1. Identify if this is a threat or opportunity 2. Calculate the EMV cost and duration 3. Show the EMV duration in weeks, months and days Risk statement: The earth can be very rocky where the fence is being built, there is a chance the post holes can't be dug by hand which can impact the setting the fence posts. Probability: 50% Likely Effects: Renting a power auger costs $500 per day The project could be delayed by 1 week There will be an additional day of effort for the two workers