PROJECT MANAGEMENT: RISKS. ISSUES. ASSUMPTIONS. QUESTIONS. WHICH IS WHICH?A planning process that has always given me problems is risk assessment. As you compile your collection of "risks," confusion settles in. Is this a risk, or is it more of an issue? No, it’s just an assumption. But it seems like a question?
We were several project managers who raised this topic at a program meeting. The program manager and a good mentor to all of us challenged us to define the four items. It took a lot of googling and checking Wikipedia, etc. before we arrived at a consensus.
Here they are. I hope you find these helpful.
RISKS
These are events that are uncertain. If they materialize, they will likely have a negative impact on the project or program.ISSUES
These are actionable items. They require resolution or a decision. Once they are settled, they may eliminate risks or create new ones. If they are left unresolved, they will inevitably create risks.ASSUMPTIONS
These are items that are known or presumed to be true. They serve as the basis for establishing plans or making decisions. Double-check assumptions. An assumption may turn out to be incorrect so try to keep a fallback plan ready.QUESTIONS
These items need to be answered. Once they are addressed, they may identify new risks, issues, or assumptions. And the cycle starts over again!MORE?
If this was helpful, you might want to read this perspective about risk, uncertainty, and information. You may have never thought of it this way. A new tab or window will open when you click here.
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