Difference Between Issue and Risk Project Management

Issue vs Risk Project Management

Once in a while an individual is set to undertake a project whether his own personal undertaking as part of his courses in school or as part of his job. It is usually temporary with a set time for its accomplishment and the successful fulfillment of its goals and objectives. While simple projects are easy to manage, those in businesses and corporations are more complicated and will require proper project management to be accomplished successfully. It involves managing, planning, organizing, and the acquisition of resources to be utilized in the project.

Project management involves these processes: initiation, planning/development, production/execution, monitoring/controlling, and closing. Monitoring or controlling a project is necessary because it helps identify potential problems so that a solution can be worked out. Two significant aspects of this process are “issue” and “risk project management.”

Issue project management is used when an issue or a problem is currently being faced by project managers. It has to be addressed immediately to ensure that the project goes on without delays but it is not risky. It might just be a delay in the delivery of materials needed or an employee might not be doing his job effectively. These issues are easy to solve and, though they might be unfavorable, they don’t have a very large effect on the accomplishment of the project. Still, an action plan is needed to be developed by the issue project management team in order for it to be resolved and for the project to go on smoothly.

Risk project management, on the other hand, is used when a risk or a problem that might happen in the future is being addressed by the team. Risks can become future issues and must be managed properly because they can have a very large effect on the project’s accomplishment. It will require clear action plans which must be instructed and explained well to team members of the project so that when the problem does arise, it will be easily solved. Risks such as financial matters which guarantee the completion of the project must be addressed right at the start of the project.

While issues and risks might pose problems to managers at different levels of the project, they can be handled well if they are addressed early on. Still, it will take a very efficient and good issue and risk project management plan for the project’s goals and objectives to be accomplished successfully.

Summary:

1.Issue project management is the management of problems that are currently being faced by the team while risk project management is the management of problems that are expected to show in the future.
2.Issues that are being faced by the project management team must be resolved immediately to hasten the completion of the project while risks are resolved once they become issues.
3.An effective and immediate action plan should be ready to resolve an issue while a clear action plan has to be explained well to the team members when risks are involved.
4.While both issues and risks are constraints to the smooth and early completion of a project, issues are easier to manage than risks since issues have once been risks which were addressed at the start of the project.

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