Risk Prioritization

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Definition:
The process of 'creating' a list with identified and analyzed risk items which is ordered on its risk exposure. See also the following related sections in this documents:
● Classify the impact of the risk (e.g. High, Medium, Low)
● Classify the probability of the risk (e.g. High, Medium, Low)
● Perform criticality ordering of the composite risk list , e.g. High severity and High probability would be tested,
while a Low severity and low probability would not be tested

A context where I used this skill:
I used this during the test impact, when I created a list with identified and analyzed risk items. Each risk item get a priority 'assigned' based on its risk exposure. Risk exposure is defined by the relationship of Probability and Impact What you need to do
● Consider what can go wrong that can influence the project
● Determine what the most likely outcome would be – Impact, Consequences
● Determine how likely those consequences are – Probability, Likelihood
● Calculate the risk exposure i.e. Impact * Probability
● Action can be taken based on risk exposure, i.e. priority

How I'd recommend someone learn this skill:
Just take average situations in life. Consider what can go wrong for that situation. Determine the probability and impact based on the information you have at that moment. With a "value" for probability and impact, you can 'calculate' the risk exposure.

Additional resources:
Prioritization -‐‑ Making Best Use of Your Time and Resources -‐‑ See more at Mindtools

By: Simon Peter Schrijver

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