Imagine you are the project manager for a new software development project. During the risk assessment phase, you identify several potential risks, including technological changes, team skill gaps, and potential delays in vendor deliveries.

Question: How would you prioritize these risks, and what strategies would you implement to manage them effectively? Consider the following aspects in your response:

Risk Identification: How do you determine which risks are most critical to address first?

Risk Analysis: What criteria would you use to assess the impact and likelihood of each risk?

Risk Management Strategies: What specific strategies or actions would you take to mitigate each identified risk?

Support your discussion with examples or real$-$life experiences if possible, and explain how your approach to risk management could affect the overall success of the project.