Risk probability and impact assessment is one of the Tools and techniques for the PMI process to perform qualitative risk analysis. In this process, the risks from identify risks are evaluated in terms of the expected likelihood of their occurring and how severe the impact is expected to be, if they do occur.
Risk probability and impact assessment is described in section 22.214.171.124 of the PMBOK, 5th edition.
- PMI conference paper: Hillson, David and Hulett, David T. Assessing risk probability: alternative approaches"
- Get PMP Certified: Risk Probability and Impact Assessment. By Anand VijayaKumar. January 4, 2013.