The project manager should agree on the criteria to prioritize risks before developing a risk response strategy. This is because not all risks have the same level of impact or probability on the project objectives, and therefore require different levels of attention and response. By agreeing on the criteria to prioritize risks, such as expected monetary value, risk score, risk urgency, or stakeholder tolerance, the project manager can rank the risks according to their importance and focus on the ones that pose the most threat or opportunity to the project. This will help the project manager allocate resources, time, and budget more effectively and efficiently to address the risks. The project manager should also involve the relevant stakeholders, such as sponsors, SMEs, and team members, in the risk prioritization process to ensure their input and buy-in. References: (Professional in Business Analysis Reference Materials source and documents)
PMBOK® Guide, 6th edition, Section 11.4.1, “Perform Qualitative Risk Analysis: Inputs”
PMBOK® Guide, 6th edition, Section 11.4.2, “Perform Qualitative Risk Analysis: Tools and Techniques”
PMBOK® Guide, 6th edition, Section 11.4.3, “Perform Qualitative Risk Analysis: Outputs”
PMI-PBA® Guide, 1st edition, Section 5.3.1, “Prioritize Requirements: Inputs”
PMI-PBA® Guide, 1st edition, Section 5.3.2, “Prioritize Requirements: Tools and Techniques”
PMI-PBA® Guide, 1st edition, Section 5.3.3, “Prioritize Requirements: Outputs”
