Probability and Impact Matrix

Deliverable Length:   300–500 words

Primary Response: Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

For this Discussion Board, please complete the following:

Risks are the negative or positive events that may occur and impact a project. Risks can impact all areas of project elements, such as the schedule, cost, budget, quality, and deliverable.

Based on your knowledge or assigned readings, respond to the following questions:

• A common way to structure risk categories is with a Risk Breakdown Structure (RBS). Describe at least three risk categories and share two risk examples that might occur in each. Why do you think it is important to categorize risks on a project?
• A risk register provides information on threats and opportunities that may affect project execution. Describe your approach to creating a project risk register and keeping it maintained. Why do you think it is critical to engage stakeholders in this process? Share your thoughts and experience about the effectiveness of the risk register in helping keep a project on track.
• Describe the Probability and Impact Matrix. What are your thoughts about how you would use it in real life?