In this analysis the risk matrix model is used. According to Dumbravă and Jacob (2013) this model is a common qualitative model in risk assessment as a risk management model for risk quantification. This model is classified into different parts which include probability and impact classification, likelihood score risk, impact analysis, and calculation of the exposure risk. This is informed by Project Management Institute (2008) report that has noted that risk management is a detailed process that is iterative adopting different progress status reports and deliverable status reports for monitoring and controlling risks.
Probability and Impact Classification
This is the first part of this model that involves consideration of the likelihood and impact of an event which is assigned a value randomly to the total which could be a specific classification. As note
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