1. Establish a Risk Assessment Matrix (RAM, also known as Probability-Impact Matrix) for your project (examples of RAM or P-I Matrix can be found in Textbook or PMBOK) a. Give the rationale behind the establishment of the impact scale for your project objectives (taking an example of cost objective, briefly explain, how you established the upper limit, lower limit and intermediary ranges of the cost impacts) b. Establish the risk severity/criticality areas and color code them. Link the color code with the verbal anchor (refer to table 5.1 in the Textbook -Raydugin for example)