There are many ways to define the risk ranking for each risk item that was defined before. In this step, the facilitator will ask the team in the meeting to define the degree of the likelihood that the event will occur and also define how much it can impact the project. There are two traditional methods. The matrix method is the most popular and is defined in the PMBOK guide. The other way depends on ranking the risks in a table and defining them in three categories: red, yellow, and green for every identified risk.