Risk evaluation often occurs in a workshop setting. Building on identifying the risks, each risk event is analyzed to determine the likelihood of occurrence and the potential cost if it did occur. The likelihood and impact are rated high, medium, or low. A risk mitigation plan addresses the items with high ratings on both likelihood and impact. This and other risk management tools can be useful because they provide an objective framework for evaluating the seriousness of risks to your project. However, any risk assessment tool can do more harm than good if it lulls you into a false sense of security, so you make the mistake of believing you have foreseen every possible risk that might befall your project. You don't want to make the mistake of believing that the tools available for managing risk can ever be as precise as the tools we use for managing budgets and schedules, even as limited as those tools are. Perhaps the most important risk management tool is your ability to learn about the project. The more you know about a project, the better you will be at foreseeing the many ways the project could go awry and what the consequences will be if they do, and the better you will be at responding to unexpected challenges