Risk analysis
The aim of risk analysis is to determine the likelihood and impact of potential risks to the project. Risk analysis commonly looks at risk probability, impact, and exposure. A matrix may be used to determined which risks have most exposure.
Risk probability: looks at the likelihood the risk scenario may happen, then rates the probability as either high or low.
Risk impact: looks at the consequences of a risk happening, then rates the impact as low, medium, or high risk.
Risk exposure: takes both the probability and the impact into account to determine which risks provide the most exposure.
See also: risk matrix