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A risk is a potential problem that may impact cost, timeline, or quality.
Risks are evaluated using:
1. Probability (Low/Medium/High)
2. Impact (Low/Medium/High)
| Impact ↓ / Probability → | Low | Medium | High |
|---|---|---|---|
| Low | Low Risk | Low Risk | Medium Risk |
| Medium | Low | Medium | High |
| High | Medium | High | Critical |