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

Impact, urgency, and priority are not independent - priority is directly dependent on both impact and urgency, so treating them as independent would undermine effective incident prioritization.

Urgency is an input into determining priority, not something based on impact and priority - reversing this relationship is incorrect.

Impact is assessed based on the scope of business effect and is an input to calculating priority; it is not derived from urgency and priority.

Priority is a derived value calculated from the assessment of both impact and urgency. Impact measures the degree of effect an incident or problem has on business processes, while urgency reflects the speed at which the business needs resolution. By combining these two factors - typically via a priority matrix - the appropriate priority level is assigned to drive resource allocation and SLA targets.