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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 thatrisk-mitigation activities can be planned and invoked as needed across the product or project toreduce the adverse impacts of risks.Risk Management includes the risk assessment and prioritization as the core steps in order toreduce the risk impact. The results of risk assessment are used to prioritize risks to establishmost-to-least-critical risks. Parameters for assessment of risk and prioritizing risk include risklikelihood (i.e., the probability of risk occurrence), risk consequence (i.e., the impact and severityof 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 usedin determining when appropriate action is required from the team. It is useful to categorize risksbased on their inter-relationships and develop plans at an aggregate level. When an aggregate