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This is the template we are following to determine the priority of an incident. It is dependent on both the urgency and the impact of an incident.

...

And the final Priority is a result of combining the two into this matrix:

Impact

   H   

   M   

   L   

Urgency

   H   

   1

   2

   3

     

   2

   3

   4

   L   

   3

   4

   5

If the resulting Priority is a 1 or a 2, we would consider that an emergency or urgent incident that requires immediate attention. Priority 3 will be addressed as soon as we are able to. Other priorities will be addressed as resourcing allows.

Heavily borrowed from https://wiki.en.it-processmaps.com/index.php/Checklist_Incident_Priority