A consulting company trying to win a major contract from a large educational institution for their infrastructure redesign is concerned with four major threats.

a. Competition: the probability of very competitive bids is high at 0.6 and the potential impact would be substantial at a value of 5 on a scale of 1 - 7 (where 7 is a major negative threat and a 1 is slight)

b. Economy: probability of a recession is 0.4 and its impact would be 7 since the institution would probably decide not to move ahead with the project.

c. Chance of a loss: a small probability of only .3 with a negative impact of 4.

d. Succession Change: (Those in decision-making positions may be reassigned): probability of loss is 0.5 but negative impact is only 3.

Use the FMEA technique to determine which risks are critical and which can be ignored. Rank the risks from most critical to least critical