Most project proposal requires the answers to three questions about the risk definition, its impact on the ability of the project to achieve its objectives, and the mitigating approach. While preparing a proposal, the applicant should come up with the idea of conceptualizing the likelihood of the risk level, probability, mitigating measures, and the level of severity (Low/medium/high) understood as the relative seriousness of the risk and the significance of its effects.
The ultimate purpose of risk identification and analysis is to prepare for risk mitigation. Mitigation includes reduction of the likelihood that a risk event will occur and/or reduction of the effect of a risk event if it does occur. This subsection delivers the templates of different risk categories to be used in the project proposals along with risk mitigation approaches and descriptions.