Mark is the project manager of the BFL project for his organization. He and the project team are creating a probability and impact matrix using RAG rating. There is some confusion and disagreement…

The correct answer is D. Look-up table. In a probability and impact matrix using RAG (Red, Amber, Green) rating, the actual priority level assigned to a specific combination of probability and impact is determined by a look-up table. This table maps each intersection of probability score and impact score to a…

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Question

Mark is the project manager of the BFL project for his organization. He and the project team are creating a probability and impact matrix using RAG rating. There is some confusion and disagreement among the project team as to how a certain risk is important and priority for attention should be managed. Where can Mark determine the priority of a risk given its probability and impact?

Options

ARisk response plan
BProject sponsor
CRisk management plan
DLook-up table

How the community answered

(26 responses)

A
4% (1)
B
12% (3)
C
8% (2)
D
77% (20)

Explanation

In a probability and impact matrix using RAG (Red, Amber, Green) rating, the actual priority level assigned to a specific combination of probability and impact is determined by a look-up table. This table maps each intersection of probability score and impact score to a priority rating (e.g., High/Red, Medium/Amber, Low/Green). The Risk Management Plan defines the methodology and thresholds used to build that matrix, but when a team member needs to resolve confusion about where a specific risk falls, they consult the look-up table embedded in or accompanying the matrix. The Risk Response Plan is created after prioritization, and the project sponsor is a stakeholder, not a reference document.

Topics

#Risk Management#Risk Prioritization#Probability and Impact Matrix#RAG rating

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