How might you approach the prioritization of the risk events

How might you approach the prioritization of the risk events identified by your project team and subject matter experts? How would you use the results of this prioritization effort to guide the development of risk responses?

Answer in apa style minimum 300 words

Solution

Risk events will have to be prioritized based on the probabilities and consequences of risk events. A thorough analysis and assessment of the probabilities and consequences of each event is done. The outcome of this evaluation and assessment is taken into consideration to prioritize the risk events.

The subjecu matter experts and team members helps in the ranking of the events on the basis of the risk involved.

The first step in the process of prioritization is risk identification. This is followed by assessment of probability and consequences. Consequences are negative consequences and may include negative impact on schedule, cost, technical performance. This is followed by risk prioritization analysis. The events are ranked in descending order on the basis of their criticality.

The prioritization efforts helps in the development of risk responses. Events with high probability of risks go into the stage of risk mitigation planning. Flags are raised for events that are low on the criticality factor. The results are also helpful in reassessing existing risks and identifying new events. All these helps in the development of risk responses.