Risk Assessment and Prioritization
In this step, Risks are identified, assessed, and prioritized to inform subsequent project planning decisions. The risk assessment process involves gathering data from various sources, including historical data, expert opinions, and stakeholder input. A structured approach is used to evaluate the likelihood and potential impact of each identified risk, resulting in a weighted score or priority ranking. This enables the team to focus on high-priority risks that have the greatest potential impact on project objectives. The outcome of this step is a comprehensive risk register that documents all identified risks, their assessed priorities, and mitigation strategies. This information is used to inform project planning, resource allocation, and contingency planning decisions, ensuring that the most critical risks are addressed proactively.