What is the 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 Assessment" phase of the risk management process. In this step, risks are analyzed to understand their potential impact on project objectives. This includes evaluating how identified risks might affect timelines, budget, and overall performance, allowing for informed decision-making and planning for mitigation strategies.