Which of the following statements correctly states the relationship between urgency, priority and impact?

Impact and urgency are not independent of priority - they are the direct inputs used to calculate priority according to ITIL's priority matrix model.

Urgency is an independent assessment of time-sensitivity required by the business and is not derived from impact or priority - it is one of the inputs to priority.

Impact is an independent measure of business effect and is not derived from urgency or priority - it is the other primary input into the priority calculation.

Priority is determined by assessing two independent inputs - impact (the degree of effect on business processes or users) and urgency (how quickly the business needs a resolution). A priority matrix combining these two factors produces the final priority score, ensuring that resources are allocated to the most business-critical items first.