Explanation/Reference:
Explanation:
The only two inputs for the risk response planning are the risk register and the risk management plan.
The plan risk response project management process aims to reduce the threats to the project objectives and to increase opportunities. It follows the perform qualitative risk analysis process and perform quantitative risk analysis process. Plan risk response process includes the risk response owner to take the job for each agreed-to and funded risk response. This process addresses the risks by their priorities, schedules the project management plan as required, and inserts resources and activities into the budget.
The inputs to the plan risk response process are as follows:
Risk register

Risk management plan

Incorrect Answers:
B: Kelly will not need the risk response plan until monitoring and controlling the project.
C: The results of risk analysis will help Kelly prioritize the risks, but this information will be recorded in the risk register.
D: Kelly needs the risk register and the risk management plan as the input. The power to assign risk responses is not necessarily needed by Kelly.

Section: Volume B
Explanation/Reference:
Explanation:
The risk exposure for this event is found by multiplying the risk impact by the risk probability.
Risk Exposure is a straightforward estimate that gives a numeric value to a risk, enabling different risks to be compared.
Risk Exposure of any given risk = Probability of risk occurring x impact of risk event
= 0.70 * 350,000
= 245,000
Incorrect Answers:
A: $350,000 is the impact of the risk event.
B: $500,000 is the project's budget.
C: $850,000 is the project's budget and the risk's impact.

Section: Volume D

is incorrect. Qualitative analysis is the definition of risk factors in terms of
high/medium/low or a numeric scale (1 to 10). Hence it determines the nature of risk on a relative
scale.
Some of the qualitative methods of risk analysis are:
Scenario analysis- This is a forward-looking process that can reflect risk for a given point in time.
Risk Control Self -assessment (RCSA) - RCSA is used by enterprises (like banks) for the
identification and evaluation of operational risk exposure. It is a logical first step and assumes that
business owners and managers are closest to the issues and have the most expertise as to the
source of the risk. RCSA is a constructive process in compelling business owners to contemplate,
and then explain, the issues at hand with the added benefit of increasing their accountability.