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…

While the risk management plan contains the look-up table and defines how to use it, the plan is the broader document - the specific tool for determining individual risk priority is the look-up table itself.

The project sponsor does not determine individual risk priorities for specific risk events; that function belongs to the project team using defined risk tools.

The risk response plan documents planned responses after risks have been prioritized; it is not the source used to determine priority levels.

A look-up table, also known as a probability-impact matrix, is the direct tool used to convert a risk's assessed probability and impact values into a priority rating using predefined thresholds such as RAG (Red-Amber-Green) ratings. The project team references this table to objectively assign priority without subjective disagreement because the ratings are pre-established. This look-up table is defined within the risk management plan and is the specific artifact consulted for individual risk prioritization decisions.