Creating a Risk
Cost items can be either planned occurrences (100% probable) or possible occurrences (less than 100% probable). The latter are known as risks. Each risk has an associated risk assessment which expresses the level of severity that the risk represents to you. A risk assessment requires both an impact estimate and a probability estimate.
To create a risk, click on the Possible occurrence option in the Risk frame of the Cost Data Entry form, then click on the Risk probability button to enter a probability. Costs are entered in the normal way. If you have defined any non-cost risk impacts, the Risk page of this form will become available.
Overall risk impact level will be shown, based on your costs and any non-cost impacts, provided that the relevant risk impact scales have been defined.