What the highly probable risks extremely serious risks and highly vulnerable areas of risk identification?

In project management, a risk is some future event that happens with some probability and results in a change, either positive or negative, to the project.

A highly probable risk is one that is very likely to happen. A highly probably risk does not pay attention to how major or minor the risk is - just how likely it is to happen.

An extremely serious risk is one that will have major impact if it does happen. An extremely serious risk does not pay attention to how likely the risk will happen. The ultimate outcome is that Cost, Time, and Scope is effected and the project may be deemed unacceptable or useless to the project sponsor and/or stakeholders.