What does the Risk Severity Grid capture in project management?

The Risk Severity Grid serves as a visual tool in project management that helps assess and categorize risks based on their potential impact and likelihood of occurrence. Specifically, it integrates qualitative and quantitative analyses to evaluate risks in relation to time, cost, quality, and the proximity of those risks to the project timeline.

In using the Risk Severity Grid, project managers plot identified risks along axes that represent severity and probability, allowing them to prioritize which risks require immediate attention and resources. This quantitative approach is essential for making informed decisions regarding risk mitigation strategies, ensuring that time and financial resources are optimally allocated to manage potential threats effectively.

The other options, while relevant to various aspects of project management, do not specifically address the framework and purpose of the Risk Severity Grid. Qualitative analyses of stakeholder impacts and project goals relate to broader project planning and stakeholder management rather than risk assessment specifically. A technological assessment of project deliverables focuses on evaluating the technical aspects of project outputs and does not pertain to risk categorization. Thus, the answer reflects the appropriate understanding and application of the Risk Severity Grid within the context of managing risks in projects.