Step 1 :The graph of $y=\frac{1}{5} \cos \frac{\pi}{2} x$ passes through one full period as $\frac{\pi}{2} x$ ranges from $0$ to $2\pi,$ which means $x$ ranges from $0$ to $\boxed{4}.$
Step 2 :The amplitude of the function $y=\frac{1}{5} \cos \frac{\pi}{2} x$ is the absolute value of the coefficient of the cosine function, which is $\boxed{\frac{1}{5}}$.
Step 3 :To graph the function $y=\frac{1}{5} \cos \frac{\pi}{2} x$, we note that the function has a period of $4$ and an amplitude of $\frac{1}{5}$. The function starts at its maximum value of $\frac{1}{5}$ at $x=0$, decreases to $0$ at $x=1$, reaches its minimum value of $-\frac{1}{5}$ at $x=2$, returns to $0$ at $x=3$, and finally returns to its maximum value at $x=4$. This pattern repeats every $4$ units.