During which of the following processes, probability and impact matrix are prepared? 

Answer options:

A. Risk response
B. Monitoring and Control Risk
C. Quantitative risk assessment
D. Qualitative risk assessment

D

The probability and impact matrix is a technique to prioritize identified risks of the project on their risk rating, and are being prepared while performing qualitative risk analysis. Evaluation of each risk`s importance and, hence, priority for attention, is typically conducted using a look-up table or a probability and impact matrix. This matrix specifies combinations of probability and impact that lead to rating the risks as low, moderate, or high priority. Incorrect Answers: A, B: These processes are part of Risk Management. The probability and impact matrix is prepared during the qualitative risk analysis for further quantitative analysis and response based on their risk rating. C: SLE, ARO and ALE are used in quantitative risk assessment.