It is not easy to identify the possibility of risks because possibilities are often based on estimations. Thus, such estimations must be revised whenever there is new information about the risks.
The following are the methods used to identify the possibility of risks:
1- Verify whether there is similar projects and identify the risks encountered in such project.
2- If there is no information about similar projects, the best available estimates will be used. Such estimates are derived from the experiences of the relevant parties or members involved in the project.
3- Tools, methods and software may be used to identify the possibility of risks. In this regard, it is recommended to hire a specialized consultant.
4- The possibility of some risks may be classified as low, but their consequences or effects (if occurred) will be serious or high. So, It is important in this phase to assess all risks, including the risks that their possibilities are low.