Explanation: Qualitative ranks the probability and impact and then helps the project manager and team to determine which risks need further analysis. Perform Qualitative Risk Analysis is the process of prioritizing risks for further analysis and action. It combines risks and their probability of occurrences and ranks them accordingly. It enables organizations to improve the project’s performance by focusing on high-priority risks. Perform Qualitative Risk Analysis is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses. It also lays the foundation for Perform Quantitative Risk Analysis. Answer: A is incorrect. Risk identification precedes this activity. Answer: B is incorrect. This process does not describe the decomposition and organization of risks that you will complete in a risk breakdown structure. Answer: D is incorrect. Quantitative analysis is the final step of risk analysis. Note the question tells you that Fred and the team will identify risks for additional analysis.