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How can risks be prioritized in a project management?

I have 2 questions:

1- Can risks be prioritized in project management?
2- If the answer to the above question is yes, then:
    a- how are the risks prioritized? (Based on what) and...
    b- who's responsible for prioritizing the risks? (Is it the project manager)
asked 5 years ago by anonymous

1 Answer

Risks are prioritized based on the following two criteria:

- Their score: The risk score is the risk likelihood multiplied by the risk impact.  See: http://www.projectmanagementquestions.com/5862/how-to-score-project-risks
- Their proximity: The closer they are about to happen, the higher their priority is. See: http://www.projectmanagementquestions.com/2281/what-is-risk-proximity

The project manager is responsible for prioritizing the risks. In some cases, risk prioritization must be approved by the project sponsor.
answered 5 years ago by MaplePM (46,940 points)

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