The effects resulting from risks are characterized by three distinguished factors as follows:
Risk Effect: The effect that the risk causes to the project may come in the form of cost increase, time delay or alike.
Risk Time: The effect resulting from the risk may occur in different times during the project period. For example, the risks related to constructions may appear in early stages of the project.
Level of severity: It is represented in the size of effect on the project. The cost increase may seem high, moderate or low. In addition, it is necessary to define percentage of the size of effect resulting from risks. Capital costs may encounter risks that represent in exceeding the limit of the originally planned value by 20%. Based on the determined effects, the next steps are taken. Such steps are represented in defining the cash value of such effects or estimating their economic effect on the project, which in turn helps to quantify each risk and express it in figures. To calculate each risk cost, it is important to determine amount of the effects resulting from the risks through expressing them in numbers Determination of risk elements and their above-mentioned effects require carrying out an intensive research in this regard. It is recommended to organize separate workshops to discuss the effects of risks after organizing the workshop of determining the risks themselves.