identifies exemplary range of probability from 'very unlikely' to 'almost certain', however, corresponding numerical assessment is admissible. The
impact scale varies from 'very low' to 'very high'. Moreover, as shown in Figure 6, assessing impact of project factors like time, cost or quality requires further definitions of each degree in scale to be drawn up. Each risk listed under the identification phase is assessed in terms of the probability and the impact of its occurrence(PMI,2004).Probability/impact risk rating matrix