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Probability and Impact Matrix uses the combination of probability and impact scores of individual risks and ranks/ prioritize them for easy handling of the risks.
Probability and Impact Matrix uses the combination of probability and impact scores of individual risks and ranks/ prioritize them for easy handling of the risks. In other words, the probability and impact matrix help to determine which risks need detailed risk response plans (Arumugam,2012). The P-I Matrix shows how each risk can influence a project conjoining two factors which are impact and probability within a one graph that allows you to gauge them at the same time.When generating a risk matrix that symbolizes the correlation of the impact and probability of all the identified risks, I recognized that none of the high impact risks remained likely to happen. Out of all ten risks only one of them showed a likelihood of a moderate risk. All the other nine showed a low occurrence of an impact. The success of the project still seems it should go very smoothly
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