Section: Volume D
Explanation/Reference:

A, and C are incorrect.
The tools and techniques for Qualitative Risk Analysis process are as follows :
Risk Probability and Impact Assessment: Risk probability assessment investigates the chances of
a particular risk to occur.
Risk Impact Assessment investigates the possible effects on the project objectives such as cost,
quality, schedule, or performance, including positive opportunities and negative threats.
Probability and Impact Matrix: Estimation of risk's consequence and priority for awareness is
conducted by using a look-up table or the probability and impact matrix. This matrix specifies the
mixture of probability and impact that directs to rating the risks as low, moderate, or high priority.
Risk Data Quality Assessment: Investigation of quality of risk data is a technique to calculate the
degree to which the data about risks are useful for risk management.
Risk Categorization: Risks to the projects can be categorized by sources of risk, the area of
project affected and other valuable types to decide the areas of the project most exposed to the
effects of uncertainty.
Risk Urgency Assessment: Risks that requires near-term responses are considered more urgent
to address.
Expert Judgment: It is required to categorize the probability and impact of each risk to determine
its location in the matrix.

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.