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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.

Related: risk categorization, probability and impact matrix

Risk probability and impact assessment is described in section 11.3.2.1 of the PMBOK, 5th edition.

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