Which are the two key dimensions used in risk assessment?

• A. Cost and schedule.
• B. Likelihood and impact.
• C. Scope and quality.
• D. Benefit and probability.

Answer: (B)

In risk assessment, you evaluate how likely an adverse event is and how severe its consequences would be. These two factors—likelihood and impact—are the main dimensions used to gauge risk. A common approach is risk = likelihood × impact, which helps you prioritize which risks to address.

Think of it this way: a risk that is very likely to occur but would cause only minor harm might be less urgent than a risk that could be disastrous if it happened, even if it’s less likely. The other options mix with project constraints (cost and schedule) or describe different attributes (scope and quality) or pair probability with a non-risk concept (benefit). So likelihood and impact are the two key dimensions.