According to risk management principles, what should be prioritized when identifying risks?

Prioritizing the events that could produce consequences is crucial in risk management because it allows project managers to focus on the specific incidents that pose the most significant threat to the project's success. Identifying these events helps in assessing the potential impact and developing mitigation strategies accordingly. By understanding which risks can have the most severe effects, project teams can allocate resources more effectively, prioritize risk responses, and implement controls that directly address the highest risks to the project.

Other considerations, such as costs associated with risks, stakeholder opinions, and the likelihood of success, are important but come into play after identifying the key risk events. While cost considerations may influence how resources are allocated, they do not drive the initial assessment of what risks exist. Similarly, stakeholder opinions can provide valuable insights but should be secondary to a structured analysis of potential risk events. The likelihood of project success is a broader measure that encompasses many factors, making it less specific than focusing on the actual risk events that could derail the project. Thus, the emphasis on identifying the events ensures that risk management efforts are grounded in the most critical aspects of potential project disruptions.