A semi-quantitative analysis on the risk management process increases the possibility of performing an accurate risks comparison, making easier the identification of which risks shall be prioritized and shall receive the greatest mitigation efforts. Specifically, the semi-quantitative risk analysis enables an improved risks comparison for evaluating the consequences of each risk considering its impacts on the project's Net Present Value (NPV), reflecting the project's cash flow at different times. The use of such method makes the prioritization process more efficient, helping the managers and other personnel involved on the process to focus their efforts to the most critical risks for the project's success. In this sense, the risk management process becomes more efficient and better able to provide better support to the project decision makers.