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Explain probability and impact matrix used in qualitative risk analysis.

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The solution with references provides a detailed discussion explaining the probability and impact matrix used in qualitative risk analysis.

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Question: Explain probability and impact matrix used in qualitative risk analysis.

Discussion:
It is important to understand the basic concepts of qualitative analysis for project management. Qualitative analysis in this sense is applied as qualitative risk analysis, and is used to determine how the identifiable risks should be prioritized by the project manager for handling. By prioritizing the risks, management is mitigating the extent of the risk, due to handling the most pressing risk first and subsequent risks in order of their importance or critical factors. In a probability and impact ...

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