y and Impact Matrix: Recognizing its Importance Name: / 10 points 5x5 RISK MATRIX Acceptable Unacceptable Unacceptable Very likely risk Moderate Severe risk risk Severe Medium High Very high Probable Moderate Maderato Major Severe Acceptable Acceptable Unacceptable LIKELIHOOD Likely risk risk risk Possible Moderate Low Medium Minor Moderate High PROBABILITY Unlikely Acceptable Acceptable Acceptable Miner Maderat Moderat Major Unlikely risk risk risk Low Low Medium Rara Minor atror Very Low Low Medium High Low Medium High Very High IMPACT MPACT Looking at the examples above of Probability and Impact Matrix and remembering our conversation about these in class, please research further this important element of risk management and answer the following five (5) questions. Please provide your references to support the work. To setup a probability and impact matrix properly, what are the two (2) key elements that need to be defined? How is this usually done? . We discussed the importance of using the numbering scheme and having clarity why is that? Who decides and creates the Probability and Impact Matrix? Name some advantages of having a Probability and Impact Matrix (at least 3) Name some disadvantages of the Probability and Impact Matrix (at least 3)