Agile Risk-based Prioritization

Correct Answer: Identify and write down all possible risks associated with each product backlog item

The correct first step in Agile risk-based prioritization is to 'Identify and write down all possible risks associated with each product backlog item'. This is important because it allows the team to understand what potential challenges they may encounter in the development process and plan accordingly. Starting the development of high risk items immediately can lead to Resource overhead and unnecessary delays if the risks materialize. Before any risk mitigation occurs, the team needs to know what those risks are, so mitigating all identified risks before moving forward with the project cannot be the first step. Asking the product owner to remove all high risk items from the product backlog would negate the benefits of risk-based prioritization, which include appropriate allocation of resources and effective risk management. Therefore, identifying and writing down the risks is the correct first action.

Correct Answer: Deliberately ignoring the risks until it impacts the project

The best answer to the question is 'Deliberately ignoring the risks until it impacts the project' because Agile Risk-based Prioritization does not support this behavior. In an Agile environment, risks are identified, discussed, and prioritized regularly. Ignoring risks until they become issues is contrary to the proactive risk management approach encouraged in Agile. On the contrary, 'Making risks visible to all the stakeholders', 'Involving the whole team in risk management activities', and 'Addressing some of the risks early in the project' are all practices that align with Agile Risk-based Prioritization. Making risks visible ensures that everyone is aware of potential issues, allowing teams to effectively allocate resources and cooperate in mitigation strategies. Involving the entire team in risk management activities ensures diverse perspectives, optimizing risk identification, and response. Addressing risks early in the project helps prevent major disruptions further down the line.

Correct Answer: Time at which the risk was identified

In Agile risk-based prioritization, the time at which the risk was identified is irrelevant. The main factors that are considered when prioritizing risks in Agile are the impact of the risk on the project's timeline, the probability of the risk occurrence, and the cost of mitigating the risk. These factors are weighted to determine the overall risk score, which is then used to prioritize the risk. Therefore, the time at which the risk was identified does not play a role in the risk prioritization process. The other factors represented in the other answers, such as Impact of the Risk on the project's timeline, Probability of the risk occurrence, and the Cost of mitigating the risk, are all relevant in agile risk-based prioritization and hence not the correct answers to this question.