Explanation/Reference:
Explanation:
The controls within the schedule management plan can shape how quantitative risk analysis will be performed on the schedule.
Schedule management plan also describes how the schedule contingencies will be reported and assessed.
Incorrect Answers:
A: When risks are likely to happen is important, but it is not the best answer for this question C: This is not a valid answer for this question throughout the project, but it is not scheduled during the quantitative risk analysis process.
D: Risks may affect the project schedule, but this is not the best answer for the question.

Section: Volume B
Explanation:
The outputs of the risk response planning process are:
* Risk Register Updates: The risk register is written in detail so that it can be related to the priority ranking and the planned response.
* Risk Related Contract Decisions: Risk related contract decisions are the decisions to transmit risk, such as services, agreements for insurance, and other items as required. It provides a means for sharing risks.
* Project Management Plan Updates: Some of the elements of the project management plan updates are:
- Schedule management plan
- Cost management plan
- Quality management plan
- Procurement management plan
- Human resource management plan
- Work breakdown structure
- Schedule baseline
- Cost performance baseline
* Project Document Updates: Some of the project documents that can be updated includes:
- Assumption log updates
- Technical documentation updates
Incorrect Answers:
A: Risk priority number is not an output for risk response but instead it is done before applying response.
Hence it acts as one of the inputs of risk response and is not the output of it.
B: Residual risk is not an output of risk response. 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. As, Risk = Threat Vulnerability and Total risk = Threat Vulnerability Asset Value Residual risk can be calculated with the following formula:
Residual Risk = Total Risk - Controls
Senior management is responsible for any losses due to residual risk. They decide whether a risk should be avoided, transferred, mitigated or accepted. They also decide what controls to implement. Any loss due to their decisions falls on their sides.
Residual risk assessments are conducted after mitigation to determine the impact of the risk on the enterprise.
For risk assessment, the effect and frequency is reassessed and the impact is recalculated.

Section: Volume D
Explanation/Reference:

Section: Volume A
Explanation:
The outcome of quantitative analysis can create a listing of prioritized risks that should be updated in the risk register. The project team will create and update the risk register with four key components:
* probabilistic analysis of the project
* probability of achieving time and cost objectives
* list of quantified risks
* trends in quantitative risk analysis
Incorrect Answers:
A, B, D: These subjects are not updated in the risk register as a result of quantitative risk analysis.