This study investigates the dynamic response characteristics of a structure impacted by a high speed projectile. The impact of a 300 kg projectile on a water storage tank is simulated by the general purpose computer codes ANSYS and LS-DYNA. Several methods to simulate the impact are considered and their results are compared. Based upon this, an alternative impact analysis method that is equivalent to an explicit dynamic analysis is proposed. The effect of fluid on the responses of the tank is also addressed.