What is risk prioritization? Explain risk prioritization technique.

The identified risks for a project merely give the possible events that can hinder it from meeting the goal. Prioritizatation requires analyzing the possible side effects of the risk event in case it actually occurs. Based on the possible consequences and the probability of the risks event occurring, you can compute the risk exposure, which you can then use for prioritizing risks.

Prioritizatation requires analyzing the possible side effects of the risk event in case it actually occurs. Based on the possible consequences and the probability of the risks event occurring, you can compute the risk exposure, which you can then use for prioritizing risks.

The objective of Risk Prioritization is to prioritize the identified risks for mitigation. Both qualitative and quantitative methods can be used to categorize the risks as to their relative severity and potential impact on the project. To effectively compare identified risks, and to provide a proactive perspective, the risk prioritization method should consider the following factors:
1. the probability of the risk occurring,
2. the consequence of the risk, and

3. the cost and resources required to mitigate the risk.