1- Define the risk categories. Standard categories include schedule, scope, quality, and budget.

2-Determine which measures you will use as probability and impact.

3-Define how you will calculate the risk score. A common way is to multiply probability times impact (e.g., 4 x 5 = 20).]

5-What are management's attitude and risk appetite toward risks in your project? Where do they want to take risks? Where are they risk-averse? What is the risk threshold for the schedule and budget

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