What is a probability and impact matrix?

Discussion forums allow students the opportunity to analyze and discuss project management topics with classmates and the instructor.  They are an opportunity for sharing insights and experiences within project management and are relative to the readings, other weekly course material, and the Unit Learning Outcomes.  Please review the Learning Outcomes and the Directions prior to posting your response to the discussion prompt below.

Unit Learning Outcomes

Analyze the various components of the risk management process.

Evaluate the various aspects of project risk control and its importance to the success of the project.

Distinguish the difference between a probability and impact matrix and a risk mitigation matrix.

Evaluate the various deliverables within project risk management, including a risk register, project risk control, a risk assessment chart, and a risk mitigation matrix.

Analyze how to reduce risk impact and probability subjectivity on projects.

Evaluate team performance.

Directions

• After reviewing the material for this week, create a 2-4-minute video on the various components of risk management. Ensure that you answer the following questions:
• What is a risk register and why is it used?
• What is project risk control? Why is it important?
• When would you create a risk assessment chart?
• What is contained in a risk mitigation matrix?
• What is a probability and impact matrix?

When thinking about your specific project how will your team determine the various project risks and come to a consensus regarding the risks?

Many risks (especially the probability and impact) can be subjective, how do project managers reduce the subjectivity of the probability and impact on a project?