Everyone agrees that projects are risky, which is why risk management has become an integral part of the management of projects. However, projects are not equally risky, and not all risks deserve equal attention. Managers at all levels need to focus their efforts on managing the most important risks and the most risky projects.

An effective risk management process must include a sound approach to prioritisation of risks which recognises the challenges of dealing with the uncertainty associated with all risks. In many organisations, risk prioritisation is simplistic, using techniques which do not provide sufficient understanding of the risk exposure. Such techniques fail to support robust risk-based decisionmaking.

This guide addresses the shortfall in current practice by reviewing available techniques for prioritising project risks and making clear recommendations on when they should be used. A wide range of risk prioritisation methods are presented, and readers will find much here to help them make sense of the risk challenges they face. Prioritising project risks is not a simple matter, and there is no one-size-fits-all solution. However, careful and appropriate use of the techniques discussed in this guide will provide project managers and their stakeholders with a sound basis for prioritising and managing risks effectively.