Which of the following risk responses can be used for either an opportunity or a threat?

It is now late October and the project is in stage 3. The label design competition has been held and the photos of the staff have been taken. The CEO and Marketing Director still need to choose the winning label design and the 12 photos for the calendar. However, the Executive has learned that two competitors are issuing calendars to MNO's customers by the middle of November. After analyzing the impact of this Issue, one of the options the Project Manager has presented to the Project Board is to close the project prematurely.
There are a number of key facts relating to this project that would need to be recorded if the project Y-e to be closed now.
Which product should register that the risk of a competitor producing a calendar at the same time was identified at the beginning of the project but the assessment of this risk appears to have been poor?

What is the purpose of a Product Status Account?

Scenario
A central government department, the Ministry of Food Hygiene (MFH), faces increasing pressure to cut costs, better manage suppliers' performance and reduce the confusion caused by inadequate internal controls, outdated standards and outdated technology. External consultants were employed to conduct a feasibility study to identify options to address the problems, and the likely costs and benefits. The following options were considered:
Do nothing.
Re-engineer selected business functions.
Outsource selected business functions.
The feasibility study concluded that there was a case for outsourcing the MFH Information Technology
Division and the Facilities Division (maintenance of buildings and grounds). The recommendations were:
One service provider should be contracted to provide the services currently provided by the
Information Technology Division and the Facilities Division.
A 10-year service contract should be agreed with the selected service provider.
The feasibility study developed high-level designs of the current organization, processes, systems and
operating models, plus an outline Business Case for the required project. The external consultants
also made the following recommendations for the management of the project:
Use PRINCE2.
Set up the project with 4 management stages:
Stage 1. Standard PRINCE2 initiation activities.
Stage 2. Create detailed designs (future organization, processes, systems and operating
models) and the service level agreement between MFH and the future service
provider.
Stage 3. Request and evaluate proposals, select service provider and agree contract.
Stage 4. Transfer equipment and staff, transfer responsibility for service provision and run
trial period.
Initial estimates indicated that the project would cost (GBP)2.5m and take two years to complete.
MFH senior management agreed that there was a case for outsourcing, and accepted the
recommendations as a basis for the project. There is an expected saving of (GBP)20m over 10 years.
The Outsourcing project has completed the Starting up a Project process and is now in the initiation stage. Because of the strategic importance of the project, the MFH Chief Executive Officer has taken the role of Executive. A PRINCE2-experienced Project Manager has been appointed from within MFH. Staff within the business functions being outsourced will work with the external consultants who conducted the feasibility study to define the detailed designs.
Which 2 statements should be recorded under the Expected benefits heading?

Which product should show that the project has been closed prematurely and has not achieved the objectives defined in the Project Initiation Documentation (PID)?