Relationships among Impact, Urgency, and Priority in the context of Change Management

Impact: Impact is a measure of the effect the change can cause on business.  It is determined by the expected loss in business value.

Urgency: Urgency is a measure of the situation, condition, or state that dictates how fast the execution of the change is required. It is influenced by the impact along with other factors.

Priority: Priority is a measure of the precedence given to the execution of the change.  Usually, it is automatically assigned according to the values considered for Impact and Urgency (Figure 01).

Figure 01: Priority based on Impact and Urgency