During a project's initial planning session, the project team identifies a possible risk.

The probability-impact matrix is a standard tool for qualitative risk analysis, as recommended by PMI:

"A probability and impact matrix is used to prioritize identified risks for further analysis or action by combining their probability of occurrence and impact on project objectives."

— PMBOK® Guide, 6th Edition, Section 11.3

This ensures the most critical risks are prioritized for response planning.