Probability Impact Grid Flashcards
Probability Impact Grid
Prioritizes project risks by ratings for probability and impact of each risk.
Plotted on a matrix, risks with high probabilities and severe impacts consider high.
Low probability, low impact risks are low priority.
Aids in resource allocation, development of targeted mitigation for most critical risks, enhance overall project risk management.
How Probability Impact Grid is used within project management
Risk Identification
Qualitative risk assessment
Risk prioritization
Risk Response planning
Communication and stakeholders’ engagement
Regular monitoring and updating
purpose of risk tolerance line
define acceptable and unacceptable risk levels
guide decision making in risk management
What is IMPACT in Probability Impact Grid
Signify potential consequences of risk, represent degree of harm and benefit.
Measured as low, medium or high
What is LIKELIHOOD in Probability Impact Grid?
Probability of risk occurring .
Measured in low, medium or high