Calculate a Risk Factor for each risk, and then sort the risks from highest to lowest Risk Factor. Be sure to use a scale of 1-10 for the Likelihood (with 1 being not very likely and 10 being practically certain) and a scale of 1-10 for the Impact (or Consequence) (with 1 being negligible and 10 being catastrophic). Use the RF = P X C method for calculating the Risk Factor for each risk and use a formula in Excel so that if the Likelihood or Impact rating changed, the Risk Factor would automatically change. You must sort all of the risks in your Excel spreadsheet from the highest Risk Factor to the lowest Risk Factor.
The meaning behind the RF = P X C method for calculating risk factor. RF is defined as Risk Factor where P stands for Risk Probability and C means Risk Consequence. The value for weight (W) is dependent upon project priority within the triple constraint. W1, W2, and W3 are valued 0 through 1.0 on the priorities of the project, in which together, must sum to 1.0.