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Quantifying risk involves assessing the likelihood and potential impact of events or situations that could result in adverse outcomes. Successful organizations prioritize risk management by focusing on the risks directly influencing their goals and objectives. The Project Management Institute (PMI, 2019) stated, "The challenge for most organizations is making the best use of resources by focusing on the right risks."

Considering this, I like to use the Probability and Impact Matrix. It is a common approach to assess the likelihood of a risk occurring and its potential impact. Probability can be evaluated on a low, medium, and high scale, for example, or quantified using percentages. The impact can be measured on the same scale or in terms of financial loss, project delays, reputation damage, or other relevant metrics. Risk can be categorized and prioritized by combining probability and impact assessments. For example, it's crucial to prioritize a risk classified with high probability and high potential impact.

Another way to quantify risks is the Failure Mode and Effects Analysis (FMEA) method. FMEA is a systematic process that helps organizations identify and prioritize potential failure modes and their effects. According to Donahue (2021), "An FMEA is typically used in manufacturing projects as a step-by-step approach for identifying all possible failures in a design or assembly of a product or service. Failure modes mean the ways, or modes, in which something might fail."

When quantifying risks, organizations should consider the specific context of their goals and objectives. By aligning risk assessment and quantification with strategic objectives, organizations can make informed decisions, allocate resources effectively, and proactively address the risks most relevant to their success.