Difference Between Issue and Risk Project Management (With Table)

Issue Project Management deals with the issues faced by the team at present. It is needed to be immediately resolved to complete the project as soon as possible. There might be a possibility of delay in receiving material. The issue has a lower impact on the project, although it may be unfavorable but easier to tackle. However, a plan is still required to resolve the issue for the smooth flow of the project. 

Risk Project Management deals with the risks which can be faced by the team in the future. It is doesn’t need to be resolved immediately. But, it needs to be considered as the project moves forward. The issue may have varying impacts on the project, although it may be harder to tackle. Thus, a plan may be required with an elaborative explanation is required to guarantee the completion of the project. 

Comparison Table Between Issue and Risk Project Management

What is Issue Project Management? 

Project management involves a lot of steps, such as planning, organizing, strategizing, monitoring, and execution. To complete a project, every issue needs to be resolved to get the ultimate result. While monitoring a project one can get an insight that what is causing an issue in it. 

An issue project management is used to resolve any issue faced by the team at present. The issue is needed to resolve as soon as possible since they can hinder the process of the project. Resolving an issue gives surety of no delays in the project completion. Although, the issue is usually not risky. 

Yet, they are needed to be checked and resolved. Issues are easier to resolve and less impactful. But, they might be unfavorable. 

The significance of the issue is being occurred at the present, unlike risk. It usually has a negative impact on the project, therefore it needs to consider. 

Issues can be the resignation of a team member,  a team member taking a vacation, new functionality, new changes, delay in material, etc. Thus, issue project management is always focused on the present and the impact is always negative. 

An issue can be minimized if project managers identify all possible issues in a project and come up with an effective plan to tackle those issues. 

What is Risk Project Management?

As project management includes several steps to complete a project without any hassle. A part also tackles the risks that can come across. 

Risks project management deals with the risks that might happen in the future. Thus, a plan is being made to tackle that only. But it should be elaborative, clear, and effective.  

It doesn’t need to resolve immediately, however, it may have a positive or negative effect. The effect of the risk is unknown in the project. Since it doesn’t happen in the present, therefore it doesn’t need an immediate resolution. However, coming up with a plan may help in the future as the project goes on smoothly. 

Identifying all possible risk minimize the major impact on the project. Further, it can be more impactful, although it may or may not have a negative effect on the project. 

Risks can include critical resources that might leave the project, a team member may leave or might take a vacation on the critical time of the project, unanticipated changes, and new changes. The risk doesn’t happen in the future, although it may be negative or positive. 

If project managers identify all possible risks and manage to come up with an effective and clear plan to tackle that risk.

Main Differences Between Issue and Risk Project Management

Issue and risk are some of the problems faced during handling a project. Thus, project management is required to tackle those issues or risks. However, risk and issue are very different from each other. Yet, people seem to take them as similar. 

• Issue management deals with problems that are being faced by the team presently, while Risk project Management deals with the problems that can be faced by the team in the future. 
• Issues usually have a negative impact, while risks may or may not have a negative impact. 
• The Issue requires an effective and action plan immediately to resolve it as soon as possible. While risk management requires an action plan with an elaborative explanation. 
• Issues are easier to manage as they are already discussed in risk project management. Meanwhile, Risks are harder to tackle as it requires a clearer action plan with an explanation. 
• Issues need to be resolved in a short period. While risks are resolved later. 

Conclusion 

A project is a long process that ultimately brings out results. However, a small issue or a risk can leave an impact on the project. Therefore, every possible problem needs to be considered while working or strategizing a project. To minimize interruption in the project, every possibility needs to consider by the project manager. And project management deals with such issues or risks. 

Issue Project management deals with the difficulties that the team is currently dealing with. It must be resolved right away to finish the job as soon as feasible. There’s a chance that the stuff won’t arrive on time. Although it is undesirable, the issue has a reduced impact on the project and is easier to address. However, for the project’s smooth flow, a strategy is still necessary to tackle the issue.

Risk Project management is concerned with the potential dangers that the team may encounter in the future. It does not have to be resolved immediately. However, as the project progresses, it must be taken into account. The problem might have a variety of effects on the project. However, it may be more difficult to address. As a result, a plan with a detailed explanation may be necessary to ensure the project’s completion.

References 

1. https://journals.sagepub.com/doi/pdf/10.1177/875697280003100103
2. https://www.sciencedirect.com/science/article/pii/S0263786399000368