I want to discuss risks and issues because too many project managers use the terms interchangeably. Part of the problem with defining risks and problems is the need to record an event as either a risk or a problem, not both. In reality, a problem, which is “an event that has already occurred,” may represent the risk of another event occurring “at some point in the future.” When this event occurs, it ceases to be a risk and becomes a problem itself. This life cycle of risks and problems can continue endlessly, causing untold confusion and work trying to manage it, if all are recorded simultaneously. It is because of the circular nature of risks and issues, and the need to monitor and manage only once, that best practice is to record either a risk or an issue, but not both. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get an original essayIn project management, therefore, there are these important elements to note when recording risks and issues to make the good distinction: If the mentioned event has already been affected by quality, schedule or budget, this is a problem. If the event discussed has not yet affected quality, schedule or budget, but could do so in the future, this is a risk. So ask yourself: has this situation ever affected quality, deadlines or budget? If the answer is yes, it's a problem, otherwise it's a risk. Risks are uncertainties. A risk is something that threatens the business case and, if it occurs, will require involvement of the sponsor or senior management to address it. In contrast, a problem threatens the project plan and, usually, can be handled by the core work team. In a way, a risk is often a compounded problem, as above. I encourage teams to reinvent the “PROBLEM” and frame it as an “OPPORTUNITY”. People come up with small, medium and large opportunities - it helps to focus on the solution and every problem is truly an opportunity to shine. So who takes the time to consider the risks and what could go wrong…what could affect the start of the project? What could affect the progress or quality of the project? What if? What if? Benjamin Franklin once said, “Prevention is better than cure.” He certainly provided timeless advice on risk assessment. What could go wrong? What could delay you in completing your task? Do we have seasonal challenges ahead of us (weather, holidays, etc.)? Do we have to rely on a supplier or an external element for our team to achieve it? Is there anything happening in the market or politically that could affect the project? What if? What if? What if?What impact will it have?If this “What if?” » what is actually happening, what effect would this have on the project? Would this delay the project? Would it cost more? Would this reduce quality? The key to achieving this is to quantify the statement as best you can. X day lead time, % cost increase, failure rate, etc. What can be done to mitigate the risk? Can delaying the project increase quality? Can partnering with another supplier reduce costs? Can marketing run an awareness campaign to improve adoption? What steps can be taken to anticipate the risk and prevent it from occurring?,.