Fred is the project manager of the CPS project. He is working with his project team to prioritize the identified risks within the CPS project. He and the team are prioritizing risks for further analys

Risk identification is the process of finding and documenting new risks, not prioritizing them.

A Risk Breakdown Structure (RBS) is a hierarchical representation of risks, not a process for prioritizing them.

Perform Qualitative Risk Analysis is the process of prioritizing individual project risks for further analysis or action by assessing and combining their probability of occurrence and impact. This process helps to focus on high-priority risks based on subjective evaluation.

Perform Quantitative Risk Analysis numerically analyzes the effect of identified risks on overall project objectives using techniques like Monte Carlo simulations, rather than just assessing probability and impact for prioritization.