The probability of rain on the selected weekend is given as \(15\%\). This is a relatively low probability.
Step 2: Assess the impact of rain
If it rains, the consequences are severe: they will have to rent a tent, lose indoor space for the caterer, and the DJ will not be able to perform. This indicates a high impact.
Step 3: Match the probability and impact to the options
The scenario describes a low probability (\(15\%\)) and a high impact. This matches the first option: "Low probability and high impact."
Final Answer
\\(\boxed{\text{Low probability and high impact}}\\)