In qualitative risk analysis, in addition to probability and impact, other factors can be used to refine the risk prioritization. Three valid factors to consider are:
1. Urgency: This refers to the timeframe within which a risk is likely to occur or the speed at which it might impact the project. High urgency risks require quicker responses, making them more critical in prioritization.
2. Proximity: This factor considers the time until the risk might affect the project. Risks that are likely to occur sooner may be given higher priority because they may require immediate attention.
3. Detectability: This assesses how easily the presence or impact of a risk can be identified. Risks that are hard to detect might be more dangerous and may require more resources to monitor and manage.
These factors are mentioned in PMI's guidelines for qualitative risk analysis as they provide a more nuanced view of risks beyond just probability and impact, allowing for more targeted and effective risk management strategies.