One fine day at work , my Client wanted me to devise a workflow that would enable conversion from a Risk to an Issue.
A relatively simple task , but then it struck me ... What exactly is the difference between the two . How to quantify the likelihood etc. of either a Risk or an Issue ? Also under what circumstances would it be necessary to convert a Risk to an Issue. Moreover, can an Issue be converted to a Risk ?
I asked a few of my senior colleagues , unfortunately couldnot find a plausible answer.
Obvious respite was search in Google. Though , my Client's site had a FAQ labelled as "Difference between Issue and Risk " , the answer ofcourse had a serious flaw. It mentioned that Risk is something which may hamper Project Delievery . Whereas , Issue is something which can be tackled at a smaller scale...
Anyways, after some research , a plausible answer surfaced (modified to my wordings) :
Risk : Risk can be defined as a likely adverse event that has a finite probability of happening in future and if left un-mitigated , may affect the delivery and deadlines of a certain project or program.
Issue : Issue is a current impediment and if not mitigated , has a definite impact on delivery and / or deadlines of a certain project or program.
Thus , the clear distinction between Risk and Issue lies in its happening : Where as a Risk may or maynot materialise in future, an Issue has already occured.
For example, A risk may be defined as : As per weather forecasts , day after tommorow may rain , and may hamper construction activities of a building
Issue : 2 days later , it actually rains , and if no appropriate arrangements were made beforehand, work stops , delaying the construction of the building. If immediately waterproofs are not arranged for the workers, no construction will happen on that day !!
Hence , a Risk two days before , needed to be converted to an Issue today , once it started raining. The description remained the same , but only the element of probability or chance got changed !!!!
A relatively simple task , but then it struck me ... What exactly is the difference between the two . How to quantify the likelihood etc. of either a Risk or an Issue ? Also under what circumstances would it be necessary to convert a Risk to an Issue. Moreover, can an Issue be converted to a Risk ?
I asked a few of my senior colleagues , unfortunately couldnot find a plausible answer.
Obvious respite was search in Google. Though , my Client's site had a FAQ labelled as "Difference between Issue and Risk " , the answer ofcourse had a serious flaw. It mentioned that Risk is something which may hamper Project Delievery . Whereas , Issue is something which can be tackled at a smaller scale...
Anyways, after some research , a plausible answer surfaced (modified to my wordings) :
Risk : Risk can be defined as a likely adverse event that has a finite probability of happening in future and if left un-mitigated , may affect the delivery and deadlines of a certain project or program.
Issue : Issue is a current impediment and if not mitigated , has a definite impact on delivery and / or deadlines of a certain project or program.
Thus , the clear distinction between Risk and Issue lies in its happening : Where as a Risk may or maynot materialise in future, an Issue has already occured.
For example, A risk may be defined as : As per weather forecasts , day after tommorow may rain , and may hamper construction activities of a building
Issue : 2 days later , it actually rains , and if no appropriate arrangements were made beforehand, work stops , delaying the construction of the building. If immediately waterproofs are not arranged for the workers, no construction will happen on that day !!
Hence , a Risk two days before , needed to be converted to an Issue today , once it started raining. The description remained the same , but only the element of probability or chance got changed !!!!
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