Assessment of Risks, Risk Probability and Impact

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Assessment of Risks, Risk Probability and Impact:  

Assessment of Risks: A risk is assessed based of likelihood of its occurrence and resulting impact on the project.

Risk Probability and Impact: An analysis of the degree of probability of the risks to occur. This can be expressed in two ways:

  1. Mathematically
  2. High, Low or Medium

Impact Analysis: a study of the impact of a risk, also expressed on a mathematical scale or as high, low and medium.

These analyses are…

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