Which of the following tools and techniques shows theimpacts of one decision over another as well as the probability andcost of each risk along a logical path?
simulation
decision tree
probability / impact risk matrix
sensitivity analysis

Probability/impact risk matrix

Explanation: Probability/impact risk matrix is type of matrix that defines the probability as well as impact that depicts whether the risk is low ,high or moderate.

Impact matrix is sort of tool which helps in conversion of any plan into a action. Probability matrix help in defining the chances in defining the risk.The positioning of the impact value of risk is plotted  on the vertical axis and performance value on the horizontal axis.

Thus probability/impact matrix is the correct tool for the problem mentioned in the question.