This activity is used to establish impact levels and values to evaluate Risk Analysis.
Risk is the combination of probability and the impact of a particular effect.
Impact Levels encompass an impact level which is a descriptive value the user may use when there is no actual estimate of the likely cost and time impact, an impact weighting which is used for simple calculation with the probability, and the cost value fraction which is a measurement of the impact against the total contract or project value.
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Defined impact levels are available in the Lists of Values where impact levels are applicable.