After your risk is recorded and described the next step is to assess the probability and cost, schedule and/or performance impact of your risk. This is shown below:

• Click here to learn more about determining your risk's probability of occurrence
• Click here to learn more about entering the cost, schedule and/or performance impact of your risk should it occur

1. The date when the issue occurs
2. A risk assessment method is a systematic approach used to identify, evaluate, and prioritize risks within a project
3. Select the probability which best fits the likelihood of this risk occurring under normal circumstances
4. Enter the anticipated cost impact for your risk. Schedule and performance impact are optional
5. The overall impact or severity is determined automatically as worst-case of cost, schedule or performance impact. Depending on your risk policy set-up you may be allowed to manually adjust the overall impact, with a comment
6. Your risk is plotted on a heat-map set up in your risk policy based on the overall severity (horizontal axis) and probability (vertical axis). Heat-map color coded bands indicate the importance of this right overall
7. The weighted cost impact for your risk is automatically calculated and should be added to your project reserve or proposal risk adjusted cost.