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Definition: Risks and conditions can be prioritized by a number of criteria. These include rank (high, moderate, and low) or WBS level. Risks may also be grouped by those that require an immediate response and those that can be handled at a later date. Risks that affect cost, schedule, functionality, and quality may be assessed separately with different ratings. Significant risks should have a description of the basis for the assessed probability and impact.

Acceptance Level:  Generally accepted

Alternative or Related Terms: Risk management planning

Application Areas/Intended Uses: A list of prioritized risks is an output of the qualitative risk analysis process.

Chief Advantages: A list of prioritized risks assists project planners in assessing the urgency and relative impact of each possible risk, in order to determine the nature and best timing of responses needed.

Additional Reading:
Risk Matrix: An Approach for Prioritizing Risks and Tracking Risk Mitigation Progress. Zachary F. Lansdowne. PMI 1999 Seminars & Symposium Proceedings, Philadelphia, Pennsylvania USA.