Explanation
Reference http://prince2.wiki/Risk#Risk_Budget

Reviewing the project product description to identify detailed requirements for each product aligns with the step of 'Describing the Quality Management Approach' in the quality management technique. This step involves defining how quality will be managed and controlled throughout the project, ensuring that all product requirements are understood and planned for in accordance with the project's quality expectations.
PRINCE2 7 Foundation guide on quality management.

Qualitative analysis of a risk in PRINCE2 assesses, at a minimum, the likelihood of each risk occurring and its potential impact on project objectives. This analysis helps in prioritizing risks based on their severity and likelihood, which is crucial for effective risk management and decision-making about risk responses.
References: (PRINCE27 Foundation Handbook, AXELOS)

Section: Volume B
Explanation/Reference:
Reference https://www.prince2primer.com/project-board/