From the course: Strategic Project Risk Management
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Risk prioritization
From the course: Strategic Project Risk Management
Risk prioritization
- And vision navigating a rapidly flowing river. It has many bends, each with its own risks, ready to capsize your journey. After identifying and analyzing the risks, you want to prioritize them, so you can decide which rapids to navigate with caution, and which ones to steer through with the confidence. Risk prioritization ensures our resources are aligned with the most critical challenges. After we have identified potential project risks, and analyzed them using qualitative, quantitative methods, our next step is prioritization. For qualitative analysis, the probability impact grid is our compass, which is included in the exercise files. Here we simply plot the risks we have identified on a grid, probability of the risk happening, versus impact if it happens, the risks in the upper right hand corner of the grid may be considered high priority. While those in the lower left, low priority, and the rest, medium priority. The grid sometimes referred to as a risk heat map is a great…
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