Where can Mark determine the priority of a risk given its probability and impact?

Mark is the project manager of the BFL project for his organization. He and the project team are creating a probability and impact matrix using RAG rating. There is some confusion and disagreement among the project team as to how a certain risk is important and priority for attention should be managed. Where can Mark determine the priority of a risk given its probability and impact?

A.
Risk management plan

B.
Risk response plan

C.
Look-up table

D.
Project sponsor

Explanation:

A look-up table, or the probability and impact matrix, with all of the pre-defined scoring for risks should be referenced to determine the importance of an identified risk. Answer option B is incorrect. The risk response plan does not define the rules for risk scoring. Answer option A is incorrect. The risk management plan will include the look-up table, but the best, most- specific answer is the look-up table.
Answer option D is incorrect. The project sponsor is likely not to get involved with the disagreement and determination of the risk scoring.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth Edition"