If the risk impact scale has not been previously defined, develop one for the project as early in the Planning processes as possible. You can use any of the techniques I talked about earlier in the section "Tools and Techniques for Identify Risk," such as brainstorming or the Delphi technique, to come up with the values for probability and impact.
During the Perform Qualitative Risk Analysis process, you'll determine and assess probability and impact for every risk identified during the Identify Risks process. You could interview or hold meetings with project team members, subject matter experts, stakeholders, or others to help assess these factors. During this process, you should document not only the probability and impact but also the assumptions your team members used to arrive at these determinations. The next technique—probability and impact matrix—takes the probability and impact values one step further by assigning an overall risk score.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.