document 10.docx - Describe the purpose of prioritizing the risks prior to creating a risk-mitigation plan The purpose of risk management is to identify

document 10.docx - Describe the purpose of prioritizing the...

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Describe the purpose of prioritizing the risks prior to creating a risk-mitigation plan? The purpose of risk management is to identify potential problems before they could occur so that risk-mitigation activities can be planned and invoked as needed across the product or project to reduce the adverse impacts of risks. Risk Management includes the risk assessment and prioritization as the core steps in order to reduce the risk impact. The results of risk assessment are used to prioritize risks to establish most-to-least-critical risks. Parameters for assessment of risk and prioritizing risk include risk likelihood (i.e., the probability of risk occurrence), risk consequence (i.e., the impact and severity of risk occurrence), and the thresholds to trigger risk management activities. The assessment of risks is needed to assign relative importance to each identified risk and is used in determining when appropriate action is required from the team. It is useful to categorize risks based on their inter-relationships and develop plans at an aggregate level. When an aggregate

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