The probability for each risk and the impact of each risk on project objectives, such as cost, quality, scope, and time, must be assessed. Accordingly, most of the tools and techniques used involve estimating probability and impact.Risk probability and impact assessment - Risk probability refers to the likelihood that a risk will occur, and impact refers to the effect the risk will have on a project objective if it occurs. Prioritizing risks based on their probability of occurrence and their impact if they do occur is the central goal of qualitative risk analysis. What are the Tools and Techniques used for Qualitative Risk Analysis?