Probability and Impact Matrix Notes: Definitions & Explanations PDF | Download eBooks
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Probability and Impact Matrix Definition:
A probability and impact matrix is a grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Probability and Impact Matrix Notes:
There are two things associated to risk; probability of occurrence, and impact. Both the factors must be analyzed properly in order to reduce the impact of a potential project risk. A technique used for the analysis of probability and impact is probability and impact matrix. Probability and impact matrix lists the likelihood of all the risks and their associated impacts on the project objective. It gives the combination of both the factors in order to give priorities to the project risks. The prioritization helps to further analyze the significant risks. Based on the priority level of each risk, appropriate response plan can be developed.
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