I go for B - in the main Project plan.
PRINCE2 recommends the following are included in the budget for a plan:
1.money to fund the activities to create specialist products (and management activities)
2.money to fund responses to risks (risk budget)
3. money to fund authorized changes to baseline products (change budget)
4. cost tolerance
The Risk Management Plan should record the agreed amount of risk budget for a project. This document outlines how risks will be identified, assessed, managed, and monitored throughout the project lifecycle.
The Risk Management Strategy document outlines how risks will be managed throughout the project, and it often includes the agreed-upon risk budget—this is the allocated amount of funds or resources set aside to address potential risks.
• Risk Management Strategy will detail if a risk budget is to be used, what it will be used for, and defines mechanisms for control of and access to this budget
• Amounts are documented in the relevant plan
page 125 ;10.3.7 Establishing a risk budget => As the risk budget is part of the project budget, there may be a tendency to treat it as just another sum
of money that the project manager can spend .
A Risk Budget is a sum of money that is put aside just to deal with specific responses to threats or opportunities and it cannot be used for anything else.
Risk Budget is often referred to as a contingency budget and defined in the Rish Management Approach document.
So the correct answer should be C!
Shouldn't it be C?
A risk management approach describes how risk will be managed on the project. This includes the specific processes, procedures, techniques, standards and responsibilities to be applied.
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