During which of the following processes, probability and impact matrix is prepared?

Perform Quantitative Risk Analysis uses numerical methods such as Monte Carlo simulation and decision tree analysis to assign numerical probability values, not a probability and impact matrix.

Plan Risk Responses focuses on developing options, strategies, and actions to address prioritized risks - it consumes the output of qualitative analysis rather than producing the matrix.

Monitor and Control Risks involves tracking identified risks, implementing response plans, and evaluating risk process effectiveness; it does not produce the probability and impact matrix.

Perform Qualitative Risk Analysis uses the probability and impact matrix to assess and prioritize risks by multiplying or combining their likelihood of occurrence with the magnitude of their effect on project objectives, enabling the team to focus attention on high-priority risks.