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"DEFINE - DESCRIBE - ESTIMATE and EVALUATE your risks"
It is to define each possible risk that may encounter your project in a methodological way and relating those risks to the objectives they may influence and any possible change or managerial factors they may create.
It is more about estimating the impact and likelihood of each of those identified risk, analyzing the factors that may lead to the creation of such risks, the secondary or consequential risks associated with them, the mitigation or preventive actions in place to lessen their consequences and most importantly how each risk stand against the risk capacity, tolerance and appetite of your project
