To make sure that everybody connected with a project is aware what a risk is, one common
definition should be drawn up for the purpose of the particular project. To quantify identified
risks, Westland (2006) uses a tool where likelihood of occurring risk is rated. This method is
described later in this paper along with other assessment models, in the section 2.5.2.2. When
risk plan is completed the risk management process execution starts, which is a tool to track
and control previously identified risks (Westland, 2006).