The risk assessment procedure is shown in Figure (9.4). The first step is to define the expected risks during the project execution and then analyze this risk. The last step is to prioritize these risks.
Each project has a risk, no matter what the project. Focusing on the risks affecting the management of the project, priorities can be set to develop solutions and mitigation.
In order to assess these risks, the following questions must be addressed accurately and impartially:
• What is the risk exactly?
• How do these risks affect the project?
• What can be done to reduce the impact of the risks?
In this stage the risks will be assessed by their effects on the objectives, time, and cost. Now we need an easy way to assess the risks practically, and this method is called "qualitative risk assessment."