In accordance with the PMBOK® Guide, specifically within the Perform Qualitative Risk Analysis process, Risk Urgency Assessment is the tool used to identify risks that require near-term action.

Definition: Risk urgency assessment reviews and determines the timing of actions that may need to occur sooner than other risk responses. It considers the time available to react to a risk, the time to implement a risk response, and the project ' s tolerance for delay.

Purpose: While the Probability and Impact Matrix helps prioritize risks based on their severity, it does not necessarily account for when those risks might occur. A high-impact risk that is scheduled to happen in two days is more " urgent " than a high-impact risk scheduled for next year.

Categorization: Risks that may occur soon or require a long lead time to implement a response are moved to the top of the priority list for immediate attention. Indicators of urgency can include " Time to Effect " or " Time to Respond. "

Output: The results of this assessment are typically documented in the Risk Register to help the project manager focus on the most pressing threats or opportunities.

Comparison with Other Options:

Probability and impact matrix (A): This identifies the importance of a risk but not necessarily the timing or urgency of the required response.

Contingency analysis report (B): This usually refers to the amount of funds or time set aside (reserves) to handle identified risks; it is a result of planning, not a tool for assessing near-term timing.

Rolling wave plan (D): This is a form of progressive elaboration used in Schedule Management where work to be accomplished in the near term is planned in detail, while future work is planned at a higher level. While it deals with " near term, " it is a scheduling technique, not a risk assessment document.