Explanation

According to the PMBOK Guide, risk prioritization is the process of ranking the identified risks based on their potential effect on project objectives. Risk prioritization helps the project manager and the project team to focus their attention and resources on the most significant risks. Risk prioritization can be done using various parameters, such as probability, impact, urgency, proximity, detectability, and controllability. These parameters can be used to assess and compare the risks in an iterative manner, as the project progresses and new information becomes available. The project manager can also define additional parameters that are relevant to the project context and goals. In this scenario, the project manager has determined four additional parameters that can help to prioritize the project risks more effectively:
Assess how quickly the risk response needs to be implemented in order to be effective: This parameter evaluates the urgency of the risk, or how soon the risk must be addressed before it becomes unmanageable or irreversible. The project manager can use this parameter to identify the risks that need immediate attention or monitoring, and to plan the risk responses accordingly.
Assess the amount of time before the risk can impact one or more project objectives: This parameter measures the proximity of the risk, or how close the risk is to affecting the project outcomes. The project manager can use this parameter to determine the risks that have the most impact on the project objectives, and to prioritize them accordingly.
Assess if the risk is related to other individual project risks: This parameter analyzes the interrelationships among the project risks, or how the occurrence or outcome of one risk can influence or trigger another risk. The project manager can use this parameter to understand the complexity and interdependency of the project risks, and to develop risk responses that address the root causes and effects of the risks.
Assess how long after a risk has occurred before its impact is discovered: This parameter evaluates the detectability of the risk, or how easy or difficult it is to notice or measure the risk occurrence and consequences. The project manager can use this parameter to measure the uncertainty of the risk occurrence and detection, and to implement risk responses that enhance the risk awareness and visibility.
References: = PMBOK Guide, 7th edition, pages 230-231, 236-237.