I was - we lost 3 in a team of 5 due to cutbacks.
On ours, the 5 roles were more or less the same, and we were assessed on length of service, formal qualifications, last annual reviews, knowledge of role/tasks, and a couple of other things. As soon as we were shown the forms on which we got assessed, I knew I didn't stand a chance of being paid to leave, and when I asked about voluntary, they said, "You're welcome to ask, but if it doesn't fit with our assessment, then it won't be accepted." Ours was just about cost cutting. Someone very high up had decided we needed to lose X staff from this division, and someone at the top of the division shared out the number between the different departments, and so it filtered down to our team.
But that may not fit what's happening in your situation at all. I know others who were made redundant because the direction of business was changing, and they were just getting rid of an entire department, and it wasn't possible to find alternative roles for the majority of those. In a different area of the business there are currently some redundancies in the offing, because two divisions have been amalgamated, so there is duplication of roles in some areas.
It's not necessarily a bad thing. I know people who have gone from strength to strength after redundancy, as it's pushed them to take a step they would otherwise have dithered about and maybe never got round to, or because it's given them a sufficient cash injection to start up on their own, or go back to college or something. Being made redundant can be a great opportunity, and whatever happens, you won't be wasting your time if the possibility of it means you assess your CV, update it, review your current skills and possible skills gaps, and which direction you're going in, what training or other experience you want to gain. That's a good exercise to go through, even if you don't end up being made redundant.