Probability Impact Grid

Question 1

Probability Impact Grid

Answer 1

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.

Question 2

How Probability Impact Grid is used within project management

Answer 2

Risk Identification

Qualitative risk assessment

Risk prioritization

Risk Response planning

Communication and stakeholders’ engagement

Regular monitoring and updating

Question 3

purpose of risk tolerance line

Answer 3

define acceptable and unacceptable risk levels

guide decision making in risk management

Question 4

What is IMPACT in Probability Impact Grid

Answer 4

Signify potential consequences of risk, represent degree of harm and benefit.

Measured as low, medium or high

Question 5

What is LIKELIHOOD in Probability Impact Grid?

Answer 5

Probability of risk occurring .

Measured in low, medium or high