Many people use the terms risk and issue interchangeably. But they are not the same and project managers should know the difference.
First, define terms:
- Risk is a future event or condition that may impact your project in some way, negatively or positively. A risk usually has an event or trigger that indicates the risk has occurred.
- An issue is either a risk that has occurred and must now be dealt with, or an unexpected new event. For example, finding qualified staff to work on a project might be managed as a risk. A staff member who is unavailable due to a car accident could be an issue
Risks are identified before the projects begins or early in the planning process. The Risk/Probability chart helps to prioritize the risks so the project manager can manage the risk responses. The project Risk Management Plan describes how risks will be managed throughout the project.
Issues must be dealt with as they happen. The Issue Management Plan describes the processes that will used to deal with unexpected issues when they arise.