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The purpose of the 'managing product delivery' process in PRINCE2 is to control the link between the project manager and the team managers. This process ensures that the work on products meets the requirements specified by the project and is agreed upon between the project manager and the team manager, focusing on the acceptance, execution, and delivery of work packages.References: PRINCE2® 7 Foundation materials on the 'managing product delivery' process.

When defining risk tolerance, the factors considered include the Project Board's attitude towards risk, the organization's risk appetite, and the level of risk deemed acceptable by the Project Board. The allocated risk budget is not a direct consideration in defining risk tolerance; rather, it is a resource aspect managed within the tolerances set for the project. References: PRINCE2® Foundation Training Manual; PRINCE2® 2017 Foundation handbook.

The Project Board should refer to corporate or programme management for decisions when it is forecast that the project level tolerance will be exceeded. This scenario typically triggers an exception process as the predefined tolerances are fundamental limits within which the Project Board allows the Project Manager to manage the project. References: PRINCE2® Foundation official study guide and materials.

Verification and audit is a typical core activity within configuration management according to PRINCE2. This activity involves checking that products meet their requirements and are appropriately approved, and ensuring that all items are correctly accounted for, controlled, and both physically and logically consistent throughout the project lifecycle. References: PRINCE2 Foundation Training Manual, PRINCE2 official website