left is residual risk.

Section: Volume B
Explanation:
The risk register does not examine the network diagram and the critical path. There may be risks associated with the activities on the network diagram, but it does not address the network diagram directly.
The risk register is updated at the end of the plan risk response process with the information that was discovered during the process. The response plans are recorded in the risk register. In the risk register, risk is stated in order of priority, i.e., those with the highest potential for threat or opportunity first. Some risks might not require response plans at all, but then too they should be put on a watch list and monitored throughout the project. Following elements should appear in the risk register:
* List of identified risks, including their descriptions, root causes, and how the risks impact the project objectives
* Risk owners and their responsibility
* Outputs from the Perform Qualitative Analysis process
* Agreed-upon response strategies
* Risk triggers
* Cost and schedule activities needed to implement risk responses
* Contingency plans
* Fallback plans, which are risk response plans that are executed when the initial risk response plan proves to be ineffective
* Contingency reserves
* Residual risk, which is a leftover risk that remains after the risk response strategy has been implemented
* Secondary risks, which are risks that come about as a result of implementing a risk response

is incorrect. Transference transfers the risk ownership to a third party, usually for a fee.