The project management team and/or the project management team leader use the probability and impact matrix to assess precisely what those risks might be. Using the probability and impact matrix, it may be established whether a risk is low, medium, or high by taking into account two different aspects: the overall probability of the occurrence and the potential consequences.

A probability-impact risk matrix is a two-dimensional graphic depiction of the risks faced by a certain organization or institution, ranging from a single person to the entire planet. The likelihood of an incident is plotted versus any possible harm it might cause.