The video covers how to create a probability impact table or Risk Assessment table. If you're doing project management or risk management, you'd be creating this table or matrix chart for your program or projects. You'd need to list out the different risk criteria and then figure out the likelihood of the risk happening (the probability part) and then the impact it would have (high, medium or low). This combination of probability and impact then helps determine the risk (again high, medium or low) that specific risk has to the project.
There's bonuses to this; in addition to how to create the table and risk matrix I show how to create a drop down list, use conditional formatting for the color coding and show how to count up the different combinations of probability-impact in the matrix.
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