Problem 1: The following figure shows a probability-impact (or risk mapping) matrix that is frequently used as part of the risk analysis prioritization process. Here, ordinal probability-of-occurrence and consequence-of-occurrence risk scales are used (5,4,3,2,1 correspond to E, D, C, B, A since the actual scale coefficients are unknown). In this figure, L represents a low risk, which would generally be a risk acceptable to the project manager. The letter M represents a low risk, which would generally be a risk response. The letter Hrepresents a higher risk, which need one or more risk responses. What are the advantages of using a high-moderate-low (or red-yellow-green) risk designation as opposed to assigning quantitative numbers to each call and risk level (eg 5x5 = 25 to 1x1 = 1)? E D M M 5 Level E D C hood of occurrence Neary Highlykely Lady Unlikely Remote Lodal Ourence A 5 4 comptable with no mangman Acceptable with controduction in Acope with some reduction malo 2 1