![]() Typically, the impacts are described relatively as very low, low, moderate, high and very high, but often also defined using numerical scales. The Impact scale can vary, but the most common scale is the five-point scale. These project objectives are cost, schedule, quality, scope, health, safety, etc. The impact of risk events on different project objectives can be defined in both a qualitative and quantitative manner. These impacts can be both beneficial or harmful to the objectives. Impacts are often defined as the consequences, or effects of a risk event on the project objectives. Quality reduction requires sponsor approval Other factors, such as the response time-frame and the tolerance should be taken into account when analyzing and categorizing the risks. In the analysis stage, the risks identified during the Risk Identification Process can be prioritized from the determined probability and impact of the risk event, using qualitative or quantitative methods. In risk analysis, risk can be defined as a function of impact and probability. ![]() The first being identification of risks, second analysis (assessment), then the risk response and finally the risk monitoring.
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