Your project team is interested in determining an overall risk factor for your project to develop a personal submarine constructed entirely of Popsicle sticks and wood glue

Describe how you would develop reasonable estimates for each of the probability of failure categories and each of the consequence of failure categories.

The probability of failure categories are maturity, complexity and dependency. The consequence of failure categories are cost, schedule, reliability, and performance. One approach to organizing this type of information is a risk impact matrix. As far as probability of failure categories are concerned, the maturity of the design — whether it is based on an existing submarine configuration or a new design, how complex the craft will be, and whether the submarine is a departure from the project team's area of expertise would influence probability assessments. Consequence impacts are shaped by the nature of the failure — an underwater vessel would likely have extremely high consequences of failure.