For effective risk management, it is not enough to merely identify potential risks to a project. While this is better than nothing, in order to fully realise the benefit of risk management processes, you need to also analyse (and document) how each risk identified may impact a project as well as the probability of their occurrence. Moreover, you need to have a strategy already in mind for addressing said risks should they come to pass. With respect given to these points, consider the following scenario: ‘You have been assigned as the manager on a project to develop a new application system for your business partner. You were given two weeks to develop a project plan and high level cost estimates.