Which of the following processes includes prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact?

Qualitative Risk Analysis uses tools such as the probability and impact matrix to rank risks by their combined probability and impact scores. This prioritization determines which risks require further quantitative analysis or immediate response planning, making it the process focused on relative risk ranking.

Quantitative Risk Analysis numerically analyzes the effect of identified risks on overall project objectives using techniques like Monte Carlo simulation - it goes beyond prioritization.

Risk Management Planning defines how risk activities will be structured and governed throughout the project - it does not assess individual risks.

Risk Response Planning develops strategies and actions to address prioritized risks - it uses the output of qualitative analysis rather than performing the prioritization itself.