Guide for Probability and Impact Matrix
The Probability and Impact Matrix is an essential tool in project risk analysis as outlined in the PMBOK Guide Seventh Edition. It is important because it aids in the identification, assessment, and prioritization of risks. It works by plotting the probability of occurrence (likelihood) against the potential impact (severity) of risks on a matrix.
How it Works
The matrix typically has the probability rating on the x-axis and the impact rating on the y-axis. Each identified risk is placed on the grid based on its assigned scores, allowing the project team to focus on high severity and high likelihood risks.
How to Answer Questions in an Exam
In the exam, you may be presented with a scenario and asked to identify the appropriate response considering the probability and impact of risks. Take time to read and understand each question and scenario. Always consider the highest probability and highest impact risks first.
Exam Tips: Answering Questions on Probability and Impact Matrix
1. High impact, high probability risks are often the most urgent to address
2. Risks in the low impact, low probability quadrant often require less immediate action but should not be ignored
3. Remember that the matrix is a tool for prioritization, not a prescriptive plan of action
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Probability and Impact Matrix practice test
The Probability and Impact Matrix is a key tool in project risk analysis, which helps to determine the severity and priority of each identified risk by assessing their probability of occurrence and potential impact on the project. The matrix organizes risks into a grid, with the vertical axis representing the probability of occurrence (usually from low to high) and the horizontal axis representing the potential impact on the project (usually from insignificant to major). Risk events are then plotted within the matrix, enabling project managers to visually analyze and prioritize risks. This allows for more effective risk response planning and resource allocation, as the most significant risks can be addressed with urgency and appropriate mitigation strategies.
Time: 5 minutes Questions: 5
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Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 10107 Superior-grade Project Management Professional practice questions.
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- bonus: If you upgrade now you get upgraded access to all courses