Probability
The possibility of a risk occurring is referred to as probability.
Impact
What happens when a danger is realised is referred to as its impact (when it turns from a risk into an issue). The magnitude of the influence can vary depending on numerous factors (including elements like Cost and Time for example).
The matrix typically has several sections defined by the scores of probability and Impact they are:
Low – typically a combination of low impact with low to medium probabilityMedium – generally moderate impact and a moderate probabilityHigh – usually high impact and high probability.
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