Identification of the possible consequences in terms of performance schedule and cost occurs in which step of the risk management process?

The identification of possible consequences in terms of performance schedule and cost occurs during the "Risk Analysis" step of the risk management process. In this phase, risks are assessed to understand their potential impact on project objectives, including timelines and budgets. This analysis helps prioritize risks and informs the development of appropriate mitigation strategies. Ultimately, it aids in making informed decisions to manage risks effectively throughout the project lifecycle.