A Risk in Software Engineering is an expectation of loss, generally caused due to lack of the required resources for a certain software or the time required to implement features within the software.
A Risk Impact is an estimate of the potential losses that are associated within a Risk that has been identified.
A Risk Probability is an estimate for the percentage of likeness that the risk might occur.
A Risk Category is the description of the risk in terms of which level it should be specified, it can be Insignificant, Minor, Moderate, Major, Catastrophic (each of these categories are listed in increasing order of impact).
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