Questions and Answers
What is the most popular approach for rating risks in the probability & impact matrix?
High, Medium, Low
How can the seriousness and priority for action of risks be indicated in a matrix?
By using red, yellow, green color codes
What is the purpose of the probability & impact matrix?
To identify and organize risks
What does the scale in the probability & impact matrix typically consist of?
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What is the purpose of a RACI chart in the context of Human Resources?
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How does the RAM (Responsibility Assignment Matrix) contribute to project management?
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What is the primary function of understanding the budget in terms of resources, cost, and time for specific risk activities?
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What does the timing component in the context of risk management define?
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What is the purpose of the probability & impact matrix in risk analysis?
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How does the choice of grid size in a risk matrix affect risk analysis?
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What does the acronym 'PIG' stand for in relation to risk heat maps?
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How does stakeholders' risk tolerance influence the ranking of risks in impact levels?
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