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Simplifying Risk Prioritization
David Hillson, PMP
(September 21, 2009)
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Leonardo da Vinci said, “Simplicity is the ultimate sophistication.” When it comes to prioritizing risks, this is good advice.
A lot of effort goes into prioritizing risks, so that an appropriate level of attention can be devoted to dealing with them. Several different parameters can be used to rank risks, although it is common to use just two: probability and impact. Other relevant factors might include urgency, manageability, or response cost, among others.
Project leaders spend a lot of time on prioritization because they know it is important to concentrate on the biggest risks and avoid wasting effort on small ones. But perhaps we are trying too hard? Maybe a simpler approach to ranking risks would work just as well.
In the health service, resources are often stretched, with insufficient time or funds to treat every patient who asks for help.
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